A new report, from the authors of 'Practical Mexican Tax Strategies', has been published by WorldTrade Executive, and reports on the latest Mexican tax reform and the new flat tax (IETU tax).
According to the report, one of the key issues is whether the new tax will be creditable in other countries, as there are fears that new tax may not be creditable for US federal income tax purposes.
However, agreements have reportedly been reached with the governments of several other countries, including Italy, India, South Africa, the Bahamas and the United Kingdom, on whether the IETU will be creditable
The Special Report also discusses determinations made by the Canadian tax authority as to whether the new Mexican flat tax will be recognized as an "income tax" for the purposes of the Canadian foreign tax credit.
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