The East African state had in 2016 amended the Tax Procedures Act to introduce Section 37B which granted amnesty on foreign income
that had been earned on or before 31st December 2016.
income is transformed into foreign income
, in the instant case, the polar opposite may well occur since, here, foreign income
might be transformed into U.S.
His foreign income
was Rs 15.34 million while agricultural income remained unchanged at Rs 26.6 million in 2017.
The central bank said that the proliferation of such firms is causing losses for the nation in terms of foreign income
Summary: New Delhi [India], May 21 (ANI): The Supreme Court (SC) on Tuesday stayed the Delhi High Court's order restraining the Central government from taking action against lawyer Gautam Khaitan under provisions of Black Money (Undisclosed Foreign Income
and Assets) and Imposition of Tax Act, 2015.
FTO said that the treatment was prima facia in violation of the express provisions of Section 114 of the Income Tax Ordinance, whereby a non-resident was not under an obligation to file returns of their foreign income
. 'Thus on account of conflicting interpretation of the SBP, the non-residents foreign currency account holders had to go through this hardship.'
Record shows that this rise in income was due to the addition of foreign income
of Rs16.69m, besides growth in agricultural and rental income.
Now, the government needs to focus on creating avenues for boosting its foreign income
through higher exports and attracting more remittances to avoid reliance on foreign assistance and loan programmes in the long run.
The term accumulated post-1986 deferred foreign income
means, with respect to an SFC, the post-1986 E&P of the SFC except to the extent such E&P...
taxpayers to offset their taxes by the amount of foreign income
taxes paid or accrued, in several important ways to reflect the new international tax rules.
In addition to this "GILTI deduction," a foreign tax credit may be claimed by a corporate taxpayer for 80% of the foreign income
taxes paid by a CFC attributable to the shareholder's tested income multiplied by the corporation's inclusion percentage.