Assuris Financial Independence Group’s Post

Oman set to introduce personal income tax in 2025, becoming the first GCC country, mostly impact high earners like expats earning $100,000 plus and locals earning $1 million plus. Looks like other Gulf countries would follow suit in raising tax bands of 0, 4% and 9% in some jurisdictions to comply with OECD minimum tax guideline by 2025 thus diversifying tax revenues and widening tax base #Finance #Oman #PersonalIncomeTax #GCC #Economy #Tax #corporatetax

Considering a move to Saudi Arabia? While there's no personal income tax, US expats need to be aware of other tax obligations. Our guide provides essential insights. Read more: https://buff.ly/4hc6dov #SaudiArabia #TaxPlanning #USExpats #InternationalLiving

#Croatia and #SaudiArabia Finalize Double Taxation Treaty Negotiations 🇭🇷🤝🇸🇦   Delegations from Croatia and Saudi Arabia, in a remarkable display of collaboration, have successfully concluded negotiations on a treaty that aims to eliminate double taxation of income and assets. This marks a significant milestone in our bilateral relations and tax policies, a testament to our shared commitment to fostering economic growth and cooperation.   With negotiations concluded, both nations will begin internal processes to sign the treaty and seek ratification from their respective parliaments.   Once ratified, this treaty will not only boost cooperation between Croatia and Saudi Arabia but also bring about a host of benefits for businesses. It will offer significant tax benefits for all types of income, facilitate trade in goods and services, enhance conditions for financial investments, and increase overall economic activity in both countries. 🌍📈   #ConfidaCroatia #TaxTreaty #GlobalPartnerships #EconomicGrowth #Investments #Taxation 

If you are a UK property owner or looking to buy, I would highly recommend joining our UK Property & Tax Seminar via zoom on Thursday June 20th, 12:30pm or 6:30pm (Hong Kong Time) and learn how to make considerable tax savings. Please feel free to reach out to me at matthewdorrell@soteriatrusts.com for more details. UK property continues to attract global investors because of its historically high performance. However, not all owners are aware of the tax consequences and how best to protect against them for existing or new purchases. UK taxes go hand in hand with UK property ownership for all Nationalities not just Brits! Through efficient structuring/re-structuring, the same taxes can be significantly reduced or mitigated in full. No Inheritance Tax – 40% after allowances No Capital Gains Tax for life post transfer No probate No Stamp Duty – hold over or Refund Income Tax – reduce rates to 19% Asset protection – any asset class can be protected Multi-Generation Planning Tool Benefit from intercountry tax treaties Every Nationality has these tax exposures now (HK, PRC, Aust, USA...) Increase the value of your estate by up to 60%

Taxes are a crucial component of any country's financial system, and Turkey is no exception. If you're planning to live or invest in Turkey, it's vital to understand the country's tax system. In a comprehensive guide to taxes in Turkey, we cover taxes on housing, income, property, notary public, and cars. Check it out to ensure you're up-to-date on all the latest information! #Turkey #taxsystem #investing #livingabroad #Luxury #Luxurysignature

Don't forget! This Thursday, 20 June 2024, we will host a FREE webinar on UK tax planning strategies. Open to all! #webinar #UKtax #UKproperty #propertyinvestment #propertymarket

Don't forget! 📣 This Thursday, 20 June 2024, Soteria Trusts will host a FREE webinar on UK tax planning strategies. Open to all! #webinar #UKtax #UKproperty #propertyinvestment #propertymarket

An expert from the Agency for Real Estate Affairs (AREA) has recommended that the Thai government impose higher taxes on foreign condominium buyers. This move aims to regulate the increasing trend of foreign ownership and generate additional revenue for national development. Key Takeaways Foreign ownership of Thai condominiums is expected to reach a new peak

Many of South Africa’s citizens don't speak English as first language. Many white people can't speak all the rainbow nation languages. Motorists and citizens are stronger together in combating unemployment. Do taxi associations pay taxes? Taxi associations are in a unique position to be targeted for taxation as they are supported by membership and joining fees, which qualify as gross income under Section 1 of the SA Income Tax Act, 58 of 1962

ATIR Ruling: Clarity on Taxing Foreign Rental Income and Capital Gains The Appellate Tribunal Inland Revenue (ATIR) has issued a critical ruling that benefits resident Pakistanis earning rental income and capital gains from properties in the United Arab Emirates (UAE) and the United Kingdom (UK). Under Pakistan’s Double Taxation Treaties (DTTs) with these countries, such income is not taxable in Pakistan. This landmark judgment resolves ambiguity surrounding the interpretation of the phrase “may be taxed” in the treaties. The ATIR has upheld the principle that taxing rights over these types of income rest exclusively with the source country, where the income originates, and not the country of residence. Implications for Taxpayers The ruling has far-reaching consequences for taxpayers and tax professionals alike: 🔘 Relief for Overseas Pakistanis: Resident individuals earning foreign income can benefit from this exemption if they declare such income in their returns and adhere to documentation requirements. 🔘 Treaty Compliance: This decision enforces adherence to treaty provisions, emphasizing the need for consistency in tax treatment. 🔘 Supreme Court Precedent: The tribunal cited the 2023 PTD 863 Supreme Court decision, which provided clear guidance on interpreting treaty language, ensuring fairness and legal certainty. #TaxUpdates #DoubleTaxationTreaty #ATIRRuling #TaxRelief #PakistanTaxLaws #TaxHisaab #Tax