Latest news with #taxCompliance
Yahoo
10-06-2025
- Business
- Yahoo
Online Tax Firm MyExpatTaxes Alerts Expats: Final Chance to Claim 2021 Stimulus Payments
Vienna, June 10, 2025 (GLOBE NEWSWIRE) -- MyExpatTaxes, a leading US expat tax company known for its support of U.S. citizens living overseas, is highlighting an important upcoming deadline for American expatriates. By June 16th, expats must act to claim the 2021 stimulus payments. This deadline represents the final opportunity for expats who haven't already to benefit from COVID-19 economic stimulus payments, which can total thousands of . MyExpatTaxes is urging individuals not to miss out on this opportunity. As the U.S. is one of just two countries that taxes based on citizenship rather than residence, Americans living abroad have to report their worldwide income by filing a U.S. tax return every year. Many Americans expats are unaware of this requirement to file from overseas though, so get behind in their filing. The IRS has an amnesty program for these expats though called the Offshire Streamlined Filing Compliance Procedures. This process offers a chance for overseas Americans who have unintentionally failed to meet their filing obligations to catch up on their U.S. tax filing without facing penalties. It requires submitting the last three years of tax returns and, where applicable, up to six years of Foreign Bank and Financial Accounts Reports (FBARs). The procedure can seem complex, but with MyExpatTaxes offering either self-service or guided assistance, expats can find a sense of relief with easy access to tools like a US expat tax calculator and a stimulus check calculator found on their website. Nathalie Goldstein, CEO of MyExpatTaxes, underscores the significance of acting before the June 16th deadline for non-compliance overseas Americans, saying, "The June 16th 2025 deadline is the last opportunity for American expatriates who may not have been aware that they have to file U.S. taxes from abroad to claim teh COVID-19 stimulus payments. It's also a valuable opportunity to get tax compliant without facing penalties. Our goal is to provide them with the guidance they need to make the most of these benefits." Her words reflect the broader mission of MyExpatTaxes - supporting American expats in navigating what can often be a daunting process filing from overseas (often as well as filing taxes in the country where they reside). The 2021 expanded Child Tax Credit is also available for American families living abroad. This credit offers a substantial benefit of up to $3,600 per child, refundable for qualifying families. Timely filing is critical to claim this credit, ensuring families don't inadvertently miss out. To aid in this, expats can access comprehensive guidance and information on the Streamlined Procedures through MyExpatTaxes' dedicated page: Adding to the firm's efforts, Goldstein remarks, "The potential gains for catching up and filing for 2021 for expats who qualify for the stimulus payments are typically far outweigh the costs of becoming compliant. Our platform is designed to simplify the tax filing process for U.S. citizens abroad, offering practical solutions and expert support. With the deadline imminent to claim these valuable payments, we're dedicated to helping expatriates claim what they are rightfully owed." This statement emphasizes MyExpatTaxes' commitment to easing the stress associated with U.S. tax filing for expats. To further assist expats, the company has developed easy-to-use resources such as tax guides, quick start checklists, and webinars available on their website. These resources provide education and support, aimed at simplifying and demystifying the intricacies of international tax reporting for Americans living abroad. User testimonials and official reviews highlight the effectiveness and reliability of MyExpatTaxes' services, reinforcing their reputation as a helpful aid for expats. As the June 16th deadline approaches, expats need to be vigilant. Missing this date means losing out on the chance to claim the stimulus payments for good. Through proactive action and using MyExpatTaxes' offerings, expatriates can not only ensure compliance but also capitalize on available benefits. MyExpatTaxes remains committed to guiding expatriates through these important periods, helping them understand and fulfill their tax responsibilities while maximizing their eligible claims. For those seeking to learn more or benefit from these services, they can learn more through the platform's site: The resources provided are not just about fulfilling obligations - they also empower expats to take control of their financial responsibilities with confidence. ### For more information about MyExpatTaxes, contact the company here:MyExpatTaxesMackenzie CONTACT: Mackenzie PasseggerError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
28-05-2025
- Business
- Zawya
Nigeria: FIRS, manufacturers conclude engagement ahead of e-invoicing launch in July
The Federal Inland Revenue Service (FIRS) and key players in Nigeria's manufacturing sector have concluded a two-day stakeholder engagement session in Lagos, marking a crucial milestone ahead of the July rollout of the country's electronic invoicing (e-Invoicing) system. The session, which wrapped up on Tuesday, was part of a broader effort to ensure a smooth transition and address concerns ahead of the platform's official launch. The new e-Invoicing initiative, spearheaded by FIRS, is aimed at enhancing transparency, efficiency, and tax compliance across various sectors by enabling real-time electronic exchange of invoices between businesses and their clients. According to FIRS, the platform is a cornerstone of the federal government's Digital Economy Policy and Strategy (2020–2030), designed to drive digital transformation and improve revenue collection. Speaking at the event, Mike Adoga, Acting Director of Tax Automation at FIRS, emphasized that the system will not disrupt existing business processes but will instead bring standardization and ease to invoicing practices. He noted that manufacturers and service providers may currently use different formats—such as quantities or alternative metrics—but the e-Invoicing platform is built to handle these discrepancies, ensuring interoperability regardless of location or language. 'You can generate invoices in Nigeria or in Saudi Arabia, and the system won't be hindered by language or formatting differences. It is about enabling real-time visibility of transactions and improving how businesses operate locally and internationally,' Adoga explained. Adoga also pointed out that beyond improving tax administration, the platform can help businesses secure financing. 