Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Taxation-Transnational
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 …
The United States Interest Equalization Tax, Richard Pomp
The United States Interest Equalization Tax, Richard Pomp
Faculty Articles and Papers
The United States Interest Equalization tax is a one-time tax levied on certain foreign securities, proposed by President Kennedy in order to reduce the balance-of-payments deficit by restricting portfolio investment. Although the tax was enacted in 1964 as a short-term measure, it was continually extended and amended. This article explores the contours of the tax.
Prior to the tax, many foreign debt issues were attracting large amounts of capital due to their high interest rates. The IET attempts to equalize the yield of foreign debt issues with domestic debt issues by imposing a tax on the foreign issues and thus …