#Accounting and Tax Consulting Services in Portugal
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Unraveling the Benefits of Accounting and Tax Consulting Services in Portugal
Explore the myriad advantages of hiring Bismon for accounting and tax consulting services in Portugal. Navigate complex tax laws, optimize tax efficiency, and streamline financial reporting for sustainable business growth.
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Elevate Accounting | Trusted Tax & Audit Services in Lagos
Elevate Accounting is your leading partner for the best tax and audit services in Lagos Portugal. Consult our experts today to grow your business confidently.
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Significance of Accounting Services in Achieving Financial Success
Accounting serves as the fundamental cornerstone of any business, regardless of its scale or industry. It encompasses the meticulous tracking and management of financial transactions, ensuring the precision of financial records while delivering invaluable insights into the financial well-being of a company. Many enterprises, especially small and medium-sized businesses (SMEs), choose to enlist the expertise of professional accounting services to oversee their financial matters. The advantages of these accounting services go far beyond mere numerical analysis; they constitute a pivotal factor in attaining financial success and long-term sustainability.
Proficient Financial Guidance: The most conspicuous advantage of accounting services is the availability of proficient financial guidance. Accountant in Portugal and financial experts are equipped with extensive knowledge encompassing accounting principles, tax regulations, and financial strategies. This specialized knowledge enables businesses to make well-informed financial decisions and navigate intricate financial challenges successfully.
Precision and Adherence to Regulations: Professional Accounting Services assure the accuracy, up-to-date status, and adherence to pertinent laws and regulations within financial records. This, in turn, mitigates the likelihood of errors, inconsistencies, and potential legal complications. The maintenance of precise financial records plays a pivotal role in tax reporting, audits, and upholding financial transparency.
Efficiency in Resource Allocation: The in-house management of financial responsibilities can be excessively time-consuming and resource intensive. Business Consulting is especially important. By enlisting accounting services, businesses can optimize the allocation of their valuable time and resources, which can subsequently be directed towards core operations and strategies for growth. The enhancement in efficiency often leads to augmented profitability.
Economical Management: Counterintuitively, outsourcing accounting services frequently proves to be more cost-effective than hiring full-time, in-house accountants. Businesses can realize significant savings in terms of salaries, benefits, and expenses related to staff training typically associated with maintaining an internal accounting department.
Facilitation of Strategic Financial Planning: Accountant in Lisbon do not merely record financial transactions; they also provide invaluable insights that underpin strategic financial planning. Their analysis of financial data, identification of trends, and provision of recommendations for the enhancement of financial performance empower businesses to establish achievable financial objectives and formulate strategies to realize them effectively.
Optimization of Tax Efficiency: Tax planning forms an indispensable aspect of accounting services. Professionals in this field help businesses to curtail their tax liabilities through legitimate deductions, tax credits, and the implementation of efficient tax strategies. Nhr Portugal is the best. This contributes to potential tax savings and the observance of tax laws and regulations.
Accommodating Business Expansion: As businesses expand, the intricacies of their financial matters increase. Accounting services possess the capability to scale in tandem with a business's growth, ensuring that financial operations remain efficient and compliant. This scalability not only supports business expansion but also reduces the complexities associated with financial management.
The worth of accounting services extends across businesses of all sizes. They deliver expert financial counsel, uphold precision and compliance, economize time and resources, provide cost savings, bolster strategic financial planning, enhance tax efficiency, facilitate business expansion, ensure financial security, grant access to innovative technology, mitigate financial risks, and present objective financial evaluations. Through the utilization of accounting services, businesses can realize financial success, make informed decisions, and prosper within the dynamic realm of contemporary business competition.
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Welcome to the world of CA Harshal Sevak -
Your Expert in FOREIGN EXCHANGE MANAGEMENT, TRANSFER PRICING, and INTERNATIONAL TAXATION.
Are you in need of an experienced Chartered Accountant who specialises in Foreign Exchange Management -#FEMA, EXTERNAL COMMERCIAL BORROWING, and FOREIGN DIRECT INVESTMENT (#FDI)? Look no further than CA Harshal Sevak. With his extensive knowledge and expertise in these areas, he is your go-to professional for all your international financial needs.
When it comes to TRANSFER PRICING, CA Harshal Sevak is well-versed in ensuring fair and compliant transactions between related parties. His in-depth understanding of this complex area of #taxation allows him to assist you in achieving optimal results and mitigating risks.
International Taxation is another forte of CA Harshal Sevak. With the ever-evolving landscape of global taxation regulations, having an expert by your side is crucial. CA Harshal Sevak can guide you through the intricacies of international tax laws, including Double Taxation Avoidance Agreements (DTAA), ensuring that you make informed decisions and minimise tax liabilities.
Not only does CA Harshal Sevak cater to businesses, but he also specialises in addressing the unique taxation needs of Non-Resident Indians (NRIs). Whether it's advising on tax planning, compliance, or repatriation of income, he provides comprehensive solutions tailored to your specific circumstances.
In today's globalised world, understanding and complying with Base Erosion Profit Shifting (BEPS) rules is essential. CA Harshal Sevak stays up-to-date with the latest developments in this area and can assist you in implementing effective strategies to protect your profits and stay compliant.
Foreign Investment is a field that CA Harshal Sevak excels in. If you are looking to expand your business internationally, he can provide valuable insights and guidance, ensuring a smooth transition and maximising your investment opportunities.
So, whether you require assistance with FEMA, Transfer Pricing, International Taxation, or any other aspect of global finance, trust CA Harshal Sevak to provide expert advice and personalised solutions. Contact him today to take your international financial endeavours to new heights.
Mr. Harshal Sevak's Achievements:
(A) As Founder-CEO of NR Professionals (a) GLOBAL SPAN: NRP has been serving various entities for different geographical areas, viz. Central America, North America, Asia, European Union, Oceania Countries, Middle East Countries, Western Africa & Eastern Africa.
(b) 9+ years of post-professional experience in cross-border consultancy including international structuring, setting of a unit or offshore unit & its resultant impact on tax structure for domestic as well as international laws (DTAA, MLI, Global Minimum Tax, BEPS Norms, FATF etc.)
(c) Expert in DTAA and MLI interpretation and analysis including GLoBE rules proposed to apply to 140 countries & impact it could have over the digital business.
(d) We possess considerable command over the practice of tax on the digital economy
(e) Our Foreign Exchange Law vertical possess expertise in AML/CFT regulations
(f) Our Cross Vertical Team super-specialised in developed countries and tax haven countries' domestic legislation interpretations
(h) Till now we have satisfied clients of more than 22 jurisdictions including tax haven countries, Portugal, USA, Singapore etc.
(i) I have a passion for working with virtual entrepreneurs. I have executed many assignments globally which include setting of Cryptocurrency Trading Global Platform set up advisory, tax planning on company selling products on the Amazon platform, advisory in Significant Economic Presence, Advice on equalisation levy in different jurisdictions, studying various laws levy tax on e-commerce, GST levy on digital services, analysis of BEPS Norms, OECD action plans etc.
(j) I have carried out 600+ audits, handled 250+ litigation, 1350+ compliance in 10+ years.
(k) NR Professionals I have handled successfully more than 700 cases of FEMA/RBI
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Portuguese Words
This list of Portuguese words is for stuff that I’ve never learned, but need to know now. After all, there was no reason to teach a kid what the words for tax consultant, mortgage and so on are. They would have a long ways to go before they would need to start worrying about adult stuff. This is why I now find myself struggling with translating these things for my parents because no one ever taught me any of that shit.
