Amidst the COVID-19 crisis, globally mobile individual taxpayers, who may have business connections or income accruals in different jurisdictions, are required to critically examine the impact of this unprecedented health emergency on multi-jurisdiction tax, immigration and other related matters. Owing to severe travel restrictions across major countries, it assumes higher significance considering individuals’ extended and unplanned stay in any jurisdiction.
Here’s how business leaders can HALT and review tax and other considerations applicable for globally mobile employees
- Including visa and travel restrictions and validity of existing travel documents
- Including appropriate communications, rolling out new optional tax rate regime, evaluating impact on projects and business performance
- Including impact on employees in remote locations, extended leaves of absence
Tax considerations – individuals as well as employers
- Including unplanned extended stays, residential status, reassessing tax liabilities in different jurisdictions, assisting employees in meeting tax payments and compliances, evaluating taxable presence
- Including identifying pending tax payments and being updated on key announcements made by the government on due dates
Grant Thornton’s Global Mobility Team can assist companies in managing their employees’ tax, social security, immigration and other requirements, both in India and abroad (through our network firms in various jurisdictions) to ensure that the impact on employees is minimised during this period of uncertainty.