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Tax Residency Services

Tax Residency Services

Tax residency services typically help individuals and businesses navigate complex tax laws to determine their tax residency status. This is crucial because a person’s tax residency can significantly affect the taxes they owe to a particular country or jurisdiction. Below are some key aspects of what tax residency services might include:

Determining Tax Residency Status
Personal Tax Residency: Services may help individuals determine in which country they are considered a tax resident. This depends on factors like where they spend the most time, where they maintain a permanent home, or where their economic interests lie.
Corporate Tax Residency: For businesses, determining the tax residency of the company can depend on where it is incorporated, where its place of management and control is, or where it carries out its primary operations.
Double Taxation Treaties
If a person or business is a tax resident in more than one country, tax residency services can help them navigate double taxation treaties (DTTs) to avoid being taxed twice on the same income. Tax treaties outline which country gets the right to tax specific types of income.
Tax Optimization and Planning
Tax residency services can help you with tax planning strategies, such as deciding the most tax-efficient country to be a resident of. For individuals, this may involve considerations of social security, tax rates, and estate planning. For businesses, this could involve choosing the best jurisdiction for operations based on tax policies and incentives.
Tax Compliance
If your business has paid more VAT on purchases than you have collected on sales, you may be entitled to a VAT refund. VAT accountants can help identify these opportunities and guide you in filing for refunds.
Compliance & Advisory
Maintaining compliance with the tax laws of the country or countries where a person or business is a tax resident is vital to avoid penalties. Tax residency services can help ensure you meet reporting obligations, such as filing tax returns, disclosing foreign income, and complying with local tax laws.
Relocation Services
If you're moving between countries or considering changing your tax residency, these services may include assisting with immigration, visa considerations, and ensuring that you meet the requirements to establish tax residency in the new country.
FATCA and CRS Compliance
For individuals with foreign income or assets, tax residency services can assist with compliance under the Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standard (CRS), which are designed to combat tax evasion by reporting foreign assets.
Audit and Dispute Resolution
In case of audits or disputes regarding tax residency status, specialized tax residency services can provide legal and financial advice and represent clients to resolve these issues.

Contact

  • 1st floor DHFF 1207, Dragon Mart-1, Dubai-UAE
  • +971551980525
    +971523008058
  • support@ivyaccountingtaxconsultant.ae

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