9 Aug 2018, 14:36 — 1 min read
Definition: A tax benefit is an allowable deduction or credit on a tax return intended to reduce a taxpayer's burden while typically supporting certain types of commercial activity. A tax benefit allows some type of adjustment benefiting a taxpayer's tax liability.
Example: The Government's tax benefit offered to those who invested in pension funds was intended to improve financial security in the population.
Business Insight: By reducing the tax burden for payees on certain items like pension funds or healthcare the Government encourages people to invest in activities that will be off benefit to society as a whole in the future.
Posted byGlobalLinker Staff
We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.
Recommended articles for you
By Suraj Rengan
By Shiv Joshi
By Sameer Vakil