My parents expected me to already know, thinking it was something I would’ve learned in school. They don’t teach that, at least, not anymore and it might also depend on the country too. Even if they did I doubt I would’ve been able to correctly explain to my parents anything because again -- everything’s in English. Like how the hell was I suppose to know what 'qualified dividend’ was suppose to mean, let alone what the word in Portuguese for it back then?
Brazilian dictionaries were the only things available, not Portugal ones, and it wasn’t something I could’ve easily got locally either. The internet at the time was also super slow (oh god dial-up was the worst), cumbersome and only accessible for a few that could afford it. It wasn’t anything like what we have today. So yeah, I making this word list for future use. I do know most of these already, but sometimes I need a refresher, especially when translating paperwork, mail and what’s on the news.
Ação Civil → Civil Action
Ação Judicial → Lawsuit
Acordos de Não Divulgação → Non-Disclosure Agreements (NDAs)
Advogado → Lawyer or Solicitor
Agente Imobiliário → Estate Agent
Alistar(-se) → Enlist (-ed)
Anualmente → Annually
Apólice de Seguro → Insurance Policy
Aquecimento Global → Global Warming
Arrendamento → Lease
Assinatura → Signature
Atendimento ao Cliente → Customer Service
Auditoria → Audit
Avaliação → Appraisal
Aviso, Notificação → Notice
Bem-estar → Welfare
Beneficiário → Recipient
Bolsa de Estudo → Scholarship
Calúnia → Slander
Carta de Condução → Driving License
Caução, Depósito de Segurança → Security Deposit
Cobertura de Responsabilidade → Liability Coverage
Combustível Fóssil → Fossil Fuel
Comparticipação, Co-pagamento → Co-payment
Compensação → Compensation
Census → Censo
Cláusula → Clause
Coagir → Coerce
Condado → County
Confidencialidade → Confidentiality
Conselho → Council
Consultivo → Advisory
Consultor Fiscal → Tax Consultant
Conta → Account
Contabilidade → Accounting
Contagem de Crédito, Notação de Crédito → Credit Score/Credit Rating
Contrato → Contract
Convocação Júri → Jury Summons
Cupão → Coupon
Custas Processuais → Court Costs
Deficiência → Disability
Deficiente → Disabled
Denúncia → Complaint
Desconto → Discount
Desemprego → Unemployment
Desobriga (de) → Exemption (from)
Despejo → Eviction
Dever do Júri → Jury Duty
Disputa → Disagreement
Ditadura → Dictatorship
Dívida → Debt
Herança → Inheritance
Emancipação → Emancipation
Embaixada → Embassy
Empréstimo → Loan
Escritura → Title Deeds
Espetador → Bystander
Estado de Emergência → State of Emergency
Expiração, Prazo de Validade → Expiration/Due Date
Extinguir (um processo) → Dismiss (e.g., a case)
Extinção do processo (com julgamento do mérito) → Dismissal (with prejudice)
Extinção do processo (sem julgamento do mérito) → Dismissal (without prejudice)
Extorsão → Extortion
Fiador → Guarantor
Fiança → Bail
Funcionário → Employee
Garantia → Warranty
Governador → Governor
Hereditariedade → Heredity
Hipoteca → Mortgage
Imposto → Tax
Imobiliária → Estate Agency
Inauguração → Inauguration
Incapacidade → Handicap
Indulto → Pardon
Intimação → Subpoena
Lacuna (da Lei) → Loophole (in the Law)/Gap (in the Law)
Licença → Permit
Litígio → Litigation
Multa de Estacionamento → Parking Ticket
Negócio → Business
Notário → Notary Public
Opressão → Oppression
Ordem de Pagamento → Money Order
Ordenação → Ordinance
Pagamento de Impacto Econômico → Economic Impact Payment
Palácio de Justiça → Courthouse
Pedágio → Toll
Período de Graça, Período de Carência → Grace Period
Política → Policy
Prémio → Premium
Presidente da Câmara → Mayor
Processar (por) → Sue (for)
Procuração → Power of Attorney
Proibir → Prohibited
Propiedade → Property
Proprietário → Proprietor, Owner
Receita Federal → Internal Revenue Service (IRS)
Receção → Reception
Reembolso → Refund
Registo Predial → Land Registry
Registros do Tribunal → Court Records
Rendimento → Income
Responsabilidade → Liability
Sala do Tribunal → Courtroom
Saque a Descoberto → Overdraft
Segurança Nacional → National Security
Semestral → Biannual
Sondagem de Opinião → Opinion Poll
Subsídio de Desemprego → Unemployment Benefit
Taxa → Fee
Taxa de Juros → Interest Rate
Termos do Serviço → Terms of Service
Testamento → Will
Transferência Bancária → Wire Transfer/Bank Transfer
Tratado de Paz → Peace Treaty
Tribunal de Tributação → Tax Court
Trégua → Truce
#Portuguese#Portugal#translation#translate#words#Portuguese words#European Portuguese#language#Portugal Portuguese#Portuguese pt#portuguese translations#portuguese pt translations
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What is international trade?
If you'll walk into a supermarket and find Costa Rican bananas, Brazilian coffee, and a bottle of South African wine, you're experiencing the impacts of international trade.
International trade allows countries to expand their markets and access goods and services that otherwise might not are available domestically. As a result of international trade, the market is more competitive. This ultimately leads to more competitive pricing and brings a less expensive product home to the buyer .
KEY TAKEAWAYS
International trade is the exchange of products and services between countries.
Trading globally gives consumers and countries the chance to be exposed to goods and services not available in their own countries, or which might be costlier domestically.
The importance of international trade was recognized early by political economists like Smith and Ricardo .
Still, some argue that international trade actually is often bad for smaller nations, putting them at a greater disadvantage on the planet stage.
Understanding International Trade
International trade was key to the increase of the worldwide economy. within the global economy, supply and demand—and thus prices—both impact and are impacted by global events.
Political change in Asia, for instance , could end in a rise within the cost of labor. this might increase the manufacturing costs for an American sneaker company that's based in Malaysia, which might then end in a rise within the price charged for a pair of sneakers that an American consumer might purchase at their local mall.
Imports and Exports
A product that's sold to the worldwide market is named an export, and a product that's bought from the worldwide market is an import. Imports and exports are accounted for within the accounting section during a country's balance of payments.
Global trade allows wealthy countries to use their resources—for example, labor, technology, or capital—more efficiently. Different countries are endowed with different assets and natural resources: land, labor, capital, and technology, etc. this enables some countries to supply an equivalent good more efficiently—in other words, more quickly and with less of a price . Therefore, they'll sell it more cheaply than other countries. If a rustic cannot efficiently produce an item, it can obtain it by trading with another country which will . this is often referred to as specialization in international trade.
For example, England and Portugal have historically both benefited by specializing and trading consistent with their comparative advantages. Portugal has plentiful vineyards and may make wine at a coffee cost, while England is in a position to more cheaply manufacture cloth given its pastures are filled with sheep. Each country would eventually recognize these facts and stop attempting to form the merchandise that was more costly to get domestically in favor of engaging in trade. Indeed, over time, England stopped producing wine, and Portugal stopped manufacturing cloth. Both countries saw that it had been to their advantage to prevent their efforts at producing these things and, instead, to trade with one another so as to accumulate them.
