The tax law limits deductions for state and local taxes, including property tax, to $10,000.
"This common-sense bill takes a huge step towards ending the outdated, backwards policy of double-taxation of American citizens living abroad," Holding stated.
A 2% tax will be levied on medical products, raw materials and machinery used for production, insurance premiums, purchase and sale of university issued products. Basic food necessities from a specific list will be charged a 1% tax.
We are just beginning to see the economic effect of the TCJA, passed in December 2017, but tax cuts are among many factors influencing U.S. investment decisions.
The new regulation states that that operators, direct and indirect users of the free zones are obliged to report any unusual or suspicious activities, whether or not they carried out.