Definition, Meaning & Synonyms
tax-concession
noun
/tæks kənˈsɛʃən/
Definition
A tax-concession is a reduction or exemption from the usual tax obligations granted by a government to individuals or organizations to encourage certain activities or behaviors.
Examples
- The government offered a tax-concession to small businesses to help them recover from economic downturns.
- Many non-profit organizations receive tax-concessions, allowing them to allocate more resources to their charitable activities.
- Investors can take advantage of a tax-concession when they invest in renewable energy projects.
Meaning
Tax concessions are often designed to stimulate economic growth, support certain industries, or provide relief to specific groups.
Synonyms
- tax break
- tax relief
- tax exemption
- fiscal incentive
