The corporate tax regime of a country is perhaps one of the most important factors that an investor takes into consideration when selecting the jurisdiction for company registration or re-domiciliation. However, often one looks only at the general tax rate and fails to take into consideration the numerous tax incentives and credits that that jurisdiction offers. This is where our professional team can share invaluable insight and advice which can make an immense difference for a particular business activity or structure. At Arnos, we pride ourselves in having extensive and in-depth knowledge of the tax particularities of the jurisdictions we work with and our consultants are specialists on a number of key aspects such as double taxation, local regulations and their impact on a global scale, implications of transfer pricing, exchange controls and cross-boarder transactions as well as strategic solutions for reducing tax liability.
Tax Opinions and Tax Advice
With the pressure put on countries to change their regulatory framework and tax regimes in an attempt to stay ‘white-listed’ and comply with the Organization for Economic Co-operation and Development’s (OECD) and Financial Action Task Force’s (FATF) requirements set forth to tackle harmful tax practices around the world, it has now become especially difficult and complex to keep track of all the potential liabilities that this can entail for your business. This is why a professional tax opinion is a vital instrument for any business or transaction no matter how straightforward or complex as it can inform and shield the client from possible penalties and liabilities as well as provide guidance to potential tax benefits and incentives that the client may not be aware of. For example, not many people know that the Republic of Cyprus offers a dynamic tax incentive referred to as the Notional Interest Deduction (NID) which is a significant reduction on taxable profits derived from new qualifying equity. This powerful tool can offer a highly profitable solution for company financing that can secure an 80% tax deduction on the company’s profits decreasing the effective tax rate of the company to 2.5% instead of the standard 12.5%. Similarly, without the proper tax advice an entrepreneur that intends to do a cross-boarder business transaction with a particular enterprise in Asia, may neglect to take into consideration the fact that the jurisdiction imposes a two-tier tax system on national and provincial levels. Thus, without taking the necessary preliminary planning, it can expose the business to potential tax liability significantly impacting the profitability of the transaction. These are just simple examples of the importance of a comprehensive and efficient tax opinion, in fact, it can be the difference between success and trial and error.
Our firm understands the significance of proper tax assessment and its substantial impact on the business and strives to take into account the international trends and current developments in relation to tax transparency, local legislation and physical presence requirements whilst at the same time taking advantage of the various tax benefits and incentives offered by different jurisdictions as well as the existing double tax treaties to provide the most effective tax solutions and opportunities for our clients.
Due to the complexity, individuality and timing sensitivity of the field, the filing of taxes requires the right people who have the right skills. A company or individual, no matter how new to a particular tax regime, may require an expert partner to advise on the tax incentives and deductions they are entitled to. Issues relating to withholding tax, indirect taxes, transfer pricing formalities or payroll contributions, just to name a few are quite complicated in nature and as such may require an expert’s know-how to handle in the most efficient and cost-effective manner. Properly submitted tax returns on both a corporate and individual level may save the company, its management and beneficial owner a significant amount of funds, protect it from potential liability and challenges from tax authorities and allow the business to maximize its resources for use on other operations. At, Arnos, we are professionals at what we do, and carefully assess all the particularities and financial transactions of the enterprise prior to completing and submitting any tax returns and self-assessments. With full transparency we can guarantee that our clients will have the most productive results when it comes to tax compliance and efficiency.
Our firm can also assist in various tax-related disputes. Our qualified legal team has the necessary skillset for representing clients at all levels of the dispute process including income tax reassessment and objections to unjust tax claims. Our focus is to protect our client’s rights by carefully reviewing the company’s financials and the basis for reassessment as well as providing the legal support and representation for any legal procedures and negotiation of a fair settlement.
For a complimentary consultation on any tax query, please feel free to contact our professional team.
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