What is the scope of international taxation?
International tax law is an area of law that governs the taxation of income earned by citizens of one country while they are residing in another country. The scope of international taxation can be broadly defined as the regulations, rules and regulations governing taxation of income earned from sources within and outside of the taxpayer’s home country. Generally speaking, income earned from sources outside of the home country is subject to some form of foreign tax, while revenue earned domestically is subject to taxation paid to the appropriate government authority. In the State of North Carolina, international taxation is governed by both state and federal legislation. The North Carolina Department of Revenue (NCDOR) is responsible for administering the provisions of state and federal tax law. The scope of international taxation in North Carolina is further extended through the application of treaties and agreements between the United States and foreign countries. This means that income earned from sources abroad may be subject to taxation by both the foreign government and the North Carolina Department of Revenue. The scope of international taxation is constantly changing as new laws and regulations are developed and implemented. Taxpayers must keep abreast of the current international tax regulations to ensure they are complying with the applicable legislation. It is also important for individual taxpayers to consult with a tax professional to ensure the taxes they owe to the government are paid correctly.
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