Category: Tax Law
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Western Hemisphere Trading Corporation
A domestic U.S. corporation which was entitled to certain tax advantages under Sections 921-22 of the Internal Revenue Code. To qualify, a U.S.- chartered corporation must (1) derive at least 95 percent of its gross income for the three-year period immediately preceding the taxable year (or througho…
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Western Hemisphere Trading Corporation
A domestic U.S. corporation which was entitled to certain tax advantages under Sections 921-22 of the Internal Revenue Code. To qualify, a U.S.- chartered corporation must (1) derive at least 95 percent of its gross income for the three-year period immediately preceding the taxable year (or througho…
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Unitary Taxation
A form of corporate taxation adopted by some U.S. states whereby state income tax is assessed on a pro rata portion of the company's worldwide profits, rather than on locally earned profits only. Unitary taxation emerged in the United States in 1926; at that time it was applied to interstate rai…
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Transit Tariff
A duty or tax imposed by a nation on merchandise crossing its territory en route from one country to another. Transit tariffs have been abolished by all major nations but are still imposed by some developing nations as a source of revenue….
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Transit Tariff
A duty or tax imposed by a nation on merchandise crossing its territory en route from one country to another. Transit tariffs have been abolished by all major nations but are still imposed by some developing nations as a source of revenue….
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Tonnage Tax
A Federal tax imposed upon commercial vessels entering the territory of the United States. See light money and tonnage TAXES….
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Taxe Sur Valeur Ajoutee
The French translation of value added tax (read this and related legal terms for further details)….
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Tax Sparing
The remission, reduction, or deferral of certain taxes offered to foreign businesses as an inducement to invest locally….
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Taxe Sur Valeur Ajoutee
The French translation of value added tax (read this and related legal terms for further details)….
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Tax Credit Methods
For more details on Double Taxation, click here….
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Tax Credit Methods
For more details on Double Taxation, click here….
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Tax Exemption Method
For more details on Double Taxation, click here….
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Tax Holiday
A period of time (usually several years) during which an enterprise is exempt from some or all taxes. This device is often used in conjunction with economic development programs as an inducement to attract industry….
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Sumptuary Tax
A tax imposed upon certain goods to discourage consumption….
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Sufferance Wharf
A pier where goods may be stored temporarily, exempt from taxes or duties, while awaiting transport to another destination or clearance through customs….