Tax regimes in countries across Asia are rapidly evolving as the economies grow and become more sophisticated. Coupled with the emergence of global regulations that have extraterritorial reach like the OECD’s base erosion and profit shifting (BEPS) and Common Reporting Standard (CRS) programs, the US Foreign Account Tax Compliance Act (FATCA) regulations and the EU substance rules, it has never been a more important time to have an Acclime tax professional look after the tax administration of your business.
When setting up a business in a foreign jurisdiction, it is important to obtain the advice of tax professionals on the ground so that you can put in place the optimal structure for your business. In many cases, this will be determined by not only the jurisdiction of the new company, but also your home jurisdiction.
Once the business is up and running, transactions that you enter into on a daily basis have tax implications, whether they be income tax or indirect tax such as GST or VAT. Where large transactions are contemplated, tax structuring is a critical part of executing the deal in the most efficient way possible.
Your tax records need to be accurate and up to date. With the increasing scrutiny of tax administrations around the world, including stepped-up frequency of audits, it is vital to have the company’s compliance obligations handled efficiently and in a timely fashion.