foreign tax credit

Foreign tax credit

Home country credit against domestic income tax. Received in return for foreign taxes paid on foreign derived earnings.

Foreign Tax Credit

A direct, dollar-for-dollar reduction in one's U.S. tax liability because of taxes levied by a foreign government. The United States is one of the only countries that taxes income that citizens earn abroad. However, the foreign tax credit exempts income paid as taxes to foreign governments, eliminating the possibility of double taxation.

foreign tax credit

The reduction in a U.S. tax liability because of taxes accrued or paid to a foreign government during the same taxable year.

单词	foreign tax credit
释义	foreign tax credit Foreign tax credit Home country credit against domestic income tax. Received in return for foreign taxes paid on foreign derived earnings. Foreign Tax Credit A direct, dollar-for-dollar reduction in one's U.S. tax liability because of taxes levied by a foreign government. The United States is one of the only countries that taxes income that citizens earn abroad. However, the foreign tax credit exempts income paid as taxes to foreign governments, eliminating the possibility of double taxation. foreign tax credit The reduction in a U.S. tax liability because of taxes accrued or paid to a foreign government during the same taxable year. AcronymsSeefast time constant
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