Royalties and license fees, “other” private services, and direct and portfolio investment income began to be recorded before deduction of nonresident taxes withheld by either the U.S. government or foreign governments. Related changes to the unilateral transfers account were made as offsetting entries. Previously, estimates were presented after deduction of nonresident taxes. The changes, which required the development of new estimates of taxes based on estimates from the Internal Revenue Service and estimates by BEA, were made beginning with estimates for 1982.
Published