Tax Planning
Money transfer firms to tip off HMRC about transactions
Expats switching cash from Britain offshore with money transfer services will soon have their transaction reported to the tax man. Under a new initiative, HM Revenue and Customs (HMRC) intends to demand any money service firm dealing with foreign currency exchange should report the details of the transaction. The aim is to stop expats…
Continue readingBritish Expats Should Pay UK Tax, Say Financial Experts
Taxing British expats wherever they live in the world is the only way to stop tax avoidance scandals, financial experts claim. The Chartered Institute of Securities and Investment (CISI) wants British passport holders to pay income tax and capital gains tax to HM Revenue and Customs (HMRC) regardless of where their home is located….
Continue readingGulf states set date for introducing VAT
The Gulf States have finally succumbed to raising taxes in a bid to repair their oil-ravaged finances. The six nations have agreed to introduce a value-added tax (VAT) on goods and services sometime in 2018. The leaders and finance ministers have discussed implementing the tax for some time, but the plunging price of oil…
Continue readingSaudi Arabia Floats Income Tax For Expats
Thousands of well-paid expats in Saudi Arabia may have to pay income tax in the future as the government mulls ways of raising money to plug a massive budget deficit. Taxing expats incomes is one proposal before policy makers. Around a third of Saudi Arabia’s population of 30 million are expats. Most of the labour force…
Continue readingExpats May Face More Taxing Times In The Gulf
Expats are facing the unthinkable – losing subsidies, benefits and maybe even paying income tax in the Gulf States. Oil is the culprit. A spectacular decline in the price a barrel from more than $100 to around $30 in less than two years is forcing the rulers of once oil-rich desert kingdoms to rethink their…
Continue readingHow much tax will Brexit cost 2m British expats?
A vote in favour of Brexit could turn into a nightmare scenario for 2 million British expats living in Europe. The European Union has no procedures in place to deal with a state pulling out of the bloc, just a two-year breathing space to try to dissipate the economic fall-out of a sudden break…
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