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Outsourced tax services meant for corporate business have enabled businesses to streamline their operations. It?s more than just a trend. It?s more appropriately referred to as the unconventional business strategy. A certain company can take advantage of the skills and technologies utilised to deliver its demanding requirements for the reason that the selected outsourced services provider puts such resources in place in order to provide quality to its valued clients.

Typically, outsourcing tax services to a third party requires the client to provide the pertinent documents for examination, interpretation and classification by the former. In addition to the usual assistance in terms of tax compliance, the client can likewise expect to receive guidance from an outsourced services provider?s pool of experts specially in understanding the complexities of tax-related matters. The professionals can even give their recommendations on the specific tax strategies which the client can use to its advantage.

At the onset, you should clarify the expectations you aim to satisfy in the long run. Doing so will give the services provider a better idea of how it can effectively address your needs. Cooperation and communication will foster a good working relationship between both parties. As a result, the customer and the outsourced services provider can take comfort in knowing that they?re doing their part in order to accomplish the common goal.

As the ready resource, the outsourced services provider seeks to extend expert assistance to enable the clients to focus on income generating core business functions, streamline its present operations and eventually improve its organisational efficiency by making use of what it has at the moment. This means that there?s no need to invest in added human resource or physical infrastructure in order to attain the said goals. The services providers exist to prove that success is possible by utilising existing resources and in knowing where and when to ask for help.

Striking the just the right with regards to outsourced services and in-house work will allow the business to protect its best interests even when it needs to bring in a third party to do some work in its behalf. With the wide range of options, the decision lies on the level of confidence the company has on its prospective outsourced services providers.

Tax Services And The Other Benefits You Need To Know

Tax Services And The Benefits You Can Get

Tax Services, Compliance And Benefits

Tax Services And Possible Savings

Tax Services, Assistance And Savings

Tax Services And Determining Potential Benefits

Tax Services And Securing Your Benefits

Tax Services: From Compliance To Privileges

Tax Services: Prepare To Reap The Benefits

Tax Services And Their Positive Returns

Categories: Finance, Business And Finance, Finance:Taxes

Click for further information on Audit Firms in Singapore or corporate secretary.. This article, Tax Services And Letting The Third Party In is released under a creative commons attribution license.

Source: http://art.redbright.co.za/tax-services-and-letting-the-third-party-in/

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By admin on February 22, 2012

A. Introduction
India taxes Indian source income as well as the foreign source income of its residents, subject to tax treaty and other relief. The foreign source income of non-residents or individual persons not ordinarily resident in India is only taxed if received in India. In certain circumstances, income arising outside India may be deemed Indian income.

The tax system is schedular. Taxable income is ascertained according to the rules for the particular class of income and then aggregated to determine total taxable income. Tax changes are introduced by annual Finance Acts preceded by the ?Budget? statement, usually in February. The ?previous year? basis of assessment is used.
The tax year ends on 31 March for all taxpayers.
B. Types of taxes
Besides income (including capital gains) taxes, India levies taxes on wealth. Wealth tax is levied at 1% on amount in excess of Rs 1,500,000. Foreign nationals are taxed only on their Indian wealth. There is no gift tax and death duty.

Indirect taxes include excise duties, service tax, central value added tax (VAT) covering manufacturing activities and local taxes e.g. sales tax, property tax, octroi and state excise taxes and state VAT covering trading of goods. Customs duties are levied on imports at specified tariff rates. Transfer of assets attracts stamp duties.
C. Residence rules
The Indian Income Tax Act, 1961, classifies every taxpayer (individuals and companies) as either resident or non-resident. Individuals can have ordinary resident status as well. Individuals resident and ordinarily resident in India pay income tax on their worldwide income. Non-residents and Resident but Not Ordinarily Residents pay Indian income tax on Indian source income and on foreign income if received in India.
An individual is resident in India, in respect of a particular tax year, if he satisfies any one of the following conditions:
- He is in India for at least 182 days in the relevant tax year; or
- He is in India?

