NEW Global Corporation Tax

[billybobs]

Can anyone please clarify the 2 scenarios below and how this new global corporation tax would effect me any different to now -

1. Im a UK resident with UK company and sell goods and services worldwide (USA, UK, Europe etc)

2. Im a UAE resident with UAE company and sell goods and services worldwide (USA, UK, Europe etc)

Thankyou

 

[Sols]

You're going to have to book an appointment with a fortune teller if you want firm answers. Nothing is for certain yet. No international treaties and laws have been written, voted on, and put into effect.

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This is the probably the answer to your question.

 

[vvvictor]

they only know how to raise taxes, impressive It's really hard to understand what's going to happen. Surely not everyone will join

 

[Martin Everson]

vvvictor said:
Surely not everyone will join
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Back in the day that is what they were saying about FATCA and CRS.....and......😕

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[vvvictor]

Martin Everson said:
Back in the day that is what they were saying about FATCA and CRS.....and......😕
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I hope for this but no one know. Maybe AMZ, FB, GOOG will take some action against. I hope this tax will help governs to reduce all others tax on people, if not, is a scam

 

[carz]

Any opinions if/how this will effect UAE property market?

 

[Martin Everson]

carz said:
Any opinions if/how this will effect UAE property market?
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UAE property market is about dirty, stolen or untaxed money flowing into it. Don't think this will change anything there.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[GPT]

No answers can be given at this moment. The only thing I can say from experience is that "when one door closes, two new doors open".
Keep in mind that it takes (a) decade(s) to come up with a proposal and implement it globally. It takes hours to find a new loophole once its clear on how it will affect "us".

I wouldn't worry too much about it.

vvvictor said:
I hope for this but no one know. Maybe AMZ, FB, GOOG will take some action against. I hope this tax will help governs to reduce all others tax on people, if not, is a scam
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Tax = theft. Always. No exception.

 

[JohnLocke]

Martin Everson said:
Back in the day that is what they were saying about FATCA and CRS.....and......😕
Click to expand...

I totally agree, they can do what ever they want, governments will always be the winner.

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[troubled soul]

Admin said:
I totally agree, they can do what ever they want, governments will always be the winner.
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Still people find way to save tax.

 

[Martin Everson]

azb1 said:
Still people find way to save tax.
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Yes they will but not in the way it has been done in the past.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[fbsworld]

If selling goods to Europe, definitely a UK company because of the new VAT regulation in Europe arriving in July 1, 2021!

 

[GPT]

fbsworld said:
If selling goods to Europe, definitely a UK company because of the new VAT regulation in Europe arriving in July 1, 2021!
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Why would that be beneficial? VAT still needs to be paid in the respective EU countries. Having a UK company is setting yourself up for more admin which means higher accounting costs... A European entity is easier from a compliance point of view and therefore cheaper to maintain.

 

[fbsworld]

GPT said:
Why would that be beneficial? VAT still needs to be paid in the respective EU countries. Having a UK company is setting yourself up for more admin which means higher accounting costs... A European entity is easier from a compliance point of view and therefore cheaper to maintain.
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You have to consider 2 points about ecommerce in the EU:
- fiscal transparency of the UK LLP (if you live in a no income tax coutry for sure)
- EU VAT tax agent (for a UK company or any other UE company) versus EU VAT tax representative (for a non-UE company)

 

[GPT]

fbsworld said:
You have to consider 2 points about ecommerce in the EU:
- fiscal transparency of the UK LLP (if you live in a no income tax coutry for sure)
- EU VAT tax agent (for a UK company or any other UE company) versus EU VAT tax representative (for a non-UE company)
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I probably don't understand... why then preferring a UK entity over an EU entity?

 

[fbsworld]

GPT said:
I probably don't understand... why then preferring a UK entity over an EU entity?
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Because of the tax transparency of the UK LLP if you are tax resident in a country with no income tax (as UAE) or territorial tax system (as Thailand).

 

[GPT]

fbsworld said:
Because of the tax transparency of the UK LLP if you are tax resident in a country with no income tax (as UAE) or territorial tax system (as Thailand).
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The same applies with any EU entity. Where is the benefit?

 

[fbsworld]

GPT said:
The same applies with any EU entity. Where is the benefit?
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Not at all! Have a look to the UK LLP to understand it about tax.

 

[uplana]

fbsworld said:
Not at all! Have a look to the UK LLP to understand it about tax.
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So you mean a UK LTD will be exempted from VAT in any case!?

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[GPT]

fbsworld said:
Not at all! Have a look to the UK LLP to understand it about tax.
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Its treated transparent. Is that what you mean?

The same applies with an EU entity when you can proof that management and control is exercised somewhere else (can be a tax haven even).