Comparative Advantage
These two countries realized that they might produce more by specializing in those products with which they need a comparative advantage. In such a case, the Portuguese would begin to supply only wine, and therefore the English only cotton. Each country can now create a specialized output of 20 units per annum and trade equal proportions of both products. As such, each country now has access to both products at lower costs. we will see then that for both countries, the chance cost of manufacturing both products is bigger than the value of specializing.
Comparative advantage are often contrasted with absolute advantage. Absolute advantage results in unambiguous gains from specialization and trade only in cases where each producer has an absolute advantage in producing some good. If a producer lacks any absolute advantage then they might never export anything. But we do see that countries with none clear absolute advantage do gain from trade because they need comparative advantage.
consistent with the international trade theory, albeit a rustic has an absolute advantage over another, it can still enjoy specialization.
Origins of Comparative Advantage
The theory of comparative advantage has been attributed to English political economist Ricardo . Comparative advantage is discussed in Ricardo's book “On the Principles of economics and Taxation” published in 1817, although it's been suggested that Ricardo's mentor, Mill , likely originated the analysis and slipped it into Ricardo's book on the sly.123
Comparative advantage, as we've shown above, famously showed how England and Portugal both benefit by specializing and trading consistent with their comparative advantages. During this case, Portugal was ready to make wine at a coffee cost, while England was ready to cheaply manufacture cloth. Ricardo predicted that every country would eventually recognize these facts and stop attempting to form the merchandise that was more costly to get .3
A more contemporary example of comparative advantage is China’s comparative advantage over the US within the sort of cheap labor. Chinese workers produce simple commodities at a way lower cost .4 The United States’ comparative advantage is in specialized, capital-intensive labor. American workers produce sophisticated goods or investment opportunities at lower opportunity costs. Specializing and trading along these lines benefit each country.
The theory of comparative advantage helps to elucidate why protectionism has been traditionally unsuccessful. If a rustic removes itself from a world trade agreement, or if a government imposes tariffs, it's going to produce an instantaneous local benefit within the sort of new jobs. However, this is often often not a long-term solution to a trade problem. Eventually, that country will grow to be at an obstacle relative to its neighbors: countries that were already better ready to produce these things at a lower cost .
Criticisms of Comparative Advantage
Why doesn't the planet have open trading between countries? When there's trade , why do some countries remain poor at the expense of others? There are many reasons, but the foremost influential are some things that economists call rent-seeking. Rent-seeking occurs when one group organizes and lobbies the government to guard its interests.
Say, for instance , the producers of yank shoes understand and accept as true with the free-trade argument—but they also know that their narrow interests would be negatively impacted by cheaper foreign shoes. although laborers would be most efficient by switching from making shoes to creating computers, nobody within the industry wants to lose their job or see profits decrease within the short run.
This desire could lead the shoemakers to lobby for special tax breaks for his or her products or extra duties (or even outright bans) on foreign footwear. Appeals to save lots of American jobs and preserve a time-honored American craft abound—even though, within the end of the day , American laborers would be made relatively less productive and American consumers relatively poorer by such protectionist tactics.
Other Possible Benefits of Trading Globally
International trade not only leads to increased efficiency, but it also allows countries to participate during a global economy, encouraging the chance for foreign direct investment (FDI). In theory, economies can thus grow more efficiently and may more easily become competitive economic participants.
For the receiving government, FDI may be a means by which foreign currency and expertise can enter the country. It raises employment levels, and theoretically, results in a growth in gross domestic product (GDP). For the investor, FDI offers company expansion and growth, which suggests higher revenues.
Free Trade vs. Protectionism
As with all theories, there are opposing views. International trade has two contrasting views regarding the extent of control placed on trade between countries.
Free Trade
Free trade is the simpler of the 2 theories. This approach is additionally sometimes mentioned as laissez-faire economics. With a laissez-faire approach, there are not any restrictions on trade. The best idea is that supply and demand factors, operating on a worldwide scale, will make sure that production happens efficiently. Therefore, nothing must be done to guard or promote trade and growth because the economic process will do so automatically.
Protectionism holds that regulation of international trade is vital to make sure that markets function properly. Advocates of this theory believe that market inefficiencies may hamper the advantages of international trade, and that they aim to guide the market accordingly. Protectionism exists in many various forms, but the foremost common are tariffs, subsidies, and quotas. These strategies plan to correct any inefficiency within the international market.
As it exposes the chance for specialization, and thus more efficient use of resources, international trade has the potential to maximise a country's capacity to supply and acquire goods. Opponents of worldwide trade have argued, however, that international trade still allows for inefficiencies that leave developing nations compromised. what's certain is that the worldwide economy is during a state of continual change, and, because it develops, so too must its participants
DSG Global, LLC is a leading consulting firm specializing in international trade compliance, training, and global business strategy. We help companies of all sizes with strategies to expand their global footprint and understand complex international trade rules.
Throughout our careers, we have assisted over a thousand small, medium sized as well as Fortune 500 companies navigate international trade compliance rules. As our customers attest through their testimonials, we offer DSG Global as a welcome alternative to the larger, less personal consulting firms.
Learn more about the DSG Global team.
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Portugal Golden Visa And Turkey Citizenship Services | Lalani Associates
Lalani & Associates could also be knowledgeable services firm that provides citizenship & residency services through global investor immigration programs, offering paths to residency and citizenship in Canada Turkey, EU and other countries. additionally , Lalani & Associates features a full service Canadian immigration division that services professional skilled worker , student and family class applicants. Lalani & Associates also provides solutions for entrepreneurs and tiny business owners who wish to migrate and located out new businesses overseas. Given the shortage of professional immigration services within the Pakistani market, Sikander Lalani, a Partner at the reputed accounting practice Daudally Lalani & Co, Chartered Accountants (established 1954), launched Lalani & Associates in 1992. The firm was created supported a philosophy that emphasized professionalism, sincere and candid advice and high client service standards. Since then, while maintaining our specialize in immigration, residency and citizenship services, we'll provide additional value to our clients through synergetic services through our sister firms, Daudally Lalani & Co. and Lalani Capital Portugal Golden Visa, within the areas of International Tax Planning Solutions and Financial and company Advisory Services. Today, Lalani & Associates is regarded amongst the foremost reputed and professional organizations within its target market and audience. The firm currently serves its client base out of offices in Karachi, Lahore and Dubai. By leveraging its international business and governmental network in North America, Europe, Pakistan and thus the center East, Lalani & Associates is positioned to successfully execute its clientele's strategic objectives. Sikander Lalani, CEO of Lalani & Associates, a seasoned accountant, authorized immigration consultant (ICCRC) and revered professional, leads an experienced and highly professional team. The team has global experience in Financial Services/Investment Banking, industry , Infrastructure and Government. The Pakistani community is an immigrant group within the us that has experienced social and economic mobility to an outsized extent, while maintaining transnational ties with their homeland. The 1965 Immigration Act marked a drastic break from previous immigration policies that excluded all Asians and Africans (including Pakistanis). the quantity of Pakistanis immigrating to the us grew significantly then. History: The nation of Pakistan-officially proclaimed its own country on August 14, 1947-is itself just a few of decades old. Pakistani immigration to the us started, to an outsized extent, towards the highest of the 20th century. Many of those who arrived were well-placed