Double Tax Relief
Nearly all tax treaties provide a specific mechanism for eliminating it, but the risk of double taxation is still potentially present. This mechanism usually requires that each country grant a credit for the taxes of the other country to reduce the taxes of a resident of the country. The treaty may or may not provide mechanisms for limiting this credit, and may or may not limit the application of local law mechanisms to do the same.
Read more about this topic: Tax Treaty
Famous quotes containing the words double, tax and/or relief:
“I grew up confidently expecting to have a profession and earn my own living, and also confidently expecting to be married and have children. It was fifty-fifty with me. I was just as passionately determined to have children as I was to have a career. And my mother was the triumphant answer to all doubts as to the success of this double role. From my earliest memory she had more than half supported the family and yet she was supremely a mother.”
—Crystal Eastman (1881–1928)
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“Although its growth may seem to have been slow, it is to be remembered that it is not a shrub, or plant, to shoot up in the summer and wither in the frosts. The Red Cross is a part of us—it has come to stay—and like the sturdy oak, its spreading branches shall yet encompass and shelter the relief of the nation.”
—Clara Barton (1821–1912)