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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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IRS Releases Guide to Tax Treaties For Individuals,
by Glen Shapiro, LawAndTax-News.com, New York 05 November 2008
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The US Internal Revenue Service has released a guide to double taxation avoidance
treaties as they apply to individuals as part of a series of updates on the
International Tax Gap.
The United States has income tax treaties with a number of foreign countries.
Under these treaties, residents of foreign countries are taxed at a reduced
rate or are exempt from US income taxes on certain items of income received from
sources within the US.
Because treaty provisions are generally reciprocal, a US citizen or resident
who receives income from a treaty country may also be taxed at a reduced tax
rate by that foreign country.
While tax treaties may reduce US tax for nonresidents and foreign tax for US
residents and citizens, each treaty must be reviewed to determine eligibility
for these provisions.
The IRS guide, the ninth in a series on international tax issues,
highlights some important aspects of tax treaties and how to properly apply
their provisions:
Saving Clause
Most tax treaties have a saving clause that preserves the right of each country
to tax its own residents as if no tax treaty were in effect. Thus, once you
become a resident alien of the US, you generally lose any tax treaty benefits
that relate to your US income. However, many tax treaties have an exception
to the saving clause that may allow you to claim certain treaty benefits even
if you are a US citizen or resident.
Nonresident Aliens
For nonresident aliens, treaties limit or eliminate US taxes on various types
of personal services and other income, such as pensions, interest, dividends,
royalties, and capital gains. Many treaties limit the number of years you can
claim a treaty exemption. For students, apprentices and trainees, the limit
is usually four to five years. For teachers, professors and researchers, the
limit is usually two to three years. Once you reach this limit, you may no longer
claim the treaty exemption. In some cases, if you exceed the limit, the income
is taxed retroactively for earlier years. Treaties may also have other requirements
to be eligible for benefits. Publication 901, US Tax Treaties, provides a
summary of these treaty provisions.
US Citizens and Residents
US citizens and residents generally will not be able to reduce their US
tax based on treaty provisions due to the saving clause. However, those who
are subject to taxes imposed by a treaty partner are entitled to certain credits,
deductions, exemptions and reductions in the rate of taxes paid to that foreign
country. These treaty benefits are generally only available to residents of
the US. They generally are not available to US citizens and resident aliens
who do not reside in the US. Foreign taxing authorities sometimes require certification
from the US government that an applicant filed an income tax return as a US
resident, as part of the proof of entitlement to the treaty benefits. Form 8802,
Application for United States Residency Certification, must be filed to obtain
this certification.
Disclosing Treaty Benefits Claimed
If you claim treaty benefits that override or modify any provision of the Internal
Revenue Code, and by claiming these benefits your tax is or might be reduced,
you must attach a fully completed Form 8833, Treaty-Based Return Position Disclosure,
to your tax return. There are exceptions to this requirement for certain types
of income that are outlined in Publication 519, US Tax Guide for Aliens, under
the section on Reporting Treaty Benefits Claimed.
Competent Authority Assistance
If you are a US citizen or resident alien, you can request assistance from
the US competent authority if you think that the actions of the US, a treaty
country or both caused or will cause a tax situation not intended by the treaty
between the two countries. You should read any treaty articles, including the
mutual agreement procedure article, that apply in your situation. The US competent
authority cannot consider requests involving countries with which the US does
not have a treaty. See Publication 54, Tax Guide for US Citizens and Resident
Aliens Abroad, and Revenue Procedure 2006-54, Procedures for How to Make a Competent
Authority Request.
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| THE LOWTAX LIBRARY
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