Browsing: tax

Why businesses overpay tax in emerging markets and how to avoiFor UK businesses expanding into emerging markets, the prospect of growth can be very appealing. But that promise often comes with hidden costs, especially in tax. Without careful planning, misunderstandings of local rules, double taxation issues, and weak transfer pricing policies can eat into profits. Here, we explore the most common reasons companies overpay tax abroad and a clear roadmap to help avoid those pitfalls. 1.   Navigating Complex International Tax Rules Emerging markets often have tax regimes that evolve quickly, with shifting legislation, sometimes opaque regulations, and diverse local practices.…

Iceland, renowned as the Land of Fire and Ice and a burgeoning global tourist hotspot, has reintroduced its tourist tax for the year 2024. The tax, which was temporarily suspended during the pandemic, came back into effect on January 1, 2024, aiming to regulate the environmental impact of tourism in the country. Every tourist visiting Iceland will be subject to this tax, and the amount varies based on the type of accommodation or holiday style chosen. For hotels and guesthouses, the tax stands at ISK 600 (£3.46), campsites and mobile homes incur a charge of ISK 300 (£1.73), and cruise…