Profits Tax

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Profits Tax

A term for the corporate tax in Hong Kong.
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901, which specifically restricts the foreign tax credit to foreign "income, war profits, and excess profits taxes." The problem, however, lies in defining what is an income tax.
The creditability of foreign taxes: form vs. substance
Line 1 of Schedule H (Current Earnings and Profits) currently requires taxpayers to submit the "[c]urrent year net income or loss before any reduction for any income, war profits, and excess profits taxes." The underlined phrase has been deleted from the draft on the basis that line 3 requires the taxpayer to adjust to U.S.
Comments on IRS Form 5471
901(b)(1), taxpayers can claim a credit for "the amount of any income, war profits, and excess profits taxes paid or accrued ...
When is a foreign tax creditable under sec. 901?

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