那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
美国回顾其1948年就得到了GATT授予的豁免，可以对当时太平洋岛屿托管地的产品给予免税待遇。
The United States recalled that in 1948 under the GATT, it was granted a waiver for duty-free treatment to products of the then Trust Territory of the Pacific Islands.
举个例子，在过去的数年里，一些源源不断地说客，以不正当的手段获得免税商品代码，让一些特定的公司和行业获利。
For example, over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries.
当过境运输的香烟没有到达它们声称要到达的目的地并在黑市被免税销售时，欺诈便出现了。
Fraud occurs when the transit cigarettes do not arrive AT their declared destinATion, but are sold without taxes on the black market.
当过境运输的香烟没有到达它们声称要到达的目的地并在黑市被免税销售时，欺诈便出现了。
Fraud occurs when the transit cigarettes do not arrive AT their declared destinATion, but are sold without taxes on the black market.
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