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key tax risks

Were there any major transactions, or forgiven any loans during the year? BDO has an extensive and diverse range of food and agribusiness clients, from producers to retailers and everything in between. For a more in-depth look at how you can assess your organisation’s tax risks, and additional areas you should consider, download BDO’s Proactive Tax Risk Assessment Checklist.

Withholding taxes can be credited against corporate income tax obligations if any. BDO is the brand name for the BDO network and for each of the BDO member firms. Examine your organisation’s employee benefits – are they provided by associates or third-parties? This results in a split of the contract, a split of the contractors and a syndicated offer. BDO refers to one or more of the independent member firms of BDO International Ltd, a UK company limited by guarantee. Royalties: The services of the offshore contractor could be reclassified as royalties with a withholding tax rate of 15%.

7Z�V'4�b������2;�ȨU����Ӻݸ/����d�$�q�h��� n��Ag+��r�\e�>���IP�U�1j0'C�A�A\&)��g�I{$����t���.��㾀l`��7}�c�q�j�qű�0�B=������!�� �_?�e��ڟ���6�䫊���H8ɒ�����K��e��>C�=���O�*��6da�y���G��2�����w$_��6V���az�(f7�ə�j���`���.T`a��U��j�i�M��a��D����r��fL!�} O��r5'm�A�(�\�N��,#K��ȉ More importantly, consider how commercially viable the funding solution will be and the return on investment. Take a close look at whether your organisation has the capabilities and resources available to achieve its end goals. This might base (i) on the documentation, (ii) on the factual handling, or (iii) on the onshore company acting as sole agent for the offshore company. If your organisation imports or exports goods assess whether it has the records to support the GST treatment adopted.

Each BDO member firm in Australia is a separate legal entity and has no liability for another entity’s acts and omissions.
If your organisation has recouped any revenue or capital losses during the year, it’s important to consider the tax loss recoupment tests. Find out how we can help you succeed at every stage of Private Equity investment.

Consider things like the ownership structure, its international network (owners and/or subsidiaries), and changes to ownership. By using this site you agree to our use of cookies. ", on Seven tax risks: Lump sum turn-key contracts in Thailand.

The involvement of the foreign offshore contractor in the negotiations, the contract conclusion or the implementation of a subcontractor service agreement has to be avoided carefully with all means. A proper contract design can be accomplished without a “Wrap Around Guarantee” (WAG). Umbrella agreement: A badly drafted umbrella agreement acts as a clamp which repeals and nullifies the effects of the split tax-wise. endstream endobj 4 0 obj<>stream Does your organisation employ contractors, and if so, are they considered an employee for tax purposes?

The best remedy is to proactively identify and manage the risks within the organisation. Non-implementation: The clear and correct split of the LSTKC into onshore and offshore agreement has to be actually performed and executed to be relevant tax-wise.

BDO’s Real Estate and Construction professionals are ready to... It’s our job to stay on top of changes in the fast-paced retail sector. and service tax (56.7%) were rated as the most worrisome risks. To assure that the buyer/employer has no problem to address the correct contractual partner for claims and information requests. �YΣ67g�ܣ�Hw���L��zBЌ�_: �F�A�B+�C+�I��Х�]vO�=j�9F�R��q�짹�+._���wcr��*C�~aH��4W|�ƍ��-��1-�GR��>��6׍!��b����7��/:kD^ This detailed reference sheet lists key questions leaders should ask for a range of focus areas to help them assess whether or not their organisation is exposed to avoidable tax risks. Q Risks for completion to time, cost and quality are transferred to the contractor. By adding a regular routine to your reporting processes, your organisation can instil a proactive tax risk management approach and reduce the likelihood of paying the wrong amount of tax or falling foul of tax rules. It is an unnecessary naive approach to design onshore and offshore agreement with the same optical design, with the same definitions, parallel clauses and wordings. The local principal has good reasons to feel uncomfortable with the split of the combined LSTKC. Understanding how the tax rules apply to your organisation’s structure is imperative. Transfer pricing: The remuneration of all participants has to be adjusted to arm‘s length principles. BDO’s Healthcare team has the knowledge, expertise and resources to help navigate this complex and integrated new world. Incoming and outgoing invoices provide important information about the scale of indirect tax risks within a company. no withholding tax on the sale of goods.

Instead, they should look at first sight as different as possible. If you have a specific question regarding your organisation’s task risk, get in touch with a BDO Tax expert.

You can always use the unsubscribe link included in each e-mail. Providing loans or a guarantee are generally considered as providing service business pursuant to restricted business per List 3 of the Foreign Business Act. Our approach is agile, practical and reflects the nature of rapid change in the industry.

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