Registering for Income Tax in your new country
Income tax is a government levy tax typically imposed on individuals, companies and other organizations who qualify to pay income tax to a government.
Tax is paid on a sliding scale based on the taxed entity’s income or profits. As the tax laws and compliances many vary widely in most countries, it is essential to understand the taxing system of the particular country you plan on generating an income in.
Individuals are often taxed at different rates than corporations while estates and trusts are usually subject to further special tax provisions.
Residents and non-residents are generally taxed differently too. Typically non-residents are taxed on very specific types of income while residents, however, are generally subject to income tax.
The correct registration, calculation and payment of any country’s income tax is considered serious and may as a result also be a rather complicated process.
New World Immigration understands this and, as part of the team’s value-added service to your immigration journey, will ensure that you gain access to and experienced tax professional specialising in the tax laws of the country you are immigrating to or expanding your business to.
A specialized tax practitioner could be relied upon to define exactly what would constitute incomes. Only net income from business activities, whether conducted by individuals or entities is taxable, with few exceptions. Many countries require business enterprises to prepare financial statements which must be audited to substantiate their income claims.
Expenses incurred in a trading, business, rental, or other income producing activity are generally deductible, though there may be limitations on some types of expenses or activities – a tax practitioner would be most educated helping you make the best decisions in your particular case – making them absolutely invaluable to your business’ survival and law compliance.
Your tax consultant would also be able to give you the best advice on taxable investments such as policies and even retirement funds – be sure to ask these questions before packing to retire in a new country.
New World immigration has years of experience assisting clients with a seamless transition between countries. Making a deeper commitment to their client’s immigration experience satisfaction NWI have added a number of services to their portfolio besides offering help with your tax registration, the team also assists with the registration of your business, helping you find the perfect school for your children and even helping the family pets reunite with the family.
If this is not enough NWI also has access to an extensive portfolio of international properties for sale! Thus NWI will help you get your visa, buy your home, register your business, register for tax, find a school, assist with your relocation needs and all the while remain in frequent and friendly contact.