foreign source income
from taxation by the United States, on top of a
The FBR further shattered the investors' confidence when it issued question No: 66 that brought foreign source income
under the scope of the amnesty scheme.
He explained that foreign source income
is not part of the foreign asset.
Hence, those people who are qualified to file a declaration under the Act may include local as well as foreign source income
, the FBR said.
As discussed, inverting companies can lower their tax liability on foreign source income
, tap into foreign offshore cash, and lower their U.S.
Additionally, a number of states have recently adopted "tax haven" legislation that allows for the inclusion in the state-taxable base of foreign source income
earned by non-U.S.
" The foreign source income
should be converted into Indian currency at the rate of exchange mentioned in the tax rules.
A UK resident but non-domiciled individual can, for example, choose to pay tax on his or her foreign source income
and gains only when they are brought into or "remitted" to the UK.
The risk of a Streamlined Procedures filing is greater than filing an OVDP, as taxpayers are required to certify under penalty of perjury that their failure to file FBARs and report foreign source income
was due to non-willful conduct.
citizens, resident aliens, bona fide residents of Puerto Rico for the entire tax year, domestic corporations, and nonresident aliens and foreign corporations (with respect to foreign taxes paid or accrued on foreign source income
effectively connected with the conduct of a U.S.
It reported this income, however, as foreign source income
The Discussion Draft would drop that tax rate to 25 percent and move to a form of territorial tax system where most foreign source income
would be taxed at a 1.25 percent tax rate.