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In today’s times, with ever-increasing compliances, it’s hard to manage and adhere to all the compliances, especially when it comes to the international level. Most taxpayers are unaware of the working and structure of international tax regimes, thus making it more confusing for them to get through the web of complicated international tax regimes.International tax compliance advisory services are types of services provided by tax experts that help individuals and businesses to comply with the tax regulations across different countries. This article talks about everything related to international tax compliance advisory services, its importance, benefits etc.
International tax compliance advisory services generally refer to the range of services that help individuals, organizations and businesses to comply with tax laws and regulations in different countries and jurisdictions. These services help clients to navigate through complicated and tedious international tax regimes in a better way, thus reducing the risks of non-compliance, penalties and audits.
There are many reasons why a taxpayer should avail of these compliance-related advisory services. Most of the time, an average taxpayer isn’t aware and is often unfamiliar with the international tax regime. Not complying with these laws can incur heavy penalties and fines. So to get through the web of the international tax regime, seeking the expertise of a professional international tax consultant becomes crucial. According to the Section 271GA of the Income tax Act of 1961[1], if the taxpayer fails to furnish the documents regarding the International income, he shall be liable for a penalty of 2 per cent of the value of the International transactions.
International tax compliance advisory services are important for a plethora of reasons. These reasons are listed below:-
International tax advisors or consultants provide variety of services related to tax planning, compliance and risk management for businesses and individuals. Some of these services are mentioned below:-
These are some of the services that international tax advisors and consultants provide.
There are several benefits or advantages of seeking the advice from a professional international tax advisor or a consultant. These benefits are enlisted below in a thorough and detailed manner:-
These are some of the benefits of hiring an international tax compliance expert or a consultant.
Overall. It can be concluded that international tax compliance advisory services are crucial for businesses, organisations and for individuals. They help individuals and businesses to stay compliant with the relevant laws and also helps them in reducing their overall tax liabilities and thus helping them in increasing their reputation and safeguarding them from any negative publicity.
Also Read:A discourse on Corporate Tax PlanningHow Does International Taxation Operate?International tax planning strategies for Global Companies
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