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  • Liberties and freedom in KuwaitDatum20.06.2023 11:05
    Thema von DonaldWalker im Forum Dies ist ein Forum in...

    In terms of political and civil liberties, Kuwait ranks 2nd. Citizens in Kuwait enjoy partial freedom. While the majority of Kuwaiti citizens enjoy some degree of free will, some political engagement may be restricted and certain sections of the population may be deprived of certain freedoms or expressions of opinion. In terms of economic freedom, Kuwait's companies rank third. The citizens of Kuwait are considered to be reasonably free in their economic decisions. The government in this country exercises appreciable control over corporations and other economic activities. Citizens can own property and control certain financial decisions, but in many cases the government can take control of private property for government needs. Kuwait's media ranks third in terms of journalistic freedom. In Kuwait, journalists are allowed to express different opinions, but are only allowed to publish those that are not against the government or state ideology. The government in that country may have its own government-sponsored publications to promote its ideas and beliefs. This is considered a problematic situation.

  • Bank account management toolsDatum17.05.2023 15:23
    Thema von DonaldWalker im Forum Dies ist ein Forum in...

    Whether you have a private bank account or a corporate bank account for your business needs, it is essential to have convenient access to your funds and constant control over your account. However, sometimes you may be too busy to monitor your bank account, or you may be travelling, making your funds inaccessible when you need to make an urgent transfer... Fear not, for there are a number of different account management tools available that allow you to choose and create the most efficient and convenient account management model, no matter where you are.

    The three most common types of tools used to access and manage your bank account are:

    Online banking
    Using a personal banker
    Authorising someone to manage your bank account for you

  • Bookkeeping in the United States Datum09.04.2023 13:04
    Thema von DonaldWalker im Forum Dies ist ein Forum in...

    Bookkeeping is an essential part of the finance profession. It is also an essential part of all accounting systems. The main purpose of accounting and its main function is a systematic recording and recording of financial transactions.

    Typically, accounting refers to a process of measuring, recording, and identifying important economic information used in connection with an organization or other commercial and non-commercial formation to enable users of the information to make informed judgments.

    Goal of efficient accounting
    Accounting helps in the preparation of financial statements and financial data in general. It includes the record keeping aspect of bookkeeping; Therefore, accounting principles can also be applied to bookkeeping. Often information relating to the financial condition of the company is presented on a balance sheet and information about operating results is presented on an income statement. In addition, some data relating to a company's liquidity and changes in the company's financial structure are usually reviewed in a statement of changes in financial condition. Financial statements are needed to provide information about the company's past performance that provides a way to forecast what might happen to that company in the future.

    All of a company's financial data provide the accounting input. These can be salary cards, reports as well as special journals such as sales journal or purchase journal, cash book, bank checks and invoices, where each recorded information or what it is called – transaction is identified in two aspects or dimensions – debit and credit aspect.

    Accountants, auditors and accounting associations
    Usually there is a specific person who manages the accounting in a company. He or she may be professionally referred to as an accountant or accountant. An accountant prepares certain adjustments to record events that are considered transactions already completed related to the company's income, expenses, wages of employees, etc.

    The Accountant position requires an individual capable of preparing financial documents and reports, payroll including taxes and garnishments, processing accounts payable, as well as maintaining day-to-day banking activities and assisting with bank reconciliations while working within the realm of a basic system of Double-entry bookkeeping was invented more than five hundred years ago by a Cistercian monk named Luca Pacioli. All accountants must have the core skills of accounting to be able to work in this professional field.

    There are specific accounting associations that aim to provide support and standards for those working in the accounting industry. In the United States, there are several professional organizations that maintain, develop, and ensure information about accounting standards, such as the National Bookkeepers Association, the National Association of Certified Public Bookkeepers, the American Institute of Professional Bookkeepers, and an Institute of Certified Bookkeepers (ICB). ICB can look back on more than 20 years of professional experience. It was established to raise and raise the standards of accounting around the world.

    Accounting Certification in USA
    In the US, a certified accountant means having an accounting certificate, being a member of the Bookkeepers Association, providing accounting services at a significant level for a period of more than 2 years, and having a proven level of accounting proficiency.

    According to the ICB, accountants' responsibilities include: recognizing what the company is doing and making sure the customer is billed, issuing and then recording that bill, and making sure the customer pays. Accountants are responsible for: tracking all ways a business spends money, collecting cash receipts, monitoring the business ordering system, receiving, checking for validity, scheduling/noting supplier invoices for payment, paying the business's suppliers and collecting payments, paying of employees and recording payment and wage obligations.

    An ICB Code of Conduct has been made available to all ICB Accountants which contains specific rules that may apply to all members of the Institute. Members must comply with the requirements of these rules and any failure to do so constitutes misconduct, the basic principles of which are set out on the ICB website.

  • UAE. as a global business hubDatum27.12.2022 10:07
    Thema von DonaldWalker im Forum Dies ist ein Forum in...

    Before economic development, the United Arab Emirates (UAE) was one of the least developed countries in the world. At present, however, it has reached an income level comparable to that of the economically most developed industrialized nations. The oil revenues have allowed the country to skip different stages of development and focus on mass consumption, leading to savings and capital accumulation necessary for its economic development. The country's authorities have successfully implemented human development policies since the early 1970s, leading to long-term economic development in the UAE that has been followed by industrialization, urbanization and modernization.

