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[Offshore Tax ] Are foreign pensions taxable in the Philippines?

The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines.
Tax rates on aliens' income, resident or not, depending on the nature of their income (i.e., compensation income, income subject to final tax, or other income).

TIMESTAMPS:
0:00 INTRO
0:10 Foreign pension taxes in the Philippines
1:12 OUTRO


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[Offshore Tax ] Are foreign pensions taxable in the Philippines?

The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines.
Tax rates on aliens' income, resident or not, depending on the nature of their income (i.e., compensation income, income subject to final tax, or other income).

TIMESTAMPS:
0:00 INTRO
0:10 Foreign pension taxes in the Philippines
1:12 OUTRO


----------------------------------------------

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#foreignpension #philippines #taxesPhilippines #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LlBEOTF2azBmVm9V

[Offshore Tax ] Are foreign pensions taxable in the Philippines?

4 hours ago

[ Offshore Tax ] How are foreign pensions treated in Spain vs  Portugal?

In Spain, Pensions understood as remunerations that have their cause in a job previously exercised, have different treatment depending on whether they are public or private.
โ€ข Public pension (article 21.2 CDI): a public pension is understood to be one that is received by virtue of previous public employment or received for services rendered to a State, to one of its political subdivisions, or to a local entity. For example, the pension received by an official. Its treatment is:
1. In general, public pensions will only be taxed in the United States. In Spain, they would be exempt, although exemption would be applied progressively. This means that if the taxpayer were obliged to file a return for obtaining other income, the amount of the exempt pension would be taken into account to calculate the tax applicable to the remaining income.
2. However, if the beneficiary of the public pension is a resident of Spain and has Spanish nationality, the pensions mentioned above would only be taxed in Spain.

TIMESTAMPS:
0:00 INTRO
0:20 Foreign pensions taxes in Portugal
2:30 Foreign pensions taxes in Spain
4:20 ROTH IRS taxes in Spain
6:38 OUTRO


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#foreignpension #spain #portugal #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

[ Offshore Tax ] How are foreign pensions treated in Spain vs Portugal?

In Spain, Pensions understood as remunerations that have their cause in a job previously exercised, have different treatment depending on whether they are public or private.
โ€ข Public pension (article 21.2 CDI): a public pension is understood to be one that is received by virtue of previous public employment or received for services rendered to a State, to one of its political subdivisions, or to a local entity. For example, the pension received by an official. Its treatment is:
1. In general, public pensions will only be taxed in the United States. In Spain, they would be exempt, although exemption would be applied progressively. This means that if the taxpayer were obliged to file a return for obtaining other income, the amount of the exempt pension would be taken into account to calculate the tax applicable to the remaining income.
2. However, if the beneficiary of the public pension is a resident of Spain and has Spanish nationality, the pensions mentioned above would only be taxed in Spain.

TIMESTAMPS:
0:00 INTRO
0:20 Foreign pensions taxes in Portugal
2:30 Foreign pensions taxes in Spain
4:20 ROTH IRS taxes in Spain
6:38 OUTRO


----------------------------------------------

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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LlRzVy00SUZFSjE0

[ Offshore Tax ] How are foreign pensions treated in Spain vs Portugal?

20 hours ago

[ Offshore tax ] Do Singapore and Malaysia really have a territorial tax system?

Generally, gains are taxable when employees exercise the share options. This is the case even if the employee has ended his employment with the employer or if the employee has been posted overseas and is no longer employed in Singapore. For an employee who is not a Singaporean Citizen, a โ€œdeemed exerciseโ€ rule is applied when the employee is no longer employed in Singapore so that tax is payable at that time.

