Tuesday, November 30, 2004

Finance 3610 assignment regarding foreign taxes

A number of students in Finance 3610 are coming to the reference desk looking for help in finding out whether a particular country of their choosing has a capital gains tax for individuals, and, if so, when it was adopted. Another question in their assignment is the tax year of the country (calendar year or another time.) For example, in New Zealand, the commencement of the financial year for taxes is April 1.

This I learned from the New Zealand taxation summary in the Martindale-Hubbell International Law Digest. This volume is in Ref KF 190 .M33 2004.

It provides a summary of the laws, including taxation laws, of a number of countries. It is not all countries. The summaries are prepared by law firms located in the various countries. Another possible source is the Doing Business in .... series published by PricewaterhouseCoopers, which we have in print.

Last night I received a call about this assignment. The student wanted information about Iran's personal income taxation. I couldn't find anything in print that we had, and much of what is available on the Internet I unfortunately could not read. The only suggestion I had for the student was the Iranian Consulate at the United Nations. Probably many countries have websites via their Chamber of Commerces that might have this information, if the student can't find it in the Martindale Hubbell volume. (You might encourage them to select a country included in the Martindale Hubbell volume. For example, Canada has a nice one paragraph summary of capital gains under Income Taxation.")

On RIA and CCH we have access to foreign tax treaties, which are agreements that the U.S. has with other countries. (Basically to avoid, when possible double taxation.)

If you know of another source, please let us know.

Posed by Rita (With help from Peggy and Alan.)

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