Finances of the British royal family are not subject to legislation concerning income tax, capital gains tax or inheritance tax. Furthermore, the Sovereign has no legal liability to pay such taxes. The Duchy of Cornwall has a Crown exemption and the Prince of Wales is not legally liable to pay income tax on Duchy revenues. A "Memorandum of Understanding on Royal Taxation" was published on 5 February 1993 and amended in 1996, 2009 and 2013. It is intended that the arrangements in the memorandum will be followed by the next monarch. The memorandum describes the arrangements by which The Queen and The Prince of Wales make
Income tax for the tax that residents already pay to other countries on their foreign income. Many countries also sign tax treaties with each other to eliminate or reduce double taxation. Countries do not necessarily use the same system of taxation for individuals and corporations. For example, France uses a residential system for individuals but a territorial system for corporations, while Singapore does the opposite, and Brunei taxes corporate but not personal income. Public disclosure of personal income tax filings occurs in Finland, Norway and Sweden (as of the late-2000s and early 2010s). Income tax An income tax is a tax imposed