International Tax Planning
Nearly every business operates in an international environment with cross-border business activities.
Particularly in Asia, the tax environment differs significantly from the tax treatment in USA or Europe. Application of constantly changing or differently interpreted local rules and international tax conventions needs to be observed and managed thoroughly.
Avoiding unnecessary tax leakages and reducing the global tax cost, while complying with the tax laws, is crucial to your company.
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At Taxworkz Consulting, we are able to help with
- International businesses expand to Asia
- Analysis of existing business model and advise on improvements
- Regional Market entry and setup consulting
- International Assignment Planning
Our Services
- Tax efficient holding company locations
- Permanent establishment consulting
- Cross-border financing solutions
- Expatriate Tax
- Profit repatriation
- Loss utilisation
- Inbound and outbound structuring
- Managing intellectual property and intangible assets
- Tax efficient supply chain and shared services
- Regional tax issues
Global Expatriate Services
Nearly every business operates in an international environment with cross-border business activities.
Assignments particularly to Singapore with regional responsibilities lead to a complex tax situation for the individual. At Taxworkz Consulting, we are able to assist companies and employees plan and manage the tax implications of international assignments, wherever they are placed in the world. We apply an integrated service approach whereby cross-border associates from the relevant countries are utilised to create an efficient and sustainable solution.
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In your role as an employer, you are under the obligation of complying with the national rules and regulations in the tax, social security and labour legislation in the respective countries.
Employees on assignment must have the confidence their tax affairs are in safe hands both in the home and host countries.
Consulting services for companies
- Adaptation of existing payroll and HR processes to assignees
- Development and review of assignee guidelines
- Design of tax equalisation models (e.g. tax equalisation, tax protection, etc.)
- Identification of related corporate tax issues (e.g. permanent establishments, Transfer Pricing)
- Calculation, allocation and deductibility of assignee costs
- Design of special cases (e.g. split payroll, dual contract, tax planning concepts, stock-option models)
- Application of relevant visa for the employee and family members
Consulting services for assignee employees
- Arrival and exit interviews for tax optimisation before, during and after the assignment
- Preparation of income tax returns in the relevant countries
- Calculation of tax disadvantage (e.g. tax equalisation, tax protection, etc.)
- Filing of objections
- Assistance with secondment agreements and dual contracts
- Assistance with application for employment pass
Mergers & Acquisitions
Whether you are acquiring a business, disposing of a business, going through a merger, entering into a joint venture, planning for IPO, implementing a management buy-out, restructuring your business, or refinancing, the tax implications need to considered and managed effectively and in compliance with local and international laws and regulations.
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Tax-related matters involve considerable risks and overcoming these may be decisive for the success or failure of a transaction or an internal company restructuring. For this reason, you will be looking for a tax consultant who can help you secure the successful outcome you are pursuing with the transaction in question.
Our Services
- Decide whether the transaction should be structured as a share or asset acquisition
- Assess and manage acquisition / merger risk
- Structure acquisitions to optimise commercial imperatives
- Structure businesses for disposal
- Carry out purchaser and vendor tax due diligence
- Ensure tax efficient deal structuring
- Maximise the use of any tax losses and other tax attributes of the business being acquired
- Identify other consequences that should be addressed in the negotiation process
- Implement post-transaction structuring
Transfer Pricing
Globalization and the gradual removal of international trade barriers have resulted in a steady increase in the volume and the number of intercompany transactions.
Assignments particularly to Singapore with regional responsibilities lead to a complex tax situation for the individual. At Taxworkz Consulting, we are able to assist companies and employees plan and manage the tax implications of international assignments, wherever they are placed in the world. We apply an integrated service approach whereby cross-border associates from the relevant countries are utilised to create an efficient and sustainable solution.
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The Transfer Pricing topics in this context related to the supply of goods and services within one group constitute a highly complex issue. Every single country – including EU member states – has its own regulations. Also in most countries Transfer Pricing is under permanent discussion with the tax authorities. Only a thorough knowledge of the relevant rules and regulations, guidelines and implementation requirements can prevent double taxation, penalties or other legal consequences. The diligent design of intercompany transactions and relocation of corporate functions including proper documentation are hence an absolute must. On this basis, an accurate Transfer Pricing policy provides the opportunity to moderate taxes and to optimize the profit of your business.
Our services at a glance
Planning and optimization of Transfer Pricing systems
- Assistance with the determination of appropriate transfer prices
- Analysis and adjustment of existing systems for the optimized allocation of resources and avoidance of double taxation
- Integration of different Transfer Pricing systems in case of Mergers and Acquisitions
- Advice on the tax optimization of value added chains
- Simulation of alternative scenarios on the basis of Transfer Pricing models [financial modelling]
Documentation of Transfer Pricing systems
- Preparation of global documentation studies pursuant to national and international guidelines
- Preparation of internal Transfer Pricing guidelines
- Enhanced awareness and coaching of employees on the topic of Transfer Pricing
- Implementation of IT-based solutions for analysis and documentation
- Documentation of the Transfer Pricing system by means of functional, risk, value added contribution and benchmark analyses
- Preparation and documentation of intercompany agreements
Advice on business restructurings and the relocation of company functions
- Individual assessment of transfers of tangible and intangible assets
- Assistance with the evaluation of transfer packages
- Determination of the earning value of individual functions
Defence of Transfer Pricing systems
- Defence of existing systems in external tax audits as well as in mutual agreement and arbitration procedures
- Advice and assistance in negotiations of Advance Pricing Agreements [APA]
Taxpayers’ Audit and Investigation
Inland Revenue Authority of Singapore (“IRAS”) conducts regular audit on individual and corporate taxpayers and in potential tax fraud or tax evasion cases, IRAS will escalate the matter to Taxpayers’ Investigation Division. Whilst taxpayers are encouraged to extend their co-operation with IRAS, we can assist to bridge the expectations between IRAS and the taxpayers and assist our clients to smoothen the process and expedite the completion of the audit or investigation.
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Many times, we have also proposed and successfully persuaded the tax authorities to review the cases favourably and resulted in a lower additional tax payable and corresponding composition fine.
Our services include the review of our clients’ tax submission, accounts, documents and provide all the relevant information as requested by tax authorities. We also proposed revised tax computations to facilitate the easy review and finalization of the audit/investigation. Finally, we assist our clients to appeal for lower composition fine, whereby possible and avoid prosecution to court for the tax offences.
GST Compliance
Globalization and the gradual removal of international trade barriers have resulted in a steady increase in the volume and the number of intercompany transactions.
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Our service includes:
- GST registration and claim for pre-registration input GST
- GST compliance, advisory and completion of GST returns
- Application of special GST registration such as Major Exporter Scheme
- Perform Assisted Self-Help Kit (“ASK”) review
- GST deregistration
"ASK" Review
With effect from 1 January 2013, company applying or renewing the Major Exporter Scheme (MES) status and other GST incentives is required to perform a self review using the Assisted Self-Help Kit ("ASK") and submit it together to the Inland Revenue Authority of Singapore ("IRAS"). The review has to be conducted in accordance with the audit methodology prescribed in the GST: ASK Annual Review Guide published by the IRAS and certified by Accredited Tax Professionals with the Singapore Institute of Acccredited Tax Professionals ("SIATP").
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At Taxworkz Consulting, our directors are Accredited Tax Advisor (Income Tax and GST) with SIATP and have experience in conducting the ASK review and to assist in the application and renewal of the GST incentives.
