exemption- the freedom from payment of a tax, either in whole or in part, usually allowed by law to non-profit making organisations or given for other specific reasons of an economic and social nature, such as the low income of a taxpayer, exemption from taxes - an exemption from taxation arising by virtue of a person's status, or derived from residence or domicile in a tax haven, maksuvaba- maksudest vabastatud; maksustamata