WebTax rates imposed on individuals are progressive based on their net chargeable income (i.e. assessable income after deductions and allowances) which starts at 2% and is capped at … WebFeb 7, 2024 · Foreign Currency and Currency Exchange Rates. You must express the amounts you report on your U.S. tax return in U.S. dollars. If you receive all or part of your income or pay some or all of your expenses in foreign currency, you must translate the foreign currency into U.S. dollars. How you do this depends on your functional currency.
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