If your organization sends employees abroad, you need to understand what a shadow payroll is and how it works. The basic concept is relatively simple, and shadow payrolls are great for lowering employer and employee risks. Properly establishing and maintaining a shadow payroll is, however, far from simple. There are countless items to consider, such as whether to implement a tax protection or tax equalization policy, how to calculate hypothetical taxes, the best way to send money across borders and much more.
If you’re a business looking to expand internationally, you’ll need to comply with a host of unfamiliar regulations, from immigration rules to permanent establishment laws to employer obligations. You’ll also face myriad new challenges and unfamiliar requirements specifically related to finance and accounting. Knowing country-specific rules and regulations can help you develop a sound accounting strategy to maximize revenue, manage your tax liability and reduce business risk. Understanding best practices abroad can help you establish a solid accounting framework and reporting structure and avoid penalties and fines.
Virtually all multinationals are aware of Europe’s General Data Protection Regulation (GDPR), a sweeping law that has significant ramifications for HR departments. If you employ workers based in Europe, you need to know your GDPR-related obligations in detail to protect yourself from fines and reputational damage. Unfortunately for employers, the GDPR is not the only recent change to Europe’s employment landscape. Multinationals must respond to other ongoing legislative and cultural shifts if they hope to attract and retain talent and in some cases avoid penalties. These changes include those related to Brexit, flexible working hours, six-hour workdays, discrimination protections and more.
If your organization processes the personal data of EU citizens, you need to comply with the EU’s General Data Protection Regulation (GDPR), even if you don’t have a legal presence in an EU country. The GDPR comes into effect on May 25, 2018, and many companies are still scrambling to determine what they need to do to protect themselves from penalties, which can be substantial. This presentation provides information about the key concepts of the GDPR, and some essential policies and procedures you need to implement to lower your risks.
As the third largest economy in the Eurozone and eighth in the world, Italy offers a significant international expansion opportunity. Located at the heart of the Mediterranean Sea with a temperate climate and one of the largest numbers of world heritage sites and works of art anywhere, Italy continues to have a robust tourist industry.
International expansion for young and fast-growing companies is tricky, not least because managing operations in a new country can overwhelm HR, finance and legal teams with administrative burdens.
It is particularly challenging to open a bank account in many Latin American countries, given anti-money-laundering and other regulations put in place to combat drug trafficking and terrorism. Brazil is a case in point. The time it takes to set up a bank account in Brazil can vary greatly, depending on the bank involved and other factors.
Exporting goods can have many potential benefits as part of a comprehensive international expansion strategy. But what are the risks associated with exporting?
Multinationals operating in a European country, or those considering expanding into a European country, should be familiar with employer obligations specific to that country. However, understanding the local mandatory standards might not be enough...
This week, we look at competition for Uber in African countries, an Australian tax announcement that has Uber upset and Airbnb relieved, and a US-based company that is marketing to English-speaking readers in India and beyond.
Singapore is a magnet for multinational corporations and is currently ranked number one in the world in ease of doing business. Foreign companies are attracted by Singapore’s low tax rates, comprehensible laws, skilled workforce, reasonable employment regulations and high standard of living.
It is important to consider the kinds of obligations you’ll encounter during the planning stages of an M&A “carve out” deal. Many of the obligations you’ll have to take on after the transfer will be dictated by the laws of the target country, which can be quite different from home-country laws.