professionals, like doctors, engineers, software engineers, or scientists; some came either directly thanks to a requirement for his or her career or as students who remained after graduating. Since 1980, when an estimated 30,000 immigrants from Pakistan were U.S. citizens, the size of the Pakistani immigrant community has only risen within the us . Impact of 9/11: Up until 2001, the share of Pakistani migrants to the us followed an upward pattern, but the 9-11 events reversed the flow. The accounts of workforce discrimination and xenophobic attitudes towards Muslim and Arab men began to erupt shortly after the assault on the earth Trade Center. The terrorist attacks of 9-11 caused a negative shift in American attitudes towards Muslims, including Pakistanis, and prompted the American authorities to need a tougher position on Pakistan's immigration applications. These events caused the quantity of Pakistani immigrants admitted to the us to drop significantly, from 16,448 in 2001 to 9,444 in 20038. This decline, however, clothed to be temporary, and thus the amount of Pakistani immigrants began to recover after 2004 us Immigration. As of 2018, there are approximately 600,000 Pakistanis residing within the us , making up alittle portion of the U.S. population. Canada, being a relatively new nation as compared to countries in Europe, Asia and other regions, is primarily a country developed with the help of immigration. it is also a country that needs immigrants to develop, prosper and remain an inclusive nation. Over six million new immigrants have arrived in Canada since 1990. For that reason, the Canada immigration consultants in Karachi and in Lahore has increased by an outsized number. The Honorable Ahmed Hussen, M.P., the Minister of Immigration, Refugees and Citizenship, within the Annual report back to Parliament on Immigration for 2018 acknowledged the need to still encourage people from other nations to return to Canada so on enhance the labor force because the aging population of Canada and thus the decreasing birth rate change the landscape of the workforce. Over the last 150 years, the annual number of landed immigrants in Canada has considerably gone up and down through super visa service. variety of those changes could be because of shifts in immigration policy, others to the economic situation in Canada or to global events linked to the movement of migrants and refugees. "Thanks in great part to the newcomers we've welcomed throughout our history, Canada has developed into the strong and vibrant country we all enjoy," said the Honorable Ahmed Hussen, Canada's Minister of Immigration, Refugees and Citizenship. Below are a few of of the varied contributions immigrants have made to make Canada what it's today: Immigrants support the Canadian population from shrinking: Canada's birth rate plummeted below the sting needed to support a stable population within the 1970s. If Canada didn't welcome refugees the population would decline thanks to the low birthrate. Immigrants contribute to the Economy: The Canadian economy is partly measured on the thought of the labor force and its tax payments. The more immigrants work, the stronger the labor force becomes, particularly because the national population grows older, retires, and doesn't have as many children as before Turkey Citizenship. Immigrants provide the country with Skilled Workers: 155,994 qualified workers and business people have entered Canada through the Independent Quebec skilled worker program according to the Canadian government. the majority of Canadian immigrants bring valuable skills, education and investment to the Canadian economy. For more details please visit our website: https://lalaniassociates.com.pk/
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Unraveling the Benefits of Accounting and Tax Consulting Services in Portugal
In the ever-evolving world of business, navigating through the intricacies of accounting and tax regulations can be a daunting task, especially in a foreign country. For businesses seeking to establish a strong financial foothold in Portugal, enlisting the services of a reputable accounting and tax consulting firm like Bismon can make all the difference. This article delves into the myriad advantages that come with employing expert accounting and tax consulting services in Portugal.
1. Navigating Complex Tax Laws
Portugal's tax laws are known for their complexity. With a myriad of regulations and frequent updates, staying compliant can be a challenging endeavor. A professional consulting firm like Bismon boasts a team of experts well-versed in Portuguese tax laws. They keep abreast of the latest changes, ensuring your business remains in full compliance, thus mitigating the risk of penalties.
2. Optimizing Tax Efficiency
One of the primary goals of any business is to maximize profits. Efficient tax planning and strategy play a pivotal role in achieving this objective. Bismon's seasoned consultants are adept at identifying legitimate tax-saving opportunities. Through careful analysis and strategic planning, they help businesses minimize their tax liability, ultimately bolstering their bottom line.
3. Streamlining Financial Reporting
Accurate and timely financial reporting is the cornerstone of sound business decision-making. Bismon's accounting services go beyond mere number crunching. Their experts meticulously organize financial data, offering valuable insights that enable businesses to make informed choices for growth and expansion.
4. Ensuring Regulatory Compliance
Portugal's business landscape is subject to a multitude of regulations and compliance requirements. Failure to adhere to these can result in severe consequences. Bismon's consultants specialize in regulatory compliance, ensuring that your business operations align with Portuguese legal frameworks, safeguarding you from legal entanglements.
5. Customized Solutions for Business Growth
Every business is unique, and a one-size-fits-all approach rarely yields optimal results. Bismon recognizes this and tailors their services to suit the specific needs and goals of each client. Whether you're a startup, an SME, or a multinational corporation, their consultants craft personalized strategies that foster sustainable growth.
6. Mitigating Risks and Enhancing Financial Security
In the volatile world of finance, risk management is paramount. Bismon's consultants conduct thorough risk assessments, identifying potential vulnerabilities and implementing safeguards to protect your financial interests. This proactive approach enhances financial security and fortifies your business against unforeseen challenges.
7. Facilitating International Business Expansion
For businesses eyeing international expansion, understanding the nuances of global taxation is imperative. Bismon's expertise extends beyond Portuguese borders, providing invaluable guidance on international tax planning and compliance, facilitating seamless expansion into new markets.
8. Maximizing Deductions and Credits
Identifying eligible deductions and tax credits can significantly impact your bottom line. Bismon's consultants leave no stone unturned in uncovering all available opportunities for tax relief. Their in-depth knowledge and attention to detail ensure that you capitalize on every potential tax benefit.
9. Peace of Mind and Focus on Core Operations
Entrusting your accounting and tax matters to a reputable firm like Bismon affords you peace of mind. With experts overseeing your financial affairs, you can redirect your focus and resources towards core business operations, driving growth and innovation.
10. Long-term Financial Planning
Success in business is not just about the present; it's about securing a prosperous future. Bismon's consultants work collaboratively with clients to develop comprehensive, forward-thinking financial plans. This strategic approach lays the foundation for sustained success and longevity in the competitive business landscape.
In Conclusion
Partnering with Bismon for accountant in lisbon is a strategic investment in the financial well-being and prosperity of your business. Their expertise, personalized approach, and commitment to excellence set them apart as a trusted ally in the complex world of finance. Embrace the advantages they offer and embark on a journey towards sustainable growth and financial security in Portugal's dynamic business environment.
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English Speaking Auditor For Expat Businesses Portugal
Elevate Accounting has the best team of English Speaking Auditor For Expat Businesses Portugal. Consult us today for expert expat tax services in Portugal.
#English Speaking Auditor For Expat Businesses Portugal#Accounting for Foreign Owned Companies Portugal#Expat Business Accountant Portugal#Elevate#Best Payroll Processing in Lagos Portugal#Audit Services in Lagos#elevateaccounting
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Universal Health Care vs Single Payer: Which is Better?
The United States has been debating on reforming the American health care system for so many years. One source of debate is choosing between the single-payer system or the universal health care option. People also tend to mistake the meaning of these terms and think they mean the same thing. In this article, we discuss the difference in the two options, so that you can see how you can benefit from each of them.
What You Should Know About Health Insurance
What health insurance can give to people is protection from the shockingly expensive medical procedures, as well as access to regular and preventive medication. You can usually have health insurance through your employer. The typical health coverage may involve doctor consultations, in-patient treatment, prescriptions, and other similar types.
