What Is Foreign Tax Compliance?
Globalization has led to unprecedented growth of economies by interconnecting economies, free flow of money from one part of the world to another, cross border investments & transactions.
Foreign Tax Compliance is reporting of all your global incomes, investments & assets in the country where you are a tax resident. It is an effort by the governments of various countries to curb this tax evasion and money laundering activities.
Foreign Tax Compliance was started by the United States and now all the major countries of the world have come out with their own Foreign Tax Compliance Reporting requirements.
Any Indian NRI could be having assets and investments in India while being a tax resident in a foreign country. Hence it is of paramount importance to report the Indian incomes & assets in your Foreign Tax Compliance Report in the resident tax-paying country. It ensures the avoidance of double taxation on the same income of an individual as per the Double Taxation Avoidance Agreement (DTAA) between different countries.
Why Ashutosh Financial Services?
Through our years of experience, we have created a custom report that will enable NRI to easily comply with all the Foreign Tax Compliance Report requirements of any country in which you are a taxpayer as per the tax year and relevant currency of the respective country.
The report will be prepared after a thorough discussion with the NRI. We assure you that using our customized report will not only ensure complete compliance with your Foreign Tax Compliance Report but also ensure a hassle-free process without any complications.