International Tax Planning
Many individuals and companies see international tax planning as a viable solution for protecting their assets. There are several benefits to increasing your net income. Contact an experienced lawyer who can help you with protecting your property in this way. International tax planning offers a legal method of safeguarding your assets. A skilful lawyer can help you to reduce your expenses by saving on taxes.
Many companies register in foreign countries as part of their tax planning strategy. Tax laws differ from country to country and some may be more beneficial for you than others. Each person should consider their unique situation with the help of a lawyer, and develop a strategy that decreases their tax burden. Modern information technology makes it easy for businesses to register online in another country, even without entering that country.
Are International Tax Planning Solutions Legal?
International tax planning is always legal when business people follow the law and do not develop fraudulent schemes. This is a frequent practice among entrepreneurs and many legitimately conduct business in a particular country by supplying goods from one nation to another.
Some entrepreneurs do not get advice from lawyers. As a result, they run the risk of making mistakes. This can land them in trouble with the law. For example, some develop an aggressive strategy which involves creating several buffer companies. That strategy does not meet the legal requirements of international tax planning.
Nations around the world are now working together to combat overly aggressive entrepreneurs who do not follow the law. It is now very difficult for any individual or company to get involved in tax evasion. Several associations have been formed in order to combat tax evasion.
FATCA is the most well-known tax recent tax evasion prevention strategy. The Foreign Account Tax Compliance Act collects information on all US residents, no matter where in the world they are located or choose to do business. This act came into force in July 2014.
The OECD standard governs the automatic exchange of information related to tax matters. This standard governs G20 countries and those within the European Union, so even if you do business in Europe, your financial information will be freely exchanged when it is required by your home country. In fact, this information does not have to be requested, since countries in the jurisdiction automatically get relevant information from their banks and exchange it with other countries.
Many people are wary of doing business offshore in an illegal manner. Lawyers can guide you and ensure that you stick to the legal ways of protecting your assets by doing business overseas. Leaks such as the Panama Papers have brought several offshore jurisdictions unwanted attention in mass media.
If a company violates the law set down by a particular country and that country ends up in the media, that country is not at fault. It is the fault of the company or individual that did not follow the law. Many countries out there make it easy to do business and protect your property. If you want to know if international tax planning is a viable option for you, contact our specialists.