Universal Health Care: The Basics
Universal health care generally means that all people or every single person can receive healthcare. With this type of health care, the coverage may be shouldered by different entities: self, employer, or government. This benefit is limitedly enjoyed by only 32 countries worldwide. Per data recorded by the US Census Bureau, there are 28.1 million people who are not covered by health insurance in 2016. An important detail, though, is that 4.7 million out of those 28.1 million accounts for undocumented immigrants.
Single-Payer System: The Basics
The single-payer system generally means that there is a single entity that handles the payment of all healthcare claims. Usually, the said entity is the government. Notable examples are the Veteran Health Administration and Medicare. 18 countries are following this type of health system, some of them are Italy, Canada, Portugal, Spain, Norway, Japan, Iceland, Cyprus, Finland, United Kingdom, Sweden, Brunei, Kuwait, and United Arab Emirates. One major point to consider is what if the government funding is limited, so until what end or limit will the coverage extend?
Which is Better?
It is hard to decide on the better type between these two health care systems since they each come with pros and cons. The universal health care option does not solely depend on government funds, so there will be better coverage for the insured person. On the other hand, single-payer systems give limited coverage, as the government has to provide for everyone. Both systems have a funding problem, and they raise questions of additional taxes. Because of these concerns, the debate between universal health care versus will not see an end soon.
Do you want to learn more about healthcare? Are you in need of medical services? Contact SAMI-Aid now for the best medical support.
#Universal Health Care#Bay Area United Healthcare Online#United Healthcare Online#Urgent Care Medical Services#Pediatric Urgent Care
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Global Smart TV Market - Upcoming Trends, Growth Drivers and Challenges – Forecast to 2020-2021
Summary - A new market study, “Global Smart TV Market Analysis, Trends and Opportunities 2020-2021 ” has been featured on WiseGuyReports.
Smart TV Global Market Report 2020: Covid 19 Growth And Change from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global smart tv market.
This report focuses on smart tv market which is experiencing strong growth. The report gives a guide to the smart tv market which will be shaping and changing our lives over the next ten years and beyond, including the market's response to the challenge of the global pandemic.
Reasons to Purchase
• Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
• Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market research findings.
• Benchmark performance against key competitors.
• Utilize the relationships between key data sets for superior strategizing.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order.
Description:
Where is the largest and fastest growing market for the smart tv? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Smart TV market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider smart tv market, and compares it with other markets.
• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the Covid 19 virus and forecasting its growth.
• Market segmentations break down market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of Covid 19 for all regions, key developed countries and major emerging markets.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
• The smart tv market section of the report gives context. It compares the smart tv market with other segments of the smart tv market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, smart tv indicators comparison.
Read Also: https://www.einpresswire.com/article/517068751/covid-19-impact-on-global-smart-tv-market-2020-key-players-trends-sales-supply-analysis-and-forecast-2026
Scope
Markets Covered: 1) By Product Type: 4K UHD TV; Full HD TV; HDTV; 8K TV 2) By Panel Type: LCD; LED; OLED; QLED 3) By End User: Home; Offices; Education Institutions; Other
Companies Mentioned: Sony Corporation; LG Electronics, Inc; TCL Corporation; Koninklijke Philips N.V.; Haier Electronics Group Co., Ltd
Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Major players in the smart TV market are Sony Corporation, LG Electronics, Inc, TCL Corporation, Koninklijke Philips N.V., Haier Electronics Group Co., Ltd, Panasonic Corporation, Samsung Electronics, Apple Inc., Toshiba Corporation, and Hitachi Ltd.
The global smart TV market is expected to grow from $176.7 billion in 2019 and to $181.6 billion in 2020 at a growth rate of 2.78%. The slow growth in 2020 is mainly due to the economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to grow and reach $232.1 billion in 2023 at CAGR of 8.53%.
The smart TV market consists of sales of smart TV and related services that are used in homes, offices and education sectors. A smart TV is a digital TV that is basically an entertainment-specific, internet-connected, storage-ware device.
Asia Pacific is expected to be the fastest growing region in the smart TV market in the forecast period.
In August 2019, Samba TV, a San Francisco-based company, provider of global TV data and audience analytics acquired Axwave Inc. for $30 million. This acquisition strengthens Samba's market-leading understanding of global television advertising and improves the company's ability to cross-platform monitor scope, frequency and conversion to real-world business results, including tune-in. Axwave, Inc., a California-based company, leading platform for real-time audio content recognition, and an international software development company that developed a proprietary fingerprinting-based automatic content recognition (ACR) technology.
The smart TV market covered in this report is segmented by product type into 4K UHD TV; Full HD TV; HDTV; 8K TV. It is also segmented by panel type: LCD; LED; OLED; QLED and by end user into home; offices; education institutions; other.
The taxation of smart TV’s is a key factor hampering the growth of the smart TV market. Television is the only group in which two Goods and Services Tax (GST) levels apply. Television sales of up to 32 inches are falling, accounting for 55 percent of overall sales in 2019 compared to 75 percent two years ago as consumers want to buy bigger displays, customers are delaying purchases anticipating a tax cut. For instance, in India, smart TVs are put under the highest tax slab of the Goods and Services Tax, with customers paying 28% of the already exorbitant prices at which TVs are priced. Therefore, the taxation of smart TV’s is expected to limit the growth of the smart TV market.
The 8K TV is a key trend in the smart TV market. The 8K TV sets have 33 million pixels, compared to 8 million pixels in a 4K package. All those millions of extra pixels provide clearer, more accurate images than the 4 K UHD TVs. The 8K Ultra HD doubles the 4K Ultra HD resolution, and it is 16 times the full HD resolution. In 2020, LG unveiled three new 8K versions and this year, Samsung tripled its 8K QLEDs. Therefore, TV manufacturers are gradually promoting 8K TVs as their 2020 flagship sets.
The rising popularity of video-on-demand service is a key factor driving the growth of the smart TV market. Video on Demand (VoD) is one of the innovative features that Internet Protocol TV (IPTV) gives. VoD gives consumers a range of available videos to choose from. The video is transmitted via the Real-Time Streaming Protocol. In the recent years VOD has gained tremendous popularity, this has resulted in higher smart TV adoption rates. For instance, in 2019, US providers were the pioneer of VoD users. Amazon Prime Video came at first with 72%, Netflix was second with 63%. In 2019, 53% of users spent more than $11 a month on streaming services, in 2018 the figure was only 43%. Therefore, the rising trend of video-on-demand service is expected to drive the growth of the smart TV market.
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5320576-smart-tv-global-market-report-2020-30-covid
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Impact of COVID-19 Pandemic on European Automotive Industry Size, Industry Trends, Share and Forecast 2019-2025
The European automotive industry includes Original Equipment Manufacturer (OEM), auto-ancillary companies, vendors, and aftermarket vehicle and their parts dealers. The European automotive market was witnessing a modest growth rate from 2013. As per the International Organization of Motor Vehicle Manufacturers (OICA), around 20.80 million vehicles were sold in 2019 as compared to 20.69 million in 2018. As per the European Automobile Manufacturers Association, there are 309 vehicle assembly plant and production plants in 27 countries in the European Union (EU). Around 13.8 million people work in the auto industry in the region which accounts for 6.1% of overall EU jobs in 2019. In the EU-15, around $467 billion tax was collected through the auto sector.
A full report description of Impact of COVID-19 Pandemic on European Automotive Industry https://www.omrglobal.com/industry-reports/impact-of-covid-19-pandemic-on-european-automotive-industry
Significant growth in the market was expected before the COVID-19 pandemic as an exponential growth was witnessed in the electric vehicle market in the region from a couple of years. The price of an electric vehicle is much higher as compared to a conventional fuel vehicle, which was augmenting the region market.
