The credit provided shall not exceed the local country’s tax as computed before the credit is given. Simply put, the credit will not exceed the local taxes; otherwise, it would result in a net negative tax in the local country. Note that for the purpose of this credit computation, the tax payable shall not take into consideration any special waiver, exemptions, or grants provided by the respective jurisdictions; thus, the taxpayer will continue to enjoy these benefits in the credit computation.
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