![]() ![]() treatment can also be claimed retrospectively according to applicable law. For the purpose of the preceding sentence, gain, profit, or other income is subject to no signifi- cant amount of tax if the amount of taxes imposed by the foreign country or possession of the United States is equal to less than 2.5 percent of the gross amount of such income. Certain goods may benefit from preferential tariff treatment with the aid of. The waiver was extended until 30 June 2019 in a decision WT/L/759 adopted in 2009. WARNING SOME OF THESE REFERENCES ARE PRE-BAPCPA. PREFERENTIAL TREATMENT IN BANKRUPTCY IMPORTANT: THIS FIRM MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR CURRENT STATUS OF ANY LAW, CASE, ARTICLE OR PUBLICATION CITED HEREIN OR LINKED TO. tax- able year in cases where other items of profit, gain, or other income may not be deferred (2) it is subject to tax at a lower effective rate ( including no rate of tax) than other items of profit, gain, or other income, by means of a special rate of tax, artifical deductions, ex- emptions, exclusions, or similar reduc- tions in the amount subject to tax (3) it is subject to no significant amount of tax or (4) the laws of the foreign country or possession by any other method provide tax treatment for such profit, gain, or other income more ben- eficial than the tax treatment other- wise accorded income by such country or possession. The June 1999 General Council Decision on Waiver regarding Preferential Tariff Treatment for Least-Developed Countries WT/L/304 allows developing country members to provide preferential tariff treatment to products of least developed countries. It will almost certainly cost you less to seek advice before acting than it will to repair your mistakes. Preferential Treatment. For pur- poses of this section, gain, profit, or other income is accorded preferential treatment by a foreign country or pos- session of the United States if (1) rec- ognition of the income, for foreign tax purposes, is deferred beyond the tax- payer’s taxable year or comparable pe- riod for foreign tax purposes which co- incides with the taxpayer’s U.S. ![]()
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