Customs procedures represents 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 play 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, top-up tax on global minimum tax and stamp are applied to collect tax revenues. Agreement 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.
Personal income taxation on a worldwide basis, together with source-based taxation principles, continues to have a significant impact on cross-border commercial activities and international transactions. Accordingly, a careful analysis of tax obligations arising from cross-border operations is essential to ensure compliance with applicable domestic tax laws, tax treaties, and international regulatory frameworks, particularly in the context of cruise operations and cross-border secondment arrangements within multinational groups.