    The UAE is not a territory dependent on any other country or government agency, which means it is not subject to EU regulation either. The UAE is not a member of the Organization for Economic Co-operation and Development (OECD) and does not participate in foreign automatic exchange of information. It is famous for its modern offshore legislation that allows for full foreign ownership without the need for a local partner while conducting business in UAE territory. It also has efficient and up-to-date means of communication that can easily handle all business activities in a short time.

    Authorities of the UAE Free Zones
    The UAE has two main offshore authorities, one located in Jebel Ali Free Zone (JAFZA) and the other in Ras Al Khaimah (RAK), and another jurisdiction called Ajman Freezone (AFZA), a free trade zone in Ajman and from seven emirates in the United Arab Emirates. They have been known for shipbuilding and commercial activities in the maritime field in recent decades. Today, however, they are better for their industrial sector. These refer to international business companies that do business internationally and offer business people the opportunity to own property in the UAE that can be further used as a vehicle of trade, as well as to hold bank accounts and other useful commercial options for doing business on a global scale.

    These offshore agencies offer fairly competitive prices, business transparency along with the protection of clients' private data via secured systems and also a dedicated manager who is available all year round. Another feature is that company registration with UAE offshore authorities usually takes around 2 days to be completed, which is another attractive feature for all business people worldwide.

    Benefits of the UAE company
    In general, there are various advantages that can be associated with offshore companies in the UAE, due to which they have had a good reputation over the decades, especially in the last 20-30 years when the UAE and its companies have become one global economies despite having no tax-refugee stigma attached to them. UAE offshore company is also known as international company or non-resident company. First of all, these are anonymity, protection of privacy, lack of an audit, lack of accounting or reporting requirements, lack of obligation to deposit the capital with the bank, lack of a minimum capital requirement. In addition, there is a full tax and duty exemption as well as a full third-party ownership permit. All nominee services are performed by solicitors and another added bonus is that the established offshore company can own property in the UAE.

    Businesses in the UAE conduct rigorous international due diligence to ensure adequate levels of protection and have rigorous risk control procedures in place to prevent unregulated or undesirable elements in doing business. These are the conditions that are suitable for businessmen and entrepreneurs who trade via the Internet, a wide range of traders, expatriates, consultants and consultants who hold intellectual property rights for the custody of real estate or for inheritance purposes.

  • Top royalty jurisdictionsDatum12.11.2022 13:27
    Thema von DonaldWalker im Forum Dies ist ein Forum in...

    Given that within the European Union there are no withholding taxes on IP royalties between member states, we can suggest a number of countries where royalties are particularly advantageous.

    The intellectual property royalties tax regime in Cyprus has changed as a result of the recommendations of the Organization for Economic Co-operation and Development (OECD) Action Report 5 and the Ecofin Council conclusions published on 8 December 2015. Legislation has been changed to limit the companies that can benefit from research and development (R&D) exemptions, but the tax rate in Cyprus is still one of the most favorable in the EU for foreign companies using Cyprus intellectual property want to license -resident companies (intermediaries), where this right is then sub-licensed to the end user. Overall, the effective tax on IP royalty income should be less than 2.5%.

    In 2015 Ireland introduced an effective corporation tax rate of 6.25% on intellectual property income based on an allowance for research and development costs borne by the company. By linking the two components in this way, Irish law encourages companies to conduct R&D directly within the EU - leading to the creation of intellectual property - while discouraging them from acquiring licenses without directly committing to R&D.

    Belgium has introduced a tax system that favors those with income from acquired copyrights. This tax regime can have many different applications and can be used to protect artworks as well as a useful tax break for IT developers. Income from IP rights royalties is taxed at 15%. This income is not taken into account when calculating social security contributions. In addition, these taxes are reduced by 50% for imports due to the application of standard import costs. The first €15,000 that a copyright owner earns in a year is therefore taxed at 7.5%, and the next €15,000 at 11.25%. This tax system applies to people with a total annual income of up to 56,450 euros.

    In general, corporate tax in Luxembourg is 29.22%, but for IP licensing income it can be as low as 5.8%. This is due to an 80% corporate income tax exemption. Interestingly, this exemption also applies to companies that have registered a patent for use in connection with their own business, which then calculate a notional net income as if they had received the licensing income.

    Italy is a larger market compared to the other countries discussed and can be a very attractive place for a company to invest in R&D since 2015 companies have been able to deduct intellectual property income from their taxable income base. The tax deduction was set at 30% in 2015, 40% in 2016 and 50% from 2017. Businesses will therefore enjoy a significant tax rebate by reducing their taxable income.

    Since 2010, IP income has been taxed at only 5% in the Netherlands. Except for patents, there is no income limit. Patent holders can actually have access to this tax regime if their share of the expected revenue is between 30% and 70%, taking into account the total combined revenue from patents and other sources. These rates also apply to foreign companies owning intangible assets or companies that have received research and development accreditation from the Dutch Ministry of Economic Affairs if they are owners of software IP or trade secrets. The only other caveat to this favorable tax regime is that it doesn't apply to marketing and branding-related assets.

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