Working outside of your country on a commercial contract can be a high-risk proposition. Contractors must cope with export and import restrictions, personnel and facility security concerns, unanticipated costs, unique foreign bank rules, currency fluctuations, local accounting practices and exposure to a host of legal liabilities. Attendees will learn about some of the perils and pitfalls of overseas contracting.
Braxton International Tax lawyers organized a seminar on international tax issues relating to contracts. The seminar covered:
Insurance coverage
Legal status of contractors in a foreign country
Export implications of a foreign contract
Treatment of Independent Contractors
Coping with local accounting and business practices in developing countries
Employee allowances – which travel and living benefit regulations apply
Cost accounting alternatives for overseas contracts
Employees working abroad – Necessity of a written agreement with employees – Tax Protection v. Tax Equalization Agreements
Export tax incentives and subsidies
VAT issues and planning
Permanent establishments and “doing business abroad”
Tariffs/Import & export duties and Customs
Compliance and reporting requirements for operations abroad
Current trends in international taxation about contracts
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