By Cody Smith, Director, Advisory Services, High Street Partners
Is your business delivering electronic content to consumers worldwide? The global market for digital media is booming, and products traditionally sold in tangible formats—music, books, movies—are readily available as instantaneous downloads, straight to a consumer’s device of choice.
But as companies switch from in-hand goods to downloadable materials, a new liability comes into play. Value-added tax (VAT), traditionally the burden of the end consumer of goods sold internationally, becomes an obligation for businesses delivering electronic content. Read on to learn more about where VAT comes into play and if your company is on the hook.
It’s not just expanding businesses and multinational corporations that face immigration problems. Russia is cracking down on work permit compliance and no one, not even music groups, is immune. Learn more about this situation and the complexity around Russian immigration in a post from our President Larry Harding.
Whether it is your company’s first endeavor into international expansion, or it is the tenth time you have setup overseas operations, the task of determining what is required of your business in a new country can be overwhelming and time consuming. Just figuring out deadlines and researching where exactly to send documents can make the process of complying with international statutory requirements a major headache.
Though often a commonly cited concern, keeping your international operations compliant in country isn’t just about filing tax returns on time—your statutory obligations begin right when you get on the ground in another country, and can affect various pieces of your business. Here are some key areas to consider how international statutory requirements may impact your company overseas.