Only in the last case, the transfer of equity is exempt from taxation.

对后一种情况，在转让股权时应免缴营业税。

Income that is saved is exempt from taxation until the saving is later withdrawn and spent on consumption goods.

收入中用来储蓄的部分是免税的，除非它以后被取出并用来消费。

Their interest income is except from federal income taxation. The interest income also is exempt from state and local taxation in the issuing state.

市政债券的利息收入不用交纳联邦利息税，利息收入在所发行的州也不用交纳州和地方所得税。

In light of the trend, Beijing's taxation authorities explained that the income gained from stocks and funds is exempt from taxes, according to a national regulation.

在这种趋势下，北京税务局解释，根据国家法规，从股票和基金的到的收益是不用征税的。