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Understanding International Taxation Laws

 

For a layperson, law and tax are already hard to understand on their own, much more when you mix the two and it concerns international taxation. If you have no law background, you'd likely be completely clueless about it.

 

Simply put, international taxation is the determination or study of an individual or business subject that is subject to taxation laws of other countries or the international aspect of the taxation laws of the person or business's country whatever the case may be. Different governments often restrict their income taxation's scope within their territory or make taxation offsets when it comes to extraterritorial income. In short, anyone who lives and works in a particular country, whether as the employer or an employee, gets taxed. It applies to business that runs commercial organizations making large profits within the country's territory.

 

The best person who can help you regarding this matter is an international tax attorney. These professionals are well-versed in the field and can offer helpful insights regarding international taxation. They will also ensure you pay the right amount once, not twice.

 

For instance, under the current legal system in the United States, a taxable income of an individual or a corporation that is earned in another country is exempted to the country's taxation laws to prevent the case of double taxation or taxing that individual or corporation twice, in their own country and the country where their business or profit was conducted and earned. An expert like a taxation lawyer understands the different implementation of international taxation laws in many countries and can assist people and corporations so they do not end up paying taxes twice.

 

The Foundation for International Taxation (FIT) was founded in India in 2006 and established a registered charitable trust. It was founded primarily to promote and better understand international and comparative taxation as well as to gather hands-on knowledge and experience regarding the matter.

 

Today, international taxation laws play an even bigger role because of rapid globalization. What with global companies like many fast food chains, cafes, and retail brands etc. expanding in all the major continents. To address this international taxation concern and to make things easier, the U.S. government tax the people who use the services of these global brands instead who are living within the country. Free trade issues are avoided when there is an equal application on domestic and foreign vendors. Through this, the government guarantees they collect the right tax amount from income and business profits made in the country.