TIMESTAMPS:
0:00 INTRO
0:20 Territorial tax system in Malaysia
4:00 Taxes for companies in Malaysia
6:00 Territorial tax system in Singapore
9:00 Taxes in Singapore for online sellers
10:00 Management and principles for taxes in Singapore
10:37 OUTRO

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DERREN JOSEPH:
As well. Both Malaysia and Singapore are described as having a territorial tax system, but this is not technically 100% true in that there are circumstances generally speaking where foreign derived and can be subject to tax comments. And let's start with Ravi. Ravi, what are your comments on that? Especially Malaysia's had some, quite a few changes as I understand in recent times, territory tax, Malaysia?


RAVI NARANASAMY:
Yes, there it's all you're saying is, is absolutely correct. Okay. There's been a lot of income cases in the past where income has been disputing the income permit back to Malaysia, whether it is a simulation source or o c source, there have been a lot of cases in the court cases running all these years. Most of cases income tax tends to lose the cases technically because there is no, how you say, clear guideline in the act to put a line saying this is you can fulfill this condition, there's no tax if you don't fulfill, it'll be tax in Malaysia. So there's no, it's always been a gray area. So saying that also taxpayer has been taking opportunities, I can say that also bringing money into Malaysia without paying tax in overseas. Also, that means they don't pay in tax in overseas and don't pay in Malaysia. So as far as concern over here, the law doesn't say anything that it is not tax osis, it should be tax Malaysia. It doesn't say that. So taxpayer has been taking this as an advantage at their point. So always court case goes, and all these things come. So the point, the income tax will look at it is where the word did, the job is done, and where is concluded. All these tests they will do before they conclude. Okay. So all these things are happening technically. So since this thing has been a great area in context, saying this is a big issue and big, a lot of revenue being missile or lost for the government cause of this shortfall in the rulings. So they have changed their senses. First January 2020, 22 OCS income limited back to Malaysia is taxable in Malaysia is taxable based on receive basis. Okay. So, however, once they came out with this ruling, there's a lot of who has the taxpayers and the general business community on this. So after that they are, they give some concession and they, they give some relaxation. One of them is for the first six-month period from January until June, whatever amount remitted to Malaysia will be taxed at 3%. 

#taxsystem #malaysia #singapore #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

[ Offshore tax ] Do Singapore and Malaysia really have a territorial tax system?

Generally, gains are taxable when employees exercise the share options. This is the case even if the employee has ended his employment with the employer or if the employee has been posted overseas and is no longer employed in Singapore. For an employee who is not a Singaporean Citizen, a โ€œdeemed exerciseโ€ rule is applied when the employee is no longer employed in Singapore so that tax is payable at that time.

TIMESTAMPS:
0:00 INTRO
0:20 Territorial tax system in Malaysia
4:00 Taxes for companies in Malaysia
6:00 Territorial tax system in Singapore
9:00 Taxes in Singapore for online sellers
10:00 Management and principles for taxes in Singapore
10:37 OUTRO

----------------------------------------------

OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world.

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--------------------------------------------------
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https://youtu.be/aec2se0x_cs
https://youtu.be/yKIQ78azSA8
https://youtu.be/pBvgddn4VQ4
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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LkJlM3pwbTlhbnRR

[ Offshore tax ] Do Singapore and Malaysia really have a territorial tax system?

March 24, 2023 12:31 pm

[ Offshore Tax ] Can Foreigners form companies in the Philippines?

A One-Person Corporation (OPC) is a corporation with a single stockholder who can be a natural person, trust, or estate. It offers full control of a sole proprietorship and the limited liability of a corporation.
Unlike a regular corporation that needs at least four other incorporators or the existence of a Board of Directors, OPCs need only a single stockholderโ€”i.e., the owner who will act as the president and sole director of the company.
The removal of this requirement is a game-changer.

TIMESTAMPS:
0:00 INTRO
0:10 Foreigners forming a company in the Philippines
1:00 Process of forming a company in the Philippines for foreigners
5:00 Requirements for registration on SEC in the Philippines
8:00 Philippines has special economic substances
8:44 OUTRO

----------------------------------------------

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--------------------------------------------------
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DERREN JOSEPH:
Of course, you know, people move to the Philippines and some of them might be quite entrepreneurial. Right. And they see a business opportunity in the Philippines, generally speaking, can of far enough former company in the Philippines.