'Once you produce and issue an invoice, you're expecting payment. When payment is received, you can produce more. This process is now integrated and traceable. It's not just about taxation—this is about improving access to finance and making sure invoices are credible, standardized, and usable across borders.' The platform incorporates international standards such as Peppol, UBL, and ISO 20022, making it compatible with global invoicing practices. FIRS is introducing the system in phases, starting with large taxpayers, followed by medium and small enterprises. The agency has urged all businesses to begin reviewing their accounting processes and engage relevant service providers to ensure system readiness before the July go-live date. Lead Consultant on the project, Sadiq Arogundade, confirmed that the e-Invoicing infrastructure is ready, with several large companies already enlisted for the pilot phase. He explained that the project design allows for flexibility and cross-border compatibility, helping Nigerian businesses transition seamlessly into the global digital economy. 'This system can accommodate various invoice types—including debit notes, proforma invoices, and even certificates of occupancy,' Arogundade said. 'We've created an invoice interchange mechanism that allows users to store invoices in a secure repository, granting access to stakeholders as needed.' He added that users can even generate self-issued invoices, giving them greater control over their accounting and documentation processes. The Lagos engagement was specifically targeted at stakeholders in the manufacturing and oil & gas sectors and marks the final phase of consultations before the system's launch. FIRS reaffirmed its commitment to supporting businesses through the transition, promising continued collaboration and technical support. With the successful conclusion of the engagement, both FIRS and the private sector appear aligned in their readiness to embrace a new era of digital tax administration. Businesses are now expected to take proactive steps to integrate the e-Invoicing platform into their operations, signaling a transformative shift in Nigeria's fiscal landscape.
The National
26-05-2025
- Business
- The National
UAE corporate tax: Can charging different prices for the same product impact liability?
As June approaches, we are four months from the filing deadline faced by the majority of the country's businesses. Of course, it would be far better for everyone concerned if they didn't wait until the final weeks to file returns. Hundreds of thousands of entities trying to submit documents at the same time might cause a strain on the online systems that must be used to complete the process. Having managed many corporate tax returns already, the one element confusing people the most is arm's length trading. While I have written about elements of transfer pricing in the past, the subject is so broad that it could have its separate regular column. Today, I want to address the topic from two fronts. Firstly, explaining what it is and why it matters. Secondly, with so many people and their businesses moving to the UAE, why these types of migration come with their own compliance frameworks. Yes, very often it's plural. An arm's length transaction means the seller would charge the same price to all buyers. This is where the goods or services are of the same value and volume for all purchasers. Delivery can be anywhere in the world. For simplicity, imagine that the seller faces no competition. You either purchase from this entity or go without. That means it is extremely difficult to conceive of a circumstance where there would be different pricing for different people. I hear you say: 'How about if it's a family member or close friend? Am I not allowed to sell my wares for whatever price I like?' Interestingly, you are. Unless it's a legislated government-controlled item and there are few of these. While you can set whatever price you like to whomever you like, for tax purposes, the regulatory authorities want to be assured that you are not setting the price with an objective of gaining a tax advantage. Therefore, in your reporting, you would need to account for any changes in pricing driven by familiarity with one or more customers so that your UAE tax liability is not affected. How is that done? My advice is not to do it in the first place. If reviewed in an audit, this type of activity will raise questions that will remove you from driving your business forward. You might understand how trading with family members is a regulated space, but at what level of relationship does a friend get covered by the same requirements? To avoid doubt, a relation is anyone from great grandfather to great grandchild, and an individual to their second cousin twice removed. That said, what is the equivalent measurement for friends? I have not been able to find anything specific, however, transactions might be challenged if discrepancies in pricing are discovered and it is found that two parties know each other. Where ambiguity like this is found to exist and the amounts are sufficiently material, it would likely be inevitable that the matter might end up in court, with an adjudication being made in adherence to the spirit of the law. On to our second topic. An individual with an existing business in Europe has decided to move to the UAE. The intent is to replicate the operation of the original company. The first emigration is that of the business owner. For tax purposes, you cannot simply leave one country, particularly where you are a national, and move to another. There are rules and processes, coupled with much careful planning that is required to minimise having to satisfy two nations' reporting regimes simultaneously. While the foundational rules for this are reasonably similar in approach by most countries, there can be variability and continuing evolution. For example, when moving to the UAE, how many days of a tax year have you spent in the country you are leaving before you can avoid being a tax resident in that year? A potential second emigration is that of your business. This occurs if you seek to close the existing one and open it in the UAE. That will likely be deemed a sale. Sometimes the old business continues, there might be employees and certain customers who refuse to move, while a carbon copy is set up in the UAE. It's inevitable that some trading among the entities, management and operational staff will be shared and you have to now prove that transactions are being conducted at arm's length plus a connected party operating in two jurisdictions. This can be very messy. Get help.
