Foreign Levy

Foreign Levy means:
a levy classified as a tax if it is a compulsory payment pursuant to the authority of a foreign country to levy taxes. If a foreign levy is classified as a tax, the payment is subject to credit treatment. However, penalties, fines, interest, and customs duties do not qualify as creditable taxes. Former Tax Regulation (check if this Reg. is current here) §1.901-2(a)(2)(i).