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Full-Text Articles in Taxation-Federal
Do Chinese Income Taxes Qualify For The U.S. Foreign Tax Credit, Richard Pomp, Timothy A. Gelatt
Do Chinese Income Taxes Qualify For The U.S. Foreign Tax Credit, Richard Pomp, Timothy A. Gelatt
Faculty Articles and Papers
The desirability of doing business in any foreign country may turn on the ability to avoid double taxation. This issue is a serious concern for foreign countries. For example, in China authorities have expressed a willingness to pursue a treaty specifically removing the problem of double taxation regarding a proposed petroleum or mineral exploitation tax. However, without such a treaty, U.S. taxpayers will be left with an important question: Will the Chinese income taxes be creditable against their U.S. income taxes?
A U.S. foreign tax credit is generally allowed for foreign income taxes paid or accrued, or for foreign income …