The Resource Will foreign tax credits be LOST at sea

Will foreign tax credits be LOST at sea

Label
Will foreign tax credits be LOST at sea
Title
Will foreign tax credits be LOST at sea
Creator
Subject
Language
eng
Summary
The potential value of minerals located in the deep seabed has been estimated in the trillions of dollars. However, considerable engineering challenges have generally precluded deep-seabed mining up to the present time. Nevertheless, recent technological developments indicate that deep-seabed mining may soon be economically feasible. As a result, the International Seabed Authority (ISA) is in the process of developing regulations to govern granting of mining licenses, including regulations governing the imposition of payments to ISA for ISA-licensed deep-seabed mining exploitation. ISA's payment regulations will have a profound impact on U.S. companies which, through foreign subsidiaries or partnerships, undertake ISA-licensed deep-seabed production. Furthermore, the Obama administration has indicated that it will continue to press for U.S. membership in ISA. This would occur through U.S. accession to the United Nations Convention on the Law of the Sea, as amended by a 1994 agreement concerning the regime of payments to ISA by ISA-licensed mining licensees and certain other matters (often called "the Law of the Sea Convention" or "Law of the Sea Treaty", or their acronyms LOSC or LOST). If U.S. accession occurs, even U.S. companies controlled by U.S. owners that are engaged in deep-seabed mining directly would be subject to the ISA payment regulations
Citation source
In: Tax management international journal. - Arlington. - Vol. 43 (2014),
http://library.link/vocab/creatorName
Lederman, A.S
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • foreign tax credit
  • partnership
  • source of income
  • mining industry
  • mineral taxation
Label
Will foreign tax credits be LOST at sea
Instantiates
Publication
Label
Will foreign tax credits be LOST at sea
Publication

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