July 30, 2019
Back in 1789, Benjamin Franklin, one of the founding fathers of the United States, coined a quote that’s lived to this day. “in this world, nothing can be said to be certain, except death and taxes.”
And nobody wants to pay more tax than they need to, right? We’re always hearing about those big multinationals that make billions of profit but have organised their affairs so that, quite legally, they pay little or no tax.
Yet, strangely, a high proportion of small and medium businesses embarking on international expansion don’t plan for it at all – or at least not until they’re already up and running, by which time it may be too late to optimise their taxes. Similarly, staff who get posted abroad – new expats – enthusiastically spend time thinking about their accommodation and benefits but don’t plan their taxes.
There are lots of taxes to think about – corporation, payroll, sales, turnover, income and the list goes on - and they differ in every country. Often a company will be liable for taxes in both the country it’s operating in and its home country.
Whilst international business yields great results if done right, it can be disastrous with the authorities – and incredibly costly - if it’s not. Tax authorities around the world have more tools than ever to catch mistakes – and the rules can be so complex that it’s easy to make them. Like every other aspect of growing international, tax needs to be planned in advance, and not dealt with in a panic afterwards.
In this Grow through International Expansion podcast, our host, Oliver Dowson, is talking with Jimmy Sexton. Jimmy’s an expert in international taxation and, through his company the Esquire Group, has been advising clients for over 15 years. He’s based in Dubai but works and travels across Europe, the Middle East and the Americas.
Jimmy’s work has been published by CNN, the Washington Post and Forbes. He’s spoken at the UN and the American Chamber of Commerce.
Tax is certain. What’s not certain is how much you have to pay. We think you’ll find Jimmy’s insights fascinating.
If you’re interested, you can find out more about Jimmy and Esquire Group at Grow International Website