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:
“Change of fashion is the tax levied by the industry of the poor on the vanity of the rich.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)
“Yes, but I do not travel to find comfortable, rich, and hospitable people, or clear sky, or ingots that cost too much. But if there were any magnet that would point to the countries and houses where are the persons who are intrinsically rich and powerful, I would sell all, and buy it, and put myself on the road to-day.”
—Ralph Waldo Emerson (1803–1882)
“The white man regards the universe as a gigantic machine hurtling through time and space to its final destruction: individuals in it are but tiny organisms with private lives that lead to private deaths: personal power, success and fame are the absolute measures of values, the things to live for. This outlook on life divides the universe into a host of individual little entities which cannot help being in constant conflict thereby hastening the approach of the hour of their final destruction.”
—Policy statement, 1944, of the Youth League of the African National Congress. pt. 2, ch. 4, Fatima Meer, Higher than Hope (1988)