The US Treasury Department on Monday announced that special foreign tax credit restrictions were being lifted on income from business done in Iraq.
Under current rules, the United States does not provide taxpayers a credit on income tax paid to a foreign country that has been identified as a supporter of terrorism or that does not have diplomatic relations with the US.
However, since the Department of State has certified that Iraq no longer falls under this definition of the Internal Revenue Code, the denial of foreign tax credits and other restrictions and related provisions do not apply to income derived from that country.
The ruling is effective as of June 28.
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