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:
“Each in their double Eden closed
They fail to see the gardener there
Has planted Error....”
—Philip Larkin (1922–1986)
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“Fashion required the suppression of all naturalness—’to walk upright, with unbending joints; to shake hands after the pump- handle formula; to look inexpressibly indifferent towards everybody and everything; and speak only in a mincing voice was to be a decorous member of society.’”
—For the State of Rhode Island, U.S. public relief program (1935-1943)