Exemption of airline operating income: reciprocal tax relief for carriers, excluding internal traffic, with refund and termination rules. Notification implements an exchange-of-letters agreement granting reciprocal exemption from national income taxes for income derived from the operation of aircraft by designated or authorised airlines, including participation in pools but excluding internal traffic; refunds are available for taxes recovered for the relevant period upon application within twelve months; defined terms and coverage of substantially similar future taxes are set out; the arrangement is effective from 26 January 1952 and continues indefinitely subject to a termination notice procedure affecting subsequent assessment or taxable years.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exemption of airline operating income: reciprocal tax relief for carriers, excluding internal traffic, with refund and termination rules.
Notification implements an exchange-of-letters agreement granting reciprocal exemption from national income taxes for income derived from the operation of aircraft by designated or authorised airlines, including participation in pools but excluding internal traffic; refunds are available for taxes recovered for the relevant period upon application within twelve months; defined terms and coverage of substantially similar future taxes are set out; the arrangement is effective from 26 January 1952 and continues indefinitely subject to a termination notice procedure affecting subsequent assessment or taxable years.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