ALELI GLORIOSO:
I think MS has prepared, can she?

DERREN JOSEPH:
Absolutely. Lemme just,

ALELI GLORIOSO:
Okay,

DERREN JOSEPH:
Thank you. Go for it. Dazzles.

ALELI GLORIOSO:
Yes. It can be one person, a corporation, or a foreign corporation. But this representative of

DERREN JOSEPH:
Yes.

ALELI GLORIOSO:
Representative of yes. Or the, the branch office's regional operating headquarters or the regional area headquarters.

DERREN JOSEPH:
Okay, great. And, especially that one-person company is a, relatively new development in the Philippines right Before that.

ALELI GLORIOSO:
Yes. I will discuss it. Yeah.

DERREN JOSEPH:
Oh yeah. Could you, could you talk us through the process of forming a company then as, as we're on it? Let's just, I know there are a lot of options. Let's stick with the one-person company. Could you walk us through, what that involves, please?

ALELI GLORIOSO:
One personal corporation is a business entity with just one stockholder. The single stockholder is also a director and a president of the company. We have a branch office, representative office, and regional operating headquarters for foreign corporations. So one person corporation I mentioned earlier, has a single, single stockholder or director and president within 15 from the certificate incorporation, the pressure, and another officer must be appointed. And the no and alternate no can take the management as a director or president appointed or incapacity of who can or one person corporation. It's a natural operation for foreign foreigners who wanted to invest in the Philippines with limitations in areas of investment especially, or completely restricted from foreign involvement as specified in the foreign investment negative list. So who cannot form or allow this non-bank financial institution to trust insurance companies, public companies, government control corporations, exercise for purpose, exercising his profession? What are the other features of an of p c oil one corporation? It has a limited liability of direct obligation. Any personal or external asset is separate from the entity. 

#PhilippinesTaxes #ForeignCompanyPhilippines #philippines #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

[ Offshore Tax ] Can Foreigners form companies in the Philippines?

A One-Person Corporation (OPC) is a corporation with a single stockholder who can be a natural person, trust, or estate. It offers full control of a sole proprietorship and the limited liability of a corporation.
Unlike a regular corporation that needs at least four other incorporators or the existence of a Board of Directors, OPCs need only a single stockholderโ€”i.e., the owner who will act as the president and sole director of the company.
The removal of this requirement is a game-changer.

TIMESTAMPS:
0:00 INTRO
0:10 Foreigners forming a company in the Philippines
1:00 Process of forming a company in the Philippines for foreigners
5:00 Requirements for registration on SEC in the Philippines
8:00 Philippines has special economic substances
8:44 OUTRO

----------------------------------------------

OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world.

SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
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https://youtu.be/aec2se0x_cs
https://youtu.be/yKIQ78azSA8
https://youtu.be/pBvgddn4VQ4
--------------------------------------------------
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--------------------------------------------------
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#PhilippinesTaxes #ForeignCompanyPhilippines #philippines #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LkFJSWU1RjZmQlI0

[ Offshore Tax ] Can Foreigners form companies in the Philippines?

March 23, 2023 10:00 am

[ Offshore Tax ] Split Year Tax Planning in Portugal vs  Spain. 

The 2015 Tax Reform broadened the criteria for tax residence in Portugal. As a result, tax residents in Portugal are those who:
Stay in Portugal for more than 183 days (consecutively or not) during any 12-month period commencing or ending in that year (and not only between January 1 and December 3 1 of the fiscal year in question).
Having remained less than 183 days, with housing that permits them to be regarded as ordinarily residents of Portugal at any time during the period referred (not just as of December 31 of each year).
On the other hand, the possibility was introduced that taxable persons could be considered tax residents during a split tax year. According to the Portuguese Tax Authorities ("AT"), split-year residence allows the taxpayer to be a resident in Portugal for only part of the year, as long as he/she remains more than 183 days, consecutive or not, in any 12-month period. The taxpayer will also be considered a tax resident if, having remained for a period of time of fewer than 183 days, he/she has available housing in conditions considered as a primary residence. Once these conditions are met, the taxpayer is considered to be a fiscal resident in Portugal as of the 1st day of the stay.

