If you are provided with Tax Briefing and Tax Filing Support as part of your Relocation Package or Expat Package, be sure not to waste it.
You might only get one chance, just 1 hour to digest it all!
Tax filing is not just an administrative obligation, it’s also a financial responsibility.
That’s why it’s super useful to have access to the knowledge of tax specialists.
Questions to ask your tax services provider
- What tax forms might be relevant for me?
- Ask them to teach you how to accomplish the tax return form.
- What tax efficiency schemes can I take advantage of?
- What tax deductibles are available?
- Is there capital gains tax? What’s the scope?
- Is there a better timing to move, to minimize tax impact?
- What if I keep my property I my home country?
- What if my spouse and/or children stay in the home country?
- What is out of scope from their service?
- Will they help with tax filing revision, if needed?
Although you may have good knowledge of your local tax filing requirements, please do not over-estimate your knowledge of international cross-border taxation.
Consider that you would have to declare departure tax filing and arrival tax filing on top of regular tax filing cycles.
If you have equity or any form of deferred compensation, including bonus for this year’s performance but cash to be received next year; be aware that two countries’ may have claim on these incomes (your home country and host country could have partial or full taxes).
You might be subject to tax withholding on your final payroll.
(Your final salary may not be released until you have fully paid your taxes).
So, keep these things in mind; and ask everything.
