DeVry University Mexico Income Tax Convention Discussion

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1. Under what circumstances is it advantageous to take a deduction rather than a credit for taxes paid in a foreign country?

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2. Find the official text of the U.S.-Mexico income tax convention signed in 1992. What did this convention do?

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3. Under what circumstances is it advantageous to take a deduction rather than a credit for taxes paid in a foreign country?

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Explanation & Answer

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1

Impact of 1992 U.S. - Mexico Income Tax Convention
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In broadest terms, the U.S.-Mexico tax convention sought to avoid double taxation
and also avoid evasion of tax laws of either Mexico or America. By covering double taxation
(capital gains and income taxes), the convention ensured that nobody pays more tax
compared to the highest tax rate of the two tax systems; hence create a better business world
between the two countries (Dell, 1995). The convention further came up with the treaty to
facilitate direct and portfolio investments between Mexico and the United States. Largely, by
coming up with the treaty, the convention reduced withholding tax rates, ...


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