TIMESTAMPS:
0:00 INTRO
0:10 Split tax planning in Spain
2:23 Coming to Spain on a normal or nomad visa
4:25 Split tax planning in Portugal
5:31 Importance of tax registration in Portugal
6:00 Nomad visa application in Spain
6:37 OUTRO


----------------------------------------------

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--------------------------------------------------
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DERREN JOSEPH:
Under some regimes, depending on when you enter the country and become tax resident, it may be possible to, to split the year between the time that before you arrived, let's say in Spain or Portugal. And since you arrived in Spain and Portugal during the calendar year. So I'll, I'll start with you Ricky, in Spain, is it possible to get that sort of split year treatment or the US we call it a dual status treatment, or does it, it doesn't exist once you trigger tax residency you all in for the entire calendar year?

RICKY GUTIERREZ BECKER:
Yes. So basically how it works, it's, with this point we basically move to the, to the first one, we would go to the, to the three criteria and we would check whether you are considered Spanish tax resident or not. Normally, whenever people wanna move to Spain, we actually recommend them in order to avoid being tax resident that year that they are moving, we normally recommend coming the second part of the year. So let's say from July forward, this way these people can avoid becoming tax resident that year. Yeah, that's something that we recommend and it also gives us an advantage to do things like some tax planning. You just have one more year to, to plan everything, everything better and, and to give the best advice to the potential client.

DERREN JOSEPH:
But having said that, so that deals with the first criteria, but the second two, so like if you come in August or September, but then your center of life becomes Spain, wouldn't that still trigger, is that a sort of gray area?

#taxplanning #spain #portugal #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

[ Offshore Tax ] Split Year Tax Planning in Portugal vs Spain.

The 2015 Tax Reform broadened the criteria for tax residence in Portugal. As a result, tax residents in Portugal are those who:
Stay in Portugal for more than 183 days (consecutively or not) during any 12-month period commencing or ending in that year (and not only between January 1 and December 3 1 of the fiscal year in question).
Having remained less than 183 days, with housing that permits them to be regarded as ordinarily residents of Portugal at any time during the period referred (not just as of December 31 of each year).
On the other hand, the possibility was introduced that taxable persons could be considered tax residents during a split tax year. According to the Portuguese Tax Authorities ("AT"), split-year residence allows the taxpayer to be a resident in Portugal for only part of the year, as long as he/she remains more than 183 days, consecutive or not, in any 12-month period. The taxpayer will also be considered a tax resident if, having remained for a period of time of fewer than 183 days, he/she has available housing in conditions considered as a primary residence. Once these conditions are met, the taxpayer is considered to be a fiscal resident in Portugal as of the 1st day of the stay.

TIMESTAMPS:
0:00 INTRO
0:10 Split tax planning in Spain
2:23 Coming to Spain on a normal or nomad visa
4:25 Split tax planning in Portugal
5:31 Importance of tax registration in Portugal
6:00 Nomad visa application in Spain
6:37 OUTRO


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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13LjQ0ZVdIX0Rkek5Z

[ Offshore Tax ] Split Year Tax Planning in Portugal vs Spain.

March 22, 2023 12:29 pm

[ Offshore Tax ] What's the lowest possible corporate tax rate in Singapore and Malaysia?

Singapore's Tax on corporate income has a flat rate of 17. In Malaysia, it is 24%. But both countries have options that may allow for lower effective tax rates depending on your situation.

