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Foreign tax relief refers to the reduction or elimination of taxes on income earned in a foreign country. This can occur through tax treaties or unilateral measures taken by a country to avoid double taxation for its residents. It is important for businesses and individuals engaged in international transactions to understand the concept of foreign tax relief and its implications. Proper utilization of foreign tax relief can result in significant cost savings and increased profitability. As a knowledgeable professor, I urge you to familiarize yourself with this important aspect of finance to make informed decisions in the global economy.
