Marcela Kane Lantrip: Three Facts About International Tax
Marcela Kane Lantrip has been working in the oil and gas industry for many years. She was born in Latin America and earned a law degree as well as a Master of Laws in tax law from the Universidad del Rosario. She moved to the United States and launched a career in tax management as a professional in the oil and gas industry. She specializes in international tax law. “My geographical expertise to date covers most of Africa (North, East, Central and West), the entire Middle East, European regimes (UK, Swiss, Irish, Dutch) and U.S” she says.
Corporations that work on an international level often draw income from several companies. As a result, these companies need to focus on properly reporting their taxes. The United States federal government has the same tax rate set for United States citizens and companies’ worldwide income as their domestic income.
Corporations that have entities in other countries can report and file their taxes in a number of ways. Some companies may claim a credit for any taxes that are paid on foreign income to foreign governments. However, companies can only claim up to their domestic tax liability.
Companies that are based in the United States generally choose to pay taxes on income that is earned in foreign countries when the income is repatriated. Deferral, cross-crediting, and credit limitation are all common incentives for corporations to move income from high tax countries to low tax countries. Marcela Kane Lantrip has spent more than a decade building her knowledge and experience in international tax law and management.
