Taxation & Customs
Customs procedures represent the key roles of importation and export of goods. Customs duties are generally imposed on the value of the imported goods and the payment of intellectual property considered to be a condition of the sale of the goods unless customs exemption or reduction is available.
Legal and Tax consideration plays an important role in doing business. Both domestic and cross border transactions always involve tax implications. Tax avoidance has been countered by anti-avoidance laws and regulations to combat complicated tax planning. At international legal organizations, tax sessions draw attention of tax experts and practitioners.
Corporate income tax, personal income tax, value added tax, specific business and stamp are applied to collect tax revenues. Agreements for avoidance of double taxation are entered into and effective to reduce or exempt double taxes between the source state and the resident state. Development of international dimensions of tax laws including FATCA and BEPS should be closely followed so that tax aspects of the transaction are in line with tax laws.