Could I have Tax implications for profit made aboad?

drew · Apprentice Joined: 18 Oct 2004 Posts: 16

I have recently been thinking about starting a new business. It will be my first company, and I will be in retail business. I really do not have too much experience and I would like to know could I have tax implications for profit made abroad. If anyone could give me any advice on how to set up something like that, I would appreciate.

kendrick · Apprentice Joined: 07 Oct 2008 Posts: 5

When it comes to income tax, the usual tax you need to pay really depends on the amount of your income, and not on where you have made it. On the other hand one difference between an income earned domestically and the income made abroad is under which tax laws you fall under. Not everywhere are the tax laws the same, so you need to be very careful and inform yourself about how much money you need to pay, or the penalties can be pretty severe. Of course, if your company is still domestic, but only earns money abroad, you fall under the tax laws here. I hope everything will work out all right. Best of luck.