Posted in Taxes |

Source: http://nyessay.com/taxes/introduction-to-indian-taxes-a-brief-guide/

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WASHINGTON (Reuters) ? The Obama administration’s corporate tax reform plan would end “dozens and dozens” of tax breaks, Treasury Secretary Timothy Geithner said on Tuesday as he defended the White House’s election-year call for higher taxes on the wealthy.

Within days, the administration intends to unveil a blueprint aimed at eliminating inequities in the corporate tax system and lowering the top rate.

Companies, which pay wildly different levels of taxes, are clamoring for a cut in the corporate tax rate – which tops out at 35 percent — but disagree about how to strip out preferences that benefit selected industries.

Geithner spoke before the Senate Finance Committee a day after President Barack Obama unveiled a $3.8 trillion budget-and-tax proposal that called for aggressive government spending to boost the economy and higher taxes on the rich.

“We think they can handle it. We think they can afford it,” Geithner said.

Few elements of the budget are expected to win approval this year in a divided U.S. Congress as elections approach in November. Republicans view the budget as a campaign document, and Obama supporters also see it as an important tool for him to communicate his spending priorities to voters.

Republicans criticized Obama’s budget, saying it chooses winners and losers and moves away from tax reform.

For example, Obama wants to end a manufacturing tax break for oil and gas companies, but expand it for high-tech companies. “Obviously not everyone is going to be playing by the same set of rules,” Republican Senator Jon Kyl of Arizona said.

Geithner said it was a “fair question.”

He said the Obama plan would “wipe out a very substantial, dozens and dozens of special tax preferences,” in the corporate code, but keep a “very limited” number targeting incentives for “creating and building stuff in the United States.”

Republican Representative Dave Camp, the chairman of the U.S. House of Representatives’ tax-law writing Ways and Means committee, has set a goal of trimming the top 35 percent corporate rate to 25 percent.

Senators from both parties said Obama needs to use the bully pulpit to push major changes to the tax code.

The last time major rewrite of the U.S. tax code came in 1986 under Republican President Ronald Reagan.

“The key in 1986 was of course the presidential bully pulpit and that the executive branch every single time out talked about how you had to fit the pieces together,” Democratic Senator Ron Wyden said.

Obama said earlier he was “hopeful” of a deal on extending a 2 percentage point cut in the payroll tax paid by workers, which will expire at the end of the month without a deal between sparring lawmakers.

FISCAL CLIFF

The payroll tax extension is the first among many deadlines approaching in coming months that could hamper the fragile economic recovery.

At the end of the year, individual tax cuts enacted under President George W. Bush are set to expire. In addition, $1.2 trillion in automatic budget cuts across all government programs are set to kick in as part of last summer’s deal to raise the debt ceiling.

“A perfect fiscal storm is waiting at the end of the year,” Senator Max Baucus, Democratic chairman of the Senate Finance Committee said.

Geithner agreed that the combination of the deficit reduction measures and higher taxes would hurt the economy.

But he said the administration is proposing to extend the bulk of the tax cuts so that only the wealthiest would be affected. “The impact of that tax reform would be very, very modest,” he said.

Geithner rejected Republican suggestions that the administration should make drastic cuts to government spending even though the U.S. deficit has soared to $1.3 trillion and the federal debt has topped $15 trillion.

“That would damage economic growth,” Geithner said.

(Reporting By Kim Dixon and; Rachelle Younglai; Editing by Kevin Drawbaugh and Cynthia Osterman)

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/nm/20120215/pl_nm/us_usa_economy_geithner

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Michael Birk, Ebner Stolz M?nning Bachem, Germany

In this article, the author critically outlines and describes the Public Ruling of the German Federal Ministry of Finance on rental income from real estate which is subject to non-resident taxation, according to section 49 para 1 no 2 lit (f) German Income Tax Act. The Decree was released in response to the 2009 amendment to sec 49 ITA. Since the fiscal year 2009, rental income from German real estate which is earned by a foreign corporation is deemed to be ?business? income. This income qualification leads to several questions and uncertainties for both taxpayers and their tax advisors.

