Financial Definition of Foreign Tax Credit
Meaning of Foreign Tax Credit
Home country credit against domestic income tax for foreign taxes paid on foreign derived earnings.
Related Entries of Foreign Tax Credit in the Encyclopedia of Law Project
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Foreign Tax Credit in Historical Law
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Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Foreign Tax Credit in the Legal Abbreviations and Acronyms Dictionary.
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| Foreign Tax Credit in the Dictionary | Foreign Tax Credit in our legal dictionaries |
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| Browse the Legal Thesaurus | Find synonyms and related words of Foreign Tax Credit |
| Legal Maxims | Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law |
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| Related topics | Foreign Tax Credit in the World Encyclopedia of Law |
What is Foreign Tax Credit?
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| https://legaldictionary.lawin.org/foreign-tax-credit | The URI of Foreign Tax Credit (more about URIs) |
Foreign Tax Credit Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Foreign Tax Credit in a way that is easy for anybody to understand: A U.S. taxpayer that pays or accrues income tax to a foreign country may elect to credit or deduct these taxes in a determinable us dollar amount. This is usually done on the annual individual tax return and there is s specific form provided for this.
United States Tax Concept of Foreign Tax Credit
A credit for income taxes paid to a foreign country or U.S. possession. For instance, if you own foreign stock you may have foreign tax withheld from dividends you receive. In most cases you can take a dollar-for-dollar credit for the foreign taxes paid.
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