Tax Credit - Foreign Tax Credit

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 credit, foreign and/or tax:

    If you want to be on good terms with everyone in this world, sell goods on credit and never ask for payment.
    Chinese proverb.

    Was I not born in this Realm? Were my parents born in any foreign country?... Is not my Kingdom here? Whom have I oppressed? Whom have I enriched to other’s harm? What turmoil have I made to this Commonwealth that I should be suspected to have no regard of the same?
    Elizabeth I (1533–1603)

    To tax and to please, no more than to love and to be wise, is not given to men.
    Edmund Burke (1729–1797)