By April 2020, Europe is the most affected region due to COVID-19. Around 885,000 cases related to COVID-19 was witnessed in the country by 13th April 2020. Spain, Italy, France, and Germany have registered more than 100,000 cases. Due to this, the lockdown was announced by the government in most of the countries. As a health precaution and low demand, the automotive companies decided to halt the operations at most of its production and assembly plants.
Request a Free Report on Sample of Impact of COVID-19 Pandemic on European Automotive Industry@ https://www.omrglobal.com/request-sample/impact-of-covid-19-pandemic-on-european-automotive-industry
The European automotive industry report is segmented by sales channel, vehicle type, and propulsion technology. By the sales channel, the segment is further divided into OEM, auto-ancillary, and aftermarket. By vehicle type, the report is further analyzed into passenger vehicle and commercial vehicle whereas, by propulsion technology, it is bifurcated into conventional energy vehicles and new energy vehicles. New energy vehicle that is electric vehicles sale is expected to get affected significantly as the key motivator for these vehicles was the subsidies offered by the government. As the economies of the countries are significantly affected, the government can reduce the subsidies on the EVs for some period in the region.
The effect of COVID-19 on the automotive industry is witnessed in each country in the region including Germany, Spain, Italy, France, UK, and others. Germany is the largest automotive player in the region will significantly get affected due to the pandemic. Key companies of the automotive industry that are affected in the region include; Daimler AG, Jaguar Land Rover Ltd., Volkswagen AG, Renault Group., Groupe PSA, Tesla Inc. among others. The companies have shut down their operations due to government orders, lower demand, and supply chain disruptions in the region. For instance, on 16th March 2020, PSA announced to shut down its plant in France, Germany, Spain, UK, and Portugal. On 18th March 2020, Volkswagen AG announced to suspend its production in Spain, Portugal, and Slovakia. Moreover, Volkswagen AG also suspended the production of Lamborghini and Ducati in Italy.
Market Segmentation
Sales Channel
OEM
Auto-Ancillary
Aftermarket
Vehicle Type
Passenger Vehicle
Commercial Vehicle
Propulsion Technology
Conventional Energy Vehicles (Gasoline)
New Energy Vehicles (Electric)
Regional Analysis
UK
Germany
Italy
Spain
France
Rest of Europe
Company Profile
AB Volvo
Aptiv PLC
BMW AG
Bridgestone Corp.
BYD Co. Ltd.
Continental AG
Daimler AG
Ford Motor Co.
GKN PLC
Groupe PSA
Jaguar Land Rover Ltd.
MAN SE
Pirelli & C. S.p.A.
Groupe Renault
Robert Bosch GmbH
Siemens AG
Tesla Inc.
The Hyundai Motor Co.
The Michelin Group
Toyota Motor Corp.
Valeo SA
Volkswagen AG
ZF TRW Automotive Holdings Corp.
For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/impact-of-covid-19-pandemic-on-european-automotive-industry
About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.
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#Impact of COVID-19 Pandemic on European Automotive Industry#Impact of COVID-19 Pandemic on European Automotive Industry Share#Impact of COVID-19 Pandemic on European Automotive Industry Research#Impact of COVID-19 Pandemic on European Automotive Industry Analysis#Industrial Automation#European Automotive Industry
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Bitcoin for Business: The Tax Guide
During 2019 alone, thousands of merchants worldwide were accepting Bitcoin (BTC) as a payment method. Despite this, a lot of current and would-be merchants are confused about how to pay taxes on their cryptocurrency sales.
This guide was created by a United States business owner that advocates for cryptocurrency and a crypto tax expert to cover both practical aspects and tax tips for businesses that wish to accept cryptocurrencies. So whether your clients are asking or you desire to support the growth of the crypto ecosystem, here is the right way to do it.
Cryptocurrency tax law varies by country
Each country has its own tax rules. Some, such as Portugal and France, look favorably on cryptocurrencies, while others like the U.S. and the United Kingdom take a more conservative approach to the asset.
Related: Around the World in 2019 — A Landmark Year for Crypto Taxation
Use the guide above to understand the implications in your country. Keep in mind that a country may use one set of laws for individuals and another for businesses. For example, in Portugal, the laws are more advantageous for individuals.
The rules can also differ from one business to another. In some countries, there are different tax rules for self-employers, companies, corporations and small businesses.
In the U.S., when you receive virtual currency in exchange for performing services, whether you perform the services as an employee or not, you recognize ordinary income. For more information on compensation for services, see Publication 525, Taxable and Nontaxable Income.
Make sure you understand whether the current tax rules apply to your business. If you are not sure what rules apply to you, consult a local tax professional.
You may be able to eliminate the volatility of crypto
The volatility of crypto is an issue that affects everyone who ever considers paying with crypto, but if you have a business, you need to take a moment and think about the implications.
There are two main ways to combat volatility. First, accept cryptocurrency payments through third-party service providers like BitPay.
For a fee (as low as 1% in the U.S.), you can instantly get fiat whenever someone is paying you with crypto. Most of those companies are also taking care of the invoicing and record-keeping procedures and dealing with the mandatory Anti-Money Laundering and Know Your Customer requirements.
Taxwise, this option is also very easy: If the crypto is immediately converted into fiat, you are paying tax for regular business income.
The main disadvantage of these companies is that they cannot provide services to everyone. Depending on the type of company and your jurisdiction, you may not be eligible for these services.
The second way to deal with volatility is to either accept stablecoins or instantly convert other cryptocurrencies to stablecoins.
If you choose this way, you will need to issue the invoice for the payment yourself. There are some bookkeeping platforms that support crypto payments, such as Coinbase Commerce.
Since stablecoins are not entirely nonvolatile, when you sell the stablecoins, you will need to check your tax implications, which depend on you and your business’s country of tax residency.
Now that we’ve covered the basics, let’s get to the practical aspects.
Record every sale
The first step is easier than you think. For every sale, you need to record the sale date and transaction amount as you would for fiat.
If you use a service like BitPay that instantly converts 100% of the sale to fiat currency, then you are done. Record the final amount minus the transaction fee. Same as you would for a payment processor.
If you do not use third-party payment services, in addition to the fiat amount, make sure to record fair market value amount in crypto. For reference, $50 USD at the time of writing this article is 0.0058 BTC.
Fair market value, or FMV, is typically defined as the selling price for an item to which a buyer and seller can agree.
Cryptocurrency value is determined by the cryptocurrency exchange and recorded in U.S. dollars. However, when it comes to peer-to-peer transactions or other transactions not facilitated by an exchange, the FMV is determined by the date and time at which the transaction was recorded on the blockchain.
The amount of income you must report is the fair market value of the virtual currency in USD when received. In an on-chain transaction, you receive the virtual currency on the date and at the time the transaction is recorded on the distributed ledger.
Additionally, you will need to determine the cost basis for the crypto you have received.
Cost basis is the original value of an asset for tax purposes. For digital currencies, the cost basis is the amount you spent to acquire the digital currency, including fees, brokerage commissions from exchanges, and other acquisition costs in U.S. dollars.
If you provided someone with services and received digital currency in exchange, your basis in that digital currency is the fair market value of the digital currency in U.S. dollars when it is received. For more information on basis, see Publication 551, Basis of Assets.
The Internal Revenue Code and regulations require taxpayers to maintain records that are sufficient to establish the positions taken on tax returns.
