Foreign Tax Credit
Income tax systems that impose tax on residents on their worldwide income tend to grant a foreign tax credit for foreign income taxes paid on the same income. The credit often is limited based on the amount of foreign income. The credit may be granted under domestic law and/or tax treaty. The credit is generally granted to individuals and entities, and is generally nonrefundable. See Foreign tax credit for more comprehensive information on this complex subject.
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Famous quotes containing the words foreign, tax and/or credit:
“For my name and memory I leave it to men’s charitable speeches, and to foreign nations, and the next ages.”
—Francis Bacon (1561–1626)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“To give money to a sufferer is only a come-off. It is only a postponement of the real payment, a bribe paid for silence, a credit system in which a paper promise to pay answers for the time instead of liquidation. We owe to man higher succors than food and fire. We owe to man.”
—Ralph Waldo Emerson (1803–1882)