Business and Management

Basics of International Tax Planning

In fact, the taxation status of an individual can often dictate the amount of tax he/ she will pay. This may even help you to gain capital or income taxation breaks.

On the other hand, with an improper taxation status, you can even come across double taxation issues. In fact, such matters can also raise issues relating to the residency status of an individual.

Thus, it is important that you understand the relevant tax laws and regulations of your home country and the new country, where you are planning to settle. Additionally, you will need to focus more on international tax advisory services.

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There are a number of professional groups that offer this kind of service.

1. Local Accountant

You will need to appoint a local accountant in the country of origin which will help you to understand the different perspectives of international taxation. In fact, you also need to appoint an accountant in a new country you live in, because it is unlikely that local accountants in your home country will have a thorough knowledge of relevant tax laws, regulations and the rest from other countries.

Thus, it is better to hire two professionals to ensure that all potential liabilities you will be well covered in both countries.

2. International Tax Planner Professional

This professional tax planner can help you to build the right tax status by combining their knowledge of international accounting and financial planning. In addition, they will help you to understand the strengths and weaknesses of your current tax status.