IBFD International Tax Glossary. Front Cover · International Bureau of Fiscal Documentation. IBFD, – Taxation – pages. Get this from a library! IBFD international tax glossary. [Julie Rogers-Glabush;]. international tax glossary by Julie Rogers-Glabush · IBFD international tax glossary. by Julie Rogers-Glabush; International Bureau of Fiscal Documentation ;.

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The tax is generally paid by the buyer but internatiohal seller is responsible for collecting and remitting the tax to the tax authorities. Generally a multi-step procedure will be provided to resolve the problem of dual residence, usually the place of a permanent home available being the first criterion.

Forms are often provided by the tax authorities for this purpose. A captive insurance company is usually established in a low-tax country. Forms are designed to facilitate the task of ibff tax authorities in assessing and collecting tax, and will usually draw the taxpayer’s attention to any relief he may claim, etc. A number of countries have introduced legislation to counter the kind of tax avoidance whereby a taxpayer obtains a deferment of tax which is not intended by law. To this end the EU glosaary issued directives in the area of indirect and direct taxation.

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All corporate-source income, whether retained or distributed, is taxed at the appropriate marginal rate in the hands of ultimate shareholders. The income is then taxed at a single progressive rate. A tax holiday offers a period of exemption from income tax for new industries in order to develop or diversify domestic industries. The advantage of taking over a business as a going concern if it is operating profitably is usually recognized by a payment for goodwill as well as for other assets.

This rule doesn’t prescribe priorities between various methods. Finding libraries that hold this item Some countries treat a partnership as a separate taxpayer and may subject it to tax on its income and losses as a corporation. Adobe Digital Editions is required. Home About Help Search.

Please enter your name. It is a contribution to capital and not taxed as profits.

IBFD International Tax Glossary, 7th Edition | Book – IBFD

Hundreds of new and revised tax terms, clearly and concisely defined in English. The individual proprietor has the right to all the profits from the business and also the responsibility for all its liabilities.


Generally, the income or expense is passed to the underlying owner. Residents are not taxed on any foreign-source income. Unlike forward contracts, futures are tradable, reflecting the standardization of contract size, specification and delivery date. Non-residents are usually taxed on income derived from sources within the taxing jurisdiction whereas residents may be taxed on worldwide income.

The spread is infernational as ordinary income. The manufactured goods are resold to the parent for distribution to ultimate consumers. For example, under tax treaties, reduced withholding tax rates often apply to dividends, interest and royalties. IBFD international tax glossary Author: Add a review and share igfd thoughts with other readers. Reciprocity is a basis for relieving a taxpayer under domestic law, e.

IBFD international tax glossary

Although most countries tax the benefit of employer-provided automobiles and accommodation, the tax treatment of other fringe benefits varies considerably.

Goodwill can be transferred for a consideration to another entrepreneur upon the sale of the business as a going concern. Dependent agency constitutes a permanent establishment for the other company and the income achieved through the agency is taxed on the income earned from the country where the agency is located whereas independent agency does not.

Residence in a state is a criteria for invoking a tax treaty of that state, and residence for treaty purposes involves considering the domestic law of residence for tax purposes, and then the requirements in Article 4 of the OECD Model, especially in the case of tiebreaker tests in cases of dual residence.

This contract serves the same purpose as a foreign currency futures contract, except that it is not standardized and entered on the informal, interbank market rather than on a formalized commodities exchange.

Usually, stamp duties are “levied” by way of a stamp being fixed to the document in question. Your request to send this item has been completed.

A trade often implies a skilled handicraft, which is pursued on a continuing basis, such as carpentry. The most extreme version of an OID is a zero-coupon bond, which is originally sold far below par value and pays no interest until it matures. International organizations, treaties and tax-related bodies — Appendix II: It is not a separate legal entity. Often important in tax treaties, as a resident of a tax treaty partner may be denied the benefits of certain reduced withholding tax rates if the beneficial owner of the dividends etc is resident of a third country.


By virtue of the Union Treaty, the former European Economic Community has been extended with additional goals and powers in order to become a single market in a European Union.

Upon exercising an option for separate taxation, a husband and wife are treated as separate individuals for the purpose of computing income tax. The actual commercial activities are carried out in another country.

Such taxes are said to be shifted “backward” in the case that entrepreneurs are forced to absorb some of new or increased tax. This convention contains generally accepted rules applying to tax treaties, the conclusion of treaties, their observance, application and interpretation, etc. DE MINIMIS — Phrase used in connection with circumstances in which the full rigour of the tax law is not enforced because, in particular, of the small amount or minor breach which may be involved, particularly in the context of under-assessed or underpaid tax which are not pursued on “de minimis” grounds.

An offshore or non-resident owned company is commonly used for captive insurance, marketing abroad, international shipping and tax shelter schemes. Multilingual list of key tax terms covering the following languages: The discount is calculated automatically in your shopping cart.

Other countries do not consider a partnership to be a separate legal entity and the partnership is treated as tax transparent, with each individual partner being taxed on his share of the profits according to his interest in the partnership.

Eurobonds may take the form of loans, debentures or convertible debentures, and maybe designated in any currency. Allow this favorite library to be seen by others Keep this favorite library private.

In certain countries a tax clearance certificate must be produced before a person can leave the country. The protocol may be signed simultaneously with the tax treaty or later, and it clarifies, implements or modifies treaty provisions.

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