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Lots of praise as zero tax is charged for activities at foundation (8)

Ross

I believe the answer is:

ovations

I'm a little stuck... Click here to teach me more about this clue!

'lots of praise' is the definition.
Although both the answer and definition are plural nouns, I don't understand how one could define the other.

'zero tax is charged for activities at foundation' is the wordplay.
I cannot quite understand how this works, but
'zero' could be 'o' (O resembles 0) and 'o' is present in the answer.
'tax' could be 'vat' (UK Value Added Tax) and 'vat' is present in the answer.
'charged' could be 'ion' (I've seen this in other clues) and 'ion' is present in the answer.
A single letter 's' remains which might be clued in a way I don't see.
This may be the basis of the clue (or it may be nonsense).

'as' acts as a link.

Can you help me to learn more?

(Other definitions for ovations that I've seen before include "Bursts of applause, may be given standing" , "Enthusiastic cheers" , "Enthusiastic receptions" , "Bouts of enthusiastic applause, often given while standing" , "Bursts of enthusiastic applause, may be standing" .)

I've seen this clue in The Irish Times and the Irish Times (Crosaire).
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