Worldwide Tax System
/ˈwɜːrldˌwaɪd tæks ˈsɪstəm/
Definitions
- (n.) A taxation framework under which a country taxes the global income of its residents regardless of where the income is earned.
Under a worldwide tax system, citizens must report and pay taxes on income earned abroad.
Forms
- worldwide tax system
- worldwide tax systems
Related terms
See also
Commentary
Often contrasted with territorial tax systems; drafting requires clarity on residency definitions to avoid double taxation or tax evasion issues.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.