Tax Exemptions For Persons or Entities
Most treaties eliminate from taxation income of certain diplomatic personnel. Most tax treaties also provide that certain entities exempt from tax in one country are also exempt from tax in the other. Entities typically exempt include charities, pension trusts, and government owned entities. Many treaties provide for other exemptions from taxation that one or both countries as considered relevant under their governmental or economic system.
Read more about this topic: Tax Treaty
Famous quotes containing the words tax, persons and/or entities:
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (b. 1911)
“There are some persons in this world, who, unable to give better proof of being wise, take a strange delight in showing what they think they have sagaciously read in mankind by uncharitable suspicions of them.”
—Herman Melville (1819–1891)
“The variables of quantification, ‘something,’ ‘nothing,’ ‘everything,’ range over our whole ontology, whatever it may be; and we are convicted of a particular ontological presupposition if, and only if, the alleged presuppositum has to be reckoned among the entities over which our variables range in order to render one of our affirmations true.”
—Willard Van Orman Quine (b. 1908)