For cryptocurrency payments, it means documenting receipts, sales, exchanges or other dispositions of digital currency as well as the fair market value of the digital currency at the time of transaction.
Cashing out
Now it’s time to “cash-out” into fiat. Because the BTC price fluctuates, each sale has a unique value in BTC.
We send the 0.0269 BTC to an exchange and sell it for 290 USD. There is a 40 USD gain due to appreciation of the Bitcoin price.
When you earn money between the time of sale and the crypto-fiat conversion, you probably need to pay capital gains tax.
It depends on the country, but in the United States, we would calculate the time between the initial sale and the crypto-to-fiat conversion.
In our example and most others, the crypto-to-fiat trade that occurred within 12 months of the crypto purchases will be considered short-term capital gains.
If you decided to hold your crypto for over a year, then the profit would be considered long-term capital gains.
Many people don’t know it, but cryptocurrency tax liability can be significantly reduced by crypto tax planning. The new IRS guidance enables you to plan your taxes by choosing which particular Bitcoin to sell.
Related: New IRS Tax Guidance Targets Crypto, and US Persons Who Use It
Therefore, you can choose to sell the same Bitcoin you purchased when the price was high now at a lower price. This can assist you in optimizing your tax liability. This tax planning method calls for the use of specific identification, a common way to calculate and plan taxes in many countries.
What about the miscellaneous transaction and withdrawal fees?
This one is straightforward. They are considered expenses, just like traditional banking or processing fees. The fees will reduce your cost basis.
What about crypto refunds?
Let’s say a customer wants to return an item and is granted a full refund. Bitcoin has gone up since its purchase. Do we refund their original amount of Bitcoin or the current USD equivalent?
This is usually a case-by-case decision, but most businesses will refund the USD equivalent at the time of purchase because the unit of account is (almost) always in fiat currency.
No matter what you choose to do, make sure you report it correctly and reduce the tax calculation consistently. Keep all fair market value records of the payment receipts and the refund.
We hope you have a bit more clarity on the tax implications for your business. Pay attention to updates as crypto tax regulations evolve in the 2020s.
The views, thoughts and opinions expressed here are the authors’ only and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article was co-authored by Or Lokay Cohen and Matt Aaron.
Or Lokay Cohen is a vice president at Bittax, a crypto tax calculation platform. Or has 10 years’ experience with regulation, managing a leading tax consultant firm. She holds a LL.M. law degree, a B.A. in communications and an M.A. in management and public policy. In her work at Bittax, Or promotes the goal of bridging between cryptocurrency to the taxation reality to enable tax reporting under a clear regulatory framework and specific identification methods.
Matt Aaron is the co-founder of Crazy Calm, a CBD coffee company based in Austin, Texas. Prior to Crazy Calm, he ran the podcast network and managed the Latin America region at Bitcoin.com.
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Bitcoin for Business: The Tax Guide
During 2019 alone, thousands of merchants worldwide were accepting Bitcoin (BTC) as a payment method. Despite this, a lot of current and would-be merchants are confused about how to pay taxes on their cryptocurrency sales.
This guide was created by a United States business owner that advocates for cryptocurrency and a crypto tax expert to cover both practical aspects and tax tips for businesses that wish to accept cryptocurrencies. So whether your clients are asking or you desire to support the growth of the crypto ecosystem, here is the right way to do it.
Cryptocurrency tax law varies by country
Each country has its own tax rules. Some, such as Portugal and France, look favorably on cryptocurrencies, while others like the U.S. and the United Kingdom take a more conservative approach to the asset.
Related: Around the World in 2019 — A Landmark Year for Crypto Taxation
Use the guide above to understand the implications in your country. Keep in mind that a country may use one set of laws for individuals and another for businesses. For example, in Portugal, the laws are more advantageous for individuals.
The rules can also differ from one business to another. In some countries, there are different tax rules for self-employers, companies, corporations and small businesses.
In the U.S., when you receive virtual currency in exchange for performing services, whether you perform the services as an employee or not, you recognize ordinary income. For more information on compensation for services, see Publication 525, Taxable and Nontaxable Income.
Make sure you understand whether the current tax rules apply to your business. If you are not sure what rules apply to you, consult a local tax professional.
You may be able to eliminate the volatility of crypto
The volatility of crypto is an issue that affects everyone who ever considers paying with crypto, but if you have a business, you need to take a moment and think about the implications.
There are two main ways to combat volatility. First, accept cryptocurrency payments through third-party service providers like BitPay.
For a fee (as low as 1% in the U.S.), you can instantly get fiat whenever someone is paying you with crypto. Most of those companies are also taking care of the invoicing and record-keeping procedures and dealing with the mandatory Anti-Money Laundering and Know Your Customer requirements.
Taxwise, this option is also very easy: If the crypto is immediately converted into fiat, you are paying tax for regular business income.
The main disadvantage of these companies is that they cannot provide services to everyone. Depending on the type of company and your jurisdiction, you may not be eligible for these services.
The second way to deal with volatility is to either accept stablecoins or instantly convert other cryptocurrencies to stablecoins.
If you choose this way, you will need to issue the invoice for the payment yourself. There are some bookkeeping platforms that support crypto payments, such as Coinbase Commerce.
Since stablecoins are not entirely nonvolatile, when you sell the stablecoins, you will need to check your tax implications, which depend on you and your business’s country of tax residency.
Now that we’ve covered the basics, let’s get to the practical aspects.
Record every sale
The first step is easier than you think. For every sale, you need to record the sale date and transaction amount as you would for fiat.
If you use a service like BitPay that instantly converts 100% of the sale to fiat currency, then you are done. Record the final amount minus the transaction fee. Same as you would for a payment processor.
If you do not use third-party payment services, in addition to the fiat amount, make sure to record fair market value amount in crypto. For reference, $50 USD at the time of writing this article is 0.0058 BTC.
Fair market value, or FMV, is typically defined as the selling price for an item to which a buyer and seller can agree.
Cryptocurrency value is determined by the cryptocurrency exchange and recorded in U.S. dollars. However, when it comes to peer-to-peer transactions or other transactions not facilitated by an exchange, the FMV is determined by the date and time at which the transaction was recorded on the blockchain.
The amount of income you must report is the fair market value of the virtual currency in USD when received. In an on-chain transaction, you receive the virtual currency on the date and at the time the transaction is recorded on the distributed ledger.
Additionally, you will need to determine the cost basis for the crypto you have received.
Cost basis is the original value of an asset for tax purposes. For digital currencies, the cost basis is the amount you spent to acquire the digital currency, including fees, brokerage commissions from exchanges, and other acquisition costs in U.S. dollars.
If you provided someone with services and received digital currency in exchange, your basis in that digital currency is the fair market value of the digital currency in U.S. dollars when it is received. For more information on basis, see Publication 551, Basis of Assets.
The Internal Revenue Code and regulations require taxpayers to maintain records that are sufficient to establish the positions taken on tax returns.
For cryptocurrency payments, it means documenting receipts, sales, exchanges or other dispositions of digital currency as well as the fair market value of the digital currency at the time of transaction.
Cashing out
Now it’s time to “cash-out” into fiat. Because the BTC price fluctuates, each sale has a unique value in BTC.
We send the 0.0269 BTC to an exchange and sell it for 290 USD. There is a 40 USD gain due to appreciation of the Bitcoin price.
When you earn money between the time of sale and the crypto-fiat conversion, you probably need to pay capital gains tax.
It depends on the country, but in the United States, we would calculate the time between the initial sale and the crypto-to-fiat conversion.
