TUESDAY TAX BLOG; ProACT Sam Orgill at Changes to Tax Laws that means there are 3 Reasons to Review Expat Tax & Pensions
Living With a Paradise Paper
If you are Living and Working Abroad in Paradise there may be a piece of paper on its way to you.
Big changes to Tax and Pension for Expats means the Tax Man in your home country and your country of residence may be sending you a letter or a tax demand in the next few months.
3 Tax Men Interested in You
If you Live or Work Abroad then you have up to 3 tax men interested in you to discuss:
- Tax returns due in your country of residence
- Tax payments due in the country of your work.
- Tax that could be claimed by your home country on world wide income and Pensions
For over 7 years banks, estate agents, Investment and Pension companies have been collecting personal information on you - name, residence, tax number - and sharing this information along with your income and gains with the taxman where you are resident.
This allowed some expats to declare tax in one country but not let a second know, even if they may be a tax charge due.
For example. If you don’t pay Expat tax in your country of residence, it remains due in your home country. But the home tax man could only claim extra tax from you if he knew.
This loophole was previously fixed with the Savings Directive on sharing information that required financial institutions to report to one tax authority. Such sharing of income data is now subjected to Automatic Sharing between tax offices.
From 2017, tax offices around the world automatically exchange all the personal and income and pension information declared to them - by any individual or business country of residence, home country or where the work is done.
This opens all all tax office to all your income and Pension from around the world, automatically.
They have already started applying this new knowledge to make demands and enquiries for new tax payments from expats around the world.
Look Forward - Expats Tax & Pension Review
ProACT Partnership Tax Saving Expat Experts can help you prepare and update your tax registration and returns to avoid tax demands , investigations and penalties.
We offer a free review in our Cyprus office or online at which we will assess any gaps in your tax returns and registrations. We look at earned income, pensions, business , rental income, investment and royalties.
We have created a Free down load to read more on this topic :
We will run a live webinar on 30/11/17 on this topic
ProACT Partnership Tax Saving Expat Experts Help Protect Family and Business living and working aboard through tax returns and Rebates, Wills, Trusts and Business Property Administration.
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