I. Decree Background

German legislators amended section 49 para 1 no 2 lit (f) of the German Income Tax Act, effective from January 1, 2009, with the German Annual Tax Act 2009. According to this amendment, income from leasing and rental activities from German immoveable real estate earned by foreign corporations qualifies as business income.(1) Thereby, it is insignificant if the foreign entity maintains a permanent establishment or appoints a permanent representative in Germany. Prior to this, such income was treated as income from rent and leasing.(2)

On the other hand, income from capital gains on German immoveable properties has always been classified as business income for tax purposes.(3)

In contrast, non-resident individuals who lease or rent immoveable properties, which are located in Germany could generate income from rent and leasing.(4) Thus, there is no income qualification for them. As a result, non-resident individuals are treated differently to foreign corporations in this area?.

Disclaimer

(1) Sec 49 para 1 no 2 lit (f) ITA.
(2) Sec 49 para 1 no 6 ITA.
(3) Sec 49 para 1 no 2 lit (bb) ITA.
(4) Sec 49 para 1 no 6 ITA.

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Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/190699873?client_source=feed&format=rss

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OTTAWA (Reuters) ? British Columbia has agreed to repay the federal government over five years the C$1.6 billion ($1.57 billion) it received for harmonizing its provincial sales tax with a federal sales tax, the province announced on Wednesday.

A referendum last year had forced the western Canadian province to get rid of the harmonized tax, which was extended to items such as restaurant bills.

British Columbia Finance Minister Kevin Falcon said in a statement that the province had reached an agreement with the federal government for a five-year payment plan with no interest. The whole amount will be applied to the provincial books for the 2011-12 fiscal year.

(Reporting by Randall Palmer; Editing by Jeffrey Hodgson)

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/nm/20120111/wl_canada_nm/canada_us_economy_tax

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WASHINGTON (Reuters) ? The White House accused House of Representatives Republicans on Sunday of playing politics with the fate of the payroll tax cut and warned that Americans could face a “devastating” tax hike if Republicans do not act.

Republican House Speaker John Boehner has distanced himself from a two-month extension to the payroll tax cut passed in the Senate by Democrats and many fellow Republicans.

“If House Republicans refuse to pass this bipartisan bill to extend the payroll tax cut, there will be a significant tax increase on 160 million hardworking Americans in 13 days that would damage the economy and job growth,” said Dan Pfeiffer, a senior aide to President Barack Obama.

Pfeiffer, the White House communications director, said the House “should pass the two-month extension now to avoid a devastating tax hike from hitting the middle class in just 13 days.”

“It’s time House Republicans stop playing politics and get the job done for the American people,” he said.

Boehner told NBC’s “Meet the Press” program he opposed the Senate legislation because it would renew the tax cut for only two months. He said that would amount to “kicking the can down the road.”

His comments prompted Democrats to accuse Boehner, who had faced a rebellion among rank-and-file Republican lawmakers to the payroll tax cut extension, of reneging on a deal.

(Reporting By Caren Bohan)

Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http%3A//news.yahoo.com/s/nm/20111218/pl_nm/us_usa_taxes_obama_republicans

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BEIJING ? Dissident Chinese artist Ai Weiwei said Monday that supporters have sent him nearly $1.4 million to help him fight a huge tax bill that he says is government harassment.

The Beijing tax bureau is demanding that Ai’s design company Beijing Fake Cultural Development Ltd. pay 15 million yuan ($2.4 million) in back taxes and fines.

Ai, an internationally acclaimed conceptual artist, was detained for nearly three months earlier this year during an overall crackdown on dissent. The detention and subsequent claims of tax evasion have been interpreted by activists as a way to punish him for his outspoken criticism of the authoritarian government.

Ai received 8.69 million yuan ($1.4 million) from supporters as of Sunday night, the artist said by phone. This is enough for him to put down a guarantee of more than 8 million yuan by Tuesday required by the tax authority to obtain an administrative review of the case.