In our example and most others, the crypto-to-fiat trade that occurred within 12 months of the crypto purchases will be considered short-term capital gains.
If you decided to hold your crypto for over a year, then the profit would be considered long-term capital gains.
Many people don’t know it, but cryptocurrency tax liability can be significantly reduced by crypto tax planning. The new IRS guidance enables you to plan your taxes by choosing which particular Bitcoin to sell.
Related: New IRS Tax Guidance Targets Crypto, and US Persons Who Use It
Therefore, you can choose to sell the same Bitcoin you purchased when the price was high now at a lower price. This can assist you in optimizing your tax liability. This tax planning method calls for the use of specific identification, a common way to calculate and plan taxes in many countries.
What about the miscellaneous transaction and withdrawal fees?
This one is straightforward. They are considered expenses, just like traditional banking or processing fees. The fees will reduce your cost basis.
What about crypto refunds?
Let’s say a customer wants to return an item and is granted a full refund. Bitcoin has gone up since its purchase. Do we refund their original amount of Bitcoin or the current USD equivalent?
This is usually a case-by-case decision, but most businesses will refund the USD equivalent at the time of purchase because the unit of account is (almost) always in fiat currency.
No matter what you choose to do, make sure you report it correctly and reduce the tax calculation consistently. Keep all fair market value records of the payment receipts and the refund.
We hope you have a bit more clarity on the tax implications for your business. Pay attention to updates as crypto tax regulations evolve in the 2020s.
The views, thoughts and opinions expressed here are the authors’ only and do not necessarily reflect or represent the views and opinions of Cointelegraph.
This article was co-authored by Or Lokay Cohen and Matt Aaron.
Or Lokay Cohen is a vice president at Bittax, a crypto tax calculation platform. Or has 10 years’ experience with regulation, managing a leading tax consultant firm. She holds a LL.M. law degree, a B.A. in communications and an M.A. in management and public policy. In her work at Bittax, Or promotes the goal of bridging between cryptocurrency to the taxation reality to enable tax reporting under a clear regulatory framework and specific identification methods.
Matt Aaron is the co-founder of Crazy Calm, a CBD coffee company based in Austin, Texas. Prior to Crazy Calm, he ran the podcast network and managed the Latin America region at Bitcoin.com.
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The post Bitcoin for Business: The Tax Guide appeared first on Coin First.
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Portugal Golden Visa And Turkey Citizenship Services | Lalani Associates
Lalani & Associates could also be knowledgeable services firm that provides citizenship & residency services through global investor immigration programs, offering paths to residency and citizenship in Canada Turkey, EU and other countries. additionally , Lalani & Associates features a full service Canadian immigration division that services professional skilled worker , student and family class applicants. Lalani & Associates also provides solutions for entrepreneurs and tiny business owners who wish to migrate and located out new businesses overseas. Given the shortage of professional immigration services within the Pakistani market, Sikander Lalani, a Partner at the reputed accounting practice Daudally Lalani & Co, Chartered Accountants (established 1954), launched Lalani & Associates in 1992. The firm was created supported a philosophy that emphasized professionalism, sincere and candid advice and high client service standards. Since then, while maintaining our specialize in immigration, residency and citizenship services, we'll provide additional value to our clients through synergetic services through our sister firms, Daudally Lalani & Co. and Lalani Capital Portugal Golden Visa, within the areas of International Tax Planning Solutions and Financial and company Advisory Services. Today, Lalani & Associates is regarded amongst the foremost reputed and professional organizations within its target market and audience. The firm currently serves its client base out of offices in Karachi, Lahore and Dubai. By leveraging its international business and governmental network in North America, Europe, Pakistan and thus the center East, Lalani & Associates is positioned to successfully execute its clientele's strategic objectives. Sikander Lalani, CEO of Lalani & Associates, a seasoned accountant, authorized immigration consultant (ICCRC) and revered professional, leads an experienced and highly professional team. The team has global experience in Financial Services/Investment Banking, industry , Infrastructure and Government. The Pakistani community is an immigrant group within the us that has experienced social and economic mobility to an outsized extent, while maintaining transnational ties with their homeland. The 1965 Immigration Act marked a drastic break from previous immigration policies that excluded all Asians and Africans (including Pakistanis). the quantity of Pakistanis immigrating to the us grew significantly then. History: The nation of Pakistan-officially proclaimed its own country on August 14, 1947-is itself just a few of decades old. Pakistani immigration to the us started, to an outsized extent, towards the highest of the 20th century. Many of those who arrived were well-placed professionals, like doctors, engineers, software engineers, or scientists; some came either directly thanks to a requirement for his or her career or as students who remained after graduating. Since 1980, when an estimated 30,000 immigrants from Pakistan were U.S. citizens, the size of the Pakistani immigrant community has only risen within the us . Impact of 9/11: Up until 2001, the share of Pakistani migrants to the us followed an upward pattern, but the 9-11 events reversed the flow. The accounts of workforce discrimination and xenophobic attitudes towards Muslim and Arab men began to erupt shortly after the assault on the earth Trade Center. The terrorist attacks of 9-11 caused a negative shift in American attitudes towards Muslims, including Pakistanis, and prompted the American authorities to need a tougher position on Pakistan's immigration applications. These events caused the quantity of Pakistani immigrants admitted to the us to drop significantly, from 16,448 in 2001 to 9,444 in 20038. This decline, however, clothed to be temporary, and thus the amount of Pakistani immigrants began to recover after 2004 us Immigration. As of 2018, there are approximately 600,000 Pakistanis residing within the us , making up alittle portion of the U.S. population. Canada, being a relatively new nation as compared to countries in Europe, Asia and other regions, is primarily a country developed with the help of immigration. it is also a country that needs immigrants to develop, prosper and remain an inclusive nation. Over six million new immigrants have arrived in Canada since 1990. For that reason, the Canada immigration consultants in Karachi and in Lahore has increased by an outsized number. The Honorable Ahmed Hussen, M.P., the Minister of Immigration, Refugees and Citizenship, within the Annual report back to Parliament on Immigration for 2018 acknowledged the need to still encourage people from other nations to return to Canada so on enhance the labor force because the aging population of Canada and thus the decreasing birth rate change the landscape of the workforce. Over the last 150 years, the annual number of landed immigrants in Canada has considerably gone up and down through super visa service. variety of those changes could be because of shifts in immigration policy, others to the economic situation in Canada or to global events linked to the movement of migrants and refugees. "Thanks in great part to the newcomers we've welcomed throughout our history, Canada has developed into the strong and vibrant country we all enjoy," said the Honorable Ahmed Hussen, Canada's Minister of Immigration, Refugees and Citizenship. Below are a few of of the varied contributions immigrants have made to make Canada what it's today: Immigrants support the Canadian population from shrinking: Canada's birth rate plummeted below the sting needed to support a stable population within the 1970s. If Canada didn't welcome refugees the population would decline thanks to the low birthrate. Immigrants contribute to the Economy: The Canadian economy is partly measured on the thought of the labor force and its tax payments. The more immigrants work, the stronger the labor force becomes, particularly because the national population grows older, retires, and doesn't have as many children as before Turkey Citizenship. Immigrants provide the country with Skilled Workers: 155,994 qualified workers and business people have entered Canada through the Independent Quebec skilled worker program according to the Canadian government. the majority of Canadian immigrants bring valuable skills, education and investment to the Canadian economy. For more details please visit our website: https://lalaniassociates.com.pk/
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