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Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.
Repatriation tax avoidance is the legal use of a tax regime within a country in order to repatriate income earned by foreign subsidiaries to a parent corporation while avoiding taxes ordinarily owed to the parent's country on the repatriation of foreign income. [1]
Repatriation is the return of a thing or person to its or their country of origin, respectively. The term may refer to non-human entities, such as converting a foreign currency into the currency of one's own country, as well as the return of military personnel to their place of origin following a war .
Tax repatriation refers to the tax imposed by the U.S. on the return of money that multinational corporations make overseas. Before the Tax Cuts and Jobs Act, the IRS required corporations to pay...
The tax also applies to lawful permanent residents or green-card holders who are considered "long-term residents." The Internal Revenue Code defines a long-term resident as any individual who is a lawful permanent resident of the United States in at least 8 taxable years during the period of 15 taxable years ending with the taxable year during ...
The exact terms of repatriation are still unclear. Without specific mutual legal assistance agreements, they are done on a case by case basis. For instance, Switzerland confiscated US 600 million of former Nigerian President Abacha's loot, but worked out an agreement to use the money for development purposes, monitored by the World Bank.
In other cases, the resident may pay a withholding tax to the country where the income arose, and the taxpayer receives a compensating foreign tax credit in the country of residence to reflect the fact that tax has already been paid. In the former case, the taxpayer would declare himself (in the foreign country) a non-resident.
The U.S Department of Defense on Wednesday announced the repatriation of two Guantanamo Bay detainees to Malaysia, where the government said it was planning a reintegration programme for the two men.