Internationally mobile private clients are exposed to tax filing and reporting requirements in multiple jurisdictions. In the current legislative environment administration of the individual’s tax and compliance matters requires time, effort, and knowledge, as well as continuous attention and control on the side of a taxpayer. Outsourcing to professionals ensures meeting one’s reporting obligations and helps to minimize possible mistakes and liability for improper compliance actions. MP Part range of services in compliance area include:
01 Liability assessment
Diagnostic health check to assess tax and reporting liabilities, define the areas of concern and develop a compliance action plan.
Assistance in preparation and filing of personal tax returns.
02 Private tax returns
Assistance in preparation and audit (where necessary) of the financial statements of the closely held asset holding and investment entities.
03 Financial accounting
Assistance and supervision of the on-going actions in line with the accepted compliance strategy, compiling and maintenance of the personal KYC file.
04 AML compliance
Assessing reporting requirements in the area of international exchange of information and ultimate beneficial owner reporting, coordinating requests from the banking and financial institutions.
05 CRS/UBO reporting
Ensuring compliance with the economic substance reporting where applicable.
06 Economic substance