5 International Tax Tips You Should Read Before You Hire an International Tax Advisor

international tax advisor

With changing taxation regulations around the world, business organizations have to become more proactive. International tax planning is still one of the biggest challenges faced by business organizations. For companies looking to go global, international tax planning is a headache. One can easily comply with tax regulations in the native country. Complying with the tax regulations of a foreign country becomes complex and challenging. It is why companies hire an international tax advisor for effective tax planning. Read on to know some tips for hiring an international tax consultant.

1. Don’t recruit an in-house tax consultant

If you need an international tax consultant, contact a CA firm that offers professional services. By doing so, you don’t have to waste time looking for an international tax expert. When you know nothing about international tax laws, how can you recruit an expert for international taxation? You also save company funds that would have been spent on the recruitment and training of international tax consultants.

A reputed CA firm has many international tax experts that have worked for many global companies. They know the right international tax strategy for your business. By outsourcing your in-house taxation department, you can focus on core business activities. If your employees are busy with international taxation, they might not get the time to complete necessary business activities. It is why you should free your employees from international taxation processes and outsource them to a reputed CA firm. Not only do you reduce your overhead burden but also complete taxation processes on time.

2. Search for a consultant to help you with international tax planning

There is no point in hiring a tax advisor to help you file international taxes. You should rather hire an advisor that can help you with international tax planning. International tax planning is much more than just filing taxes timely. When an advisor helps you with international tax planning, you can make the best use of tax benefits offered in different countries. A company can successfully reduce its tax burden and liability with effective international tax planning.

International tax planners are expert individuals that are aware of different tax regimes. They will help a company to mold their business activities to reduce their tax burden. With effective international tax planning, you can become fully tax compliant and boost your business reputation. Again, you will need to contact a reputed CA firm for getting an international tax planner. It can be challenging to find an expert in-house international tax planner at present.

3. Choose someone to help you with business structuring

There are different types of business structures in every country. The business structure of a company plays a role in deciding its tax liabilities. If you make the best use of tax regimes in each country, you can choose a business structure that has the least tax liabilities. As business owners are not aware of the tax structures in different countries, they hire an international tax advisor. A tax advisor can help you with business structuring for foreign acquisitions. If you are setting up a new company in any foreign country, a tax advisor will help you choose the right business structure. If you are looking to expand globally, make sure to choose an advisor that can help you with business structuring.

4. Look for a tax advisor and not for an accountant

Many business owners are satisfied with accountants that can help them file international tax returns timely. Well, an accountant may not help you with global tax planning and financial management. On the other hand, a tax advisor not only helps you file tax returns timely but also aid in global tax planning. Choose a tax consultant that communicates with you at frequent intervals and passes valuable financial advice.

5. Choose a consultant to help you with intellectual property migration

Many times, companies need to shift their intellectual properties to a foreign subsidiary/branch. Intellectual property migration is also observed in the acquisition of a foreign company. International tax consultants can also help you with the migration of trademarks, patents, and other intellectual properties. You can ask the international tax advisor about their offerings for a clear picture. Choose your international tax consultant in 2022!

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