TIMESTAMPS:
0:00 INTRO
0:12 Corporate Tax Rate in Singapore
2:11 Corporate Tax Rate in Malaysia
7:35 OUTRO

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DERREN JOSEPH:
What is the corporate tax rate in Singapore, but how could it be modified? What opportunities are there for reducing that rate?

BOON YIP YEE:
Okay, so the headline taxes are 17%, so I, I don't think that would get any lower, is considered quite low in the region. So I don't think the government will get any lower. But in Singapore you have something called tax exemption. So effectively I would say most of the companies, most of the SME would not hit 17%, would not hit 17%. So it can be as low as, I think it's, lemme check, it's as low as effectively, it's 4.5%. Yeah. So it's really low. So you're talking about if you have a hundred thousand of chargeable income, you're talking 5% of tax effectively.

DERREN JOSEPH:
How does that work? I mean, not, not in detail, but how is it that it has come all the way down from 17 to 4?

BOON YIP YEE:
Yeah, so they have something like a relief. Okay. So if you had that relief taken away, so effectively you are paying a smaller amount of tax, so that 4 to 5%.

DERREN JOSEPH:
Right. And is there a threshold, you mentioned SME, so your turnover has to be below what? Income?

BOON YIP YEE:
Oh no, it doesn't track by turnover. So as long as you have chargeable income, you get tax-exempt on a certain level.

DERREN JOSEPH:
Right. So charitable income is up to a hundred thousand.

BOON YIP YEE:
Yes. Lemme see if I'm not mistaken, hundred thousand. You get some, you get 50% off, hundred thousand, something like that. But I don't remember quite correctly.

DERREN JOSEPH:
Okay. So, and, and just to be clear again, for those who may be listening, when we say chargeable income, we mean taxable income, so earnings after expenses. 

BOON YIP YEE:
Correct. 

DERREN JOSEPH:
Okay, gotcha, gotcha. Okay. So 4% sounds pretty attractive. Malaysia, Ravi?

RAVINDRAN NARAYANASAMY:
Yeah. Okay. For Malaysia, the corporate tax, there are two tiers. One is for non-SME companies. Non-SME companies are basically, they're paid up. Capital is less than 2.5 million. Okay. For less than 2.5 million. For the first 600k, the tax rate is 17%, the rest of it will fall by 24%. For non-SMEs, a better 2.5 or whatever income they receive is at flat. 24% technically so,

DERREN JOSEPH:
I'm waiting for the, but, but, but there's LAB one, right?

#corporatetax #singaporevsmalaysia #lowtaxes #HTJpodcast #internationaltax #taxplanning #taxes #internationalbusiness #offshore #expats #investors #offshorecitizen #nomadcapitalist #flagtheory #InternationalEntrepreneur #irs #offshorebanking #ibc #offshorecompany

[ Offshore Tax ] What's the lowest possible corporate tax rate in Singapore and Malaysia?

Singapore's Tax on corporate income has a flat rate of 17. In Malaysia, it is 24%. But both countries have options that may allow for lower effective tax rates depending on your situation.

TIMESTAMPS:
0:00 INTRO
0:12 Corporate Tax Rate in Singapore
2:11 Corporate Tax Rate in Malaysia
7:35 OUTRO

----------------------------------------------

OUR CHANNEL OFFERS:
- Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth.
- Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world.

SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION:
https://www.youtube.com/c/TaxesforInternationalEntrepreneursandExpats?sub_confirmation=1
--------------------------------------------------
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https://youtu.be/aec2se0x_cs
https://youtu.be/yKIQ78azSA8
https://youtu.be/pBvgddn4VQ4
--------------------------------------------------
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--------------------------------------------------
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YouTube Video VVVRTDRWUGxzSTJKZXdnSHpyeG82SE13Lm1VVkZoZWF5VU5R

[ Offshore Tax ] What's the lowest possible corporate tax rate in Singapore and Malaysia?

March 21, 2023 6:34 pm