Companies are relying more and more heavily on managers who are prepared to travel abroad for extended business periods. But this is not a risk-free option - the greatest risks are the tax compliance, social security and immigration requirements associated with extended business trips.
A new series of KPMG publications provides an overview of implications, including tax, in many jurisdictions around the world and aims to assist companies with identifying compliance matters, including:
- Income tax compliance
- Reporting and withholding obligations on companies
- Corporate tax considerations such as the creation of a permanent establishment
- Social Security obligations
- Immigration requirements - work permit and visa requirements
- Non-deductible costs for assignees - for a number of countries this may include contributions by an employer to overseas countries pension funds.
- Tracking individuals' time spent in each country.