Tax Benefit - Business concept of the day
Tax & Auditing
332 week ago — 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.
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