Overcoming the Challenges in Regulatory Filings
Almost sixty-five percent of all companies trade globally today. Expanding business overseas can be extremely overwhelming with a large number of taxing regulations, labor laws, stock options, etc. that need to be dealt with. Starting up in a new country, however, involves striking the right balance between cost and risks. Each country has its own regulatory environment which also varies for each industry. If you are setting up or have existing legal entities abroad, there are a numerous deadlines that need to be kept in mind, with regards to regulatory filings.
Regulatory filing is a document that a company has to send to an official organization that regulates its activities. The main challenge lies in the fact that there are numerous areas of a business like monthly payrolls, annual payroll filings, stock option tax returns, corporate tax returns, VAT returns etc that have different filing deadlines in each country. In the continuing difficult economy, it’s best to be prepared on time and accurately for adequate cost control. Provided below are the key international deadlines for various countries:
France– In France there is no withholding requirement for local employees for filing monthly payroll taxes.
Germany and China – Companies have to file the annual payroll on a monthly basis and not annually.
Netherlands, France and Germany, file the fringe benefits tax and the stock option returns along with the payroll.
U.K– In UK the regulatory filing date for monthly payrolls is the 19th of each month, with corporate tax to be filed on the last day of December.
Japan– In Japan, annual pay roll and fringe benefits tax need to be filed on the last day of January, while the stock return options are filed along with the payroll. Statutory accounts and corporate tax returns are filed on the last day of February. VAT returns depend on the turnover and can be filed either monthly, quarterly, half yearly, or annually.
In any business, regulatory filing is a must. In the current economic climate, the last thing you want to do is to pay your hard-earned profits as unnecessary taxes. To overcome the challenges in regulatory filing, it is best to partner with an expert to help simplify the process. They have the complete up-to date information on how to keep up with the ever changing laws. Having a dependable professional partner in international expansion, can help eliminate the anxieties concerning your intercompany transfer pricing project and allow you to focus on building your business alone.
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