Recent content by humus

Which country is this? You sure these banks don't do CRS reporting to your home country?

That is good to know. Most countries can apply PE rules on such income. Are you aware of any other countries, like Panama, which wont tax foreign income when managed from that country?

But if we take Thailand for example, and this "foreign sourced income" is being generated while residing in Thailand, it will create a asset PE in Thailand via place of management. And this foreign sourced income, will be deemed as Thai-sourced income, and corporate tax will be levied accordingly.

Is US LLC considered transparent or opaque in India? I was planning to form a US LLC with 2 shareholders both in India. Do I need to file an audit report for the LLC in India? And if yes, does the auditor need to be from India? Because as I understand, the income of the LLC needs to be shown in...

But if John Doe is only visiting UAE once every 6 months, just to keep his visa active, then he is spending his time on Thailand throughout the year. As a result his business is being "carried on" from Thailand. As such, his business income is attributable as Thai-sourced income, and fully...

Does the sale of Software products (online) fall under Distribution & Service centre business?

If I open a UAE FZCO with one director cum shareholder. and the director only visits UAE twice a year, to keep the residence visa active. Will the economic substance test fail? I mean it should, because the core income generating activities (CIGA) are being conducted by the director outside the...

Ah that is a deal breaker then. In this case, US LLC is not the right structure then.

What if I establish a legal residence in Panama, then open a bank account for the LLC in US with that residence. Because I only need to visit Panama once in every 2 years to maintain the Panama residency (and live full time in the home country). will that work out?

So if neither US/Panama report to the home country it will work out. What about US banks? If I open a bank account under LLC, will the US bank report to home country? because I will be authorized signatory of the bank account etc. I am planning to live in my home country throughout the year...

Thank you for the update. But in the event, somehow the home country finds out the existence of the US LLC, in that case will they ask me to pay tax? can they legally ask me to pay tax - provided they know of the US LLC.

So if someone opens a US LLC from Panama, there is no tax liability for the LLC income at all?

So, if I open a US LLC, with residency in Panama/Paraguay, will my home country still require me to pay tax on income from LLC? and also will US report to my home country? because my passport will be issued from my home country- as I dont suppose Panama/paraguay will give me a passport. but only...

solved

Is 9% CIT applicable to UAE freezone companies, engaged in sales of software licenses via foreign e-commerce websites? The websites are available to customers globally. Secondly, if the 9% CIT is not applicable for a FZCO, then is accounting required even for 0% CIT ?