Ai’s supporters have sent money through wire transfers or thrown cash stuffed in envelopes or wrapped around fruit into his yard. The donation campaign is rare for Chinese dissidents because of the threat of retaliation that comes with supporting high-profile government critics.

Du Yanlin, the company’s tax attorney, said authorities have not proven that Ai is the owner of the company or that he had evaded taxes. Ai’s wife, Lu Qing, is the legal representative of the design company.

Ai has said that he will not treat the money from supporters as donations, but as loans that he would repay.

Source: http://us.rd.yahoo.com/dailynews/rss/china/*http%3A//news.yahoo.com/s/ap/20111114/ap_on_re_as/as_china_ai_weiwei

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BEIJING?? Thousands of people have donated more than $800,000 to Chinese dissident artist Ai Weiwei, some tossing cash folded into airplanes over his gate, he said Monday, to help him pay a tax bill they see as government harassment.

A state-run newspaper criticized the outpouring and warned it could be illegal.

The donation campaign ? also in the form of wire transfers and cash stuffed in envelopes or wrapped around fruit that is thrown into his yard ? is rare for Chinese dissidents because of the threat of retaliation that comes with supporting high-profile government critics.

Nearly 20,000 people have sent more than 5.3 million yuan ($840,000), Ai said, since he announced a week ago that the Beijing tax bureau was demanding that he pay 15 million yuan ($2.4 million) in back taxes and fines.

“This shows that a group of people who want to express their views are using their money to cast their votes,” Ai told The Associated Press. “It shows that in the Internet age, society will have its own judgment and its own values. People are using these methods to re-examine the accusation that I evaded taxes.”

Ai, an internationally acclaimed conceptual artist, was detained for nearly three months earlier this year amid an overall crackdown on dissent, setting off concern well beyond the arts circles and civil rights community in which he is well-known. The detention and subsequent claims of tax evasion have been interpreted by activists as a way to punish him for his often-outspoken criticism of the authoritarian government.

Ai said that he would not treat the money from supporters as donations, but as loans that he would repay.

Liu Yanping, a volunteer at Ai’s Beijing Fake Cultural Development Ltd. design company, said many of the donations have been accompanied by messages of support, including “Brother, let me be your creditor,” and “The whole family has been mobilized, everyone will be creditors,” Liu said. Other messages were poetic: “Walk toward the light, the darkness will pass,” wrote one supporter.

One donor, feminist scholar Ai Xiaoming, described her donation as “a form of support as well as an appeal.” She declined to reveal the size of her contribution.

“Everyone can clearly see how the whole process of accusing Ai Weiwei of tax evasion has not been transparent or fair,” said Ai, who is based in the southern city of Guangzhou.

Ai the artist has demanded that police return the account books police seized from his studio when they detained him and that they allow him to meet with his former office manager and accountant.

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Calls to the local tax bureau rang unanswered. In a commentary Monday, the state-run Global Times cited unnamed experts as saying Ai could be suspected of “illegal fundraising.” It also said the movement did not represent the larger Chinese population.

“It is absolutely normal for a certain number of people to show their support for him with donations. But these people are an extremely small number when compared with China’s total population,” said the commentary that was published in both the newspaper’s Chinese and English editions. “Ai’s political preference along with his supporters’ cannot stand for the mainstream public, which is opposed to radical and confrontational political stances.”

The newspaper also asked if Ai really needed to borrow money to pay off the tax bill. The internationally known artist has shown his work in London, New York and Berlin and has earned huge sums selling his work at auctions and through galleries.

“Yes, I am very wealthy, but this is a separate issue,” Ai said of the newspaper’s criticism. “I have said that I will repay every cent of the loans. One person’s innocence is tied together to a country’s innocence. I’m not doing this to profit myself.”

___

Gillian Wong can be reached at http://twitter.com/gillianwong

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Source: http://www.msnbc.msn.com/id/45185962/ns/world_news-asia_pacific/

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