Tax Credit Tied to Noriega Fight
American corporations that owe taxes to Panama will be allowed the U.S. foreign tax credit if payments are made to the government of ousted President Eric Arturo Delvalle and not that of military strongman Manuel Antonio Noriega, the Internal Revenue Service said today.
The announcement was aimed at discouraging U.S. businesses from sending tax payments to the Noriega government, which Washington does not recognize. Some large U.S.-based multinational firms recently made quarterly tax payments just in time to give the Noriega government a desperately needed infusion of cash.
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