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ParCo (DDD-country based company) has 3 branches in different countries: AAA, BBB and CCC.
The branches generated incomes of DDD currency (DC) DC100,000; DC200,000 and DC300,000 respectively.
DDD-country income tax rate is 35%.
Income tax rates for the countries are listed below:
| Country | AAA | BBB | CCC |
| Income tax rate | 50% | 40% | 30% |
1) DDDs income tax before FTC;
2) Foreign income taxes paid;
3) Foreign tax credit (FTC) allowed;
4) Net DDD-country tax liability before excess FTC;
5) Excess foreign tax credit.
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