Networth
Expats beware: Your taxman never sleeps
- Published: 3 Feb 2013 at 00.00
- Newspaper section: Spectrum
Taxation rules for expats are becoming more complicated as their home governments make increased efforts to raise revenue and improve tax compliance. If governments had acted in the same manner as financially prudent individuals, we might not have landed in the mess we have been facing for the past few years.
When we run into financial difficulties at home we keep a close eye on our income and expenditures, making sure we do not spend more than we receive. As a result we either increase income or reduce expenditures, and sometimes we do both.
In a practical sense this may mean getting a second job or perhaps even starting a little business in addition to our full-time occupation. It could also mean expanding and generating further revenue from an existing business. We also attempt to reduce unnecessary expenditures, perhaps by having fewer nights out or cutting down on "luxuries" such as meals in expensive restaurants or weekend trips.
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