What is tax relief?
Tax relief (or tax allowance) is a legally provided benefit that reduces the amount of tax payable by the taxpayer. It can either lower the actual tax due (e.g. family tax benefit) or reduce the tax base (e.g. investment-related relief). Tax relief measures aim to support economic or social goals such as encouraging employment, investment or family support.
Types of tax relief
- Personal income tax: family allowance, newlyweds’ allowance, disability allowance.
- Corporate tax: R&D tax relief, development tax incentives, energy efficiency investment relief.
- Other categories: partial exemptions from local business tax or innovation contribution.
Why is it important?
Tax relief can significantly reduce financial burdens, especially over time. However, claiming these allowances requires proper documentation and understanding of applicable tax laws.
Official definition
Tax relief is a statutory benefit that reduces a taxpayer’s liability, provided the legal conditions are met.
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