What You Must Know About The Latest Argentine Ifrs Update

Expanding your business into the Argentina market has tremendous potential

, and the only way to know if your business is ready is by doing a meticulous market research. Companies doing business in Argentina, which has recently adopted the International Financial Reporting Standard (IFRS), must now comply with the new requirements for information reporting and tax base calculation.

The recently-released general resolution 3363 states that taxpayers subject to the IFRS and technical regulations (FACPCE - Federacin Argentina de Consejos Profesionales de Ciencias Econmicas) 26 and 29 must present the new information to the tax authorities (Administracin Federal de Ingresos Pblicos). The information required is for tax years ending on or after June 30, 2012.

Taxpayers must provide the new documents in the month that follows the due date for filing the tax returns. However, certain exceptions are available for small and medium enterprises (SMEs). The new regulations also contain provisions for how to calculate the tax base for income, minimum presumed income, and personal property tax.

Expanding internationally with expert assistance

When doing business in Argentina problems regarding local bureaucracy and the proverbial slowness of the business procedures can also arise. Making hurried and uninformed decisions can spell disaster for your business. It is, however, not easy to gain a complete understanding of the laws of another country. To ensure a smooth transition, you need the guidance of a professional who can help you follow the legal norms and fulfill all compliance regulations in your companys international expansion.

A reliable partner, with plenty of experience to guide you ahead is the best option when doing business overseas. An expert business consultant provides the required assistance on areas like HR, tax equalization expat, eu vat rules, international accounting, to make your international business project a successful one.

The South Korean government has announced changes to its tax laws that would increase tax rates for both large businesses operating in the country and employees. The new law changes are expected to increase South Korean tax revenues by KRW 1.8 Trillion and raising taxes on capital gains and tax rates.

Chinese tax authorities have clarified the Corporate Income Tax (CTI) treatment of equity incentive compensation plans (EICP) taking effect from 1 July, 2012. The recent clarification dealing with executive compensations is likely to improve the chances of business expansion in China and develop the countrys securities market.

Starting a new business venture in a new country always involves striking the correct balance between cost and risk. Companies may incur losses or face unanticipated costs, if the start up period of a business in a new country is unexpectedly delayed.

The tax authorities of Denmark have proposed reforms to indirect taxes which are likely to take effect in 2013. The draft law which is subject to the Parliaments approval will also avoid erosion of tax base by providing for indexation of tonnage tax based on inflation and wages.

by: brianwarren

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