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section 911, individuals abroad may
claim an exclusion on their U.S tax return for foreign earned income, and
foreign housing provided by the employer. Both amounts are limited. However, Notice 2018-33,
April 23, 2018, provides higher housing amounts for many foreign jurisdictions.
The Notice provides a lengthy list of housing
amounts that may be used in lieu of 30% of $104,000 in computing the limit. As
usual, the highest cost locations are Hong Kong ($114,300) and Moscow ($108,000). Other very high cost places are Bermuda
($90,000), Tokyo ($89,000), Singapore ($80,500), Paris ($73,600), and London
($72,600). These amounts are very beneficial. For example, an employee can
exclude up to $55,944 of London housing costs, as opposed to the $14,574 which
would be allowed without the higher IRS numbers in the Notice.
are allowed to elect to use these numbers for the 2017 tax year. Since the
costs ordinarily increase from year-to-year, most taxpayers will benefit from this
A new wealth tax in Venezuela has implications for companies and employees operating in Venezuela.
India’s reduction of corporate tax rates are intended to attract business.
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