Legal and tax formalities: Everything you need to know

• October 14, 2024
• Alejandro Postigo
• no comments

In today’s globalised world, businesses and individuals with assets or rights abroad must comply with various legal and tax obligations. It’s not just about managing these assets properly but also ensuring that formalities are handled according to current regulations. At MJ Consulting, we offer a comprehensive service for managing legal and tax formalities, ensuring our clients meet their obligations, avoid penalties, and optimise their tax situation.

What does the legal and tax formalities service include?

Our legal and tax formalities service is designed to assist clients at every stage of the process. The areas we cover include:

Declaration of assets and rights abroad. If you own properties, bank accounts, shares, or any other type of asset outside your country of residence, it is essential that you declare these assets to the tax authorities. This obligation varies depending on the jurisdiction, but it’s crucial for avoiding penalties and ensuring compliance with regulations.

Management of administrative procedures: We understand that dealing with tax and legal authorities can be complex and exhausting. Our specialised team handles all the necessary paperwork, ensuring everything is in order. That’s how our clients can focus on their core activities without worrying about these procedures.

Submission of appeals and claims. In the event that tax authorities initiate a procedure against you, whether due to discrepancies in your declaration or any other reason, our expert team is here to defend your interests. We assist with the submission of appeals and claims before the relevant authorities. We maximise the chances of success and minimising risks.

Why is it important to declare assets and rights abroad?

Many countries have implemented stricter measures regarding the declaration of foreign assets as part of the global fight against tax evasion. Failing to comply with these obligations can have serious consequences:

Fines and economic penalties. Omitting the declaration of foreign assets can result in severe fines. In some cases it may represent a significant percentage of the value of undeclared assets.

Tax investigations. Non-compliance with regulations can trigger audits and other investigations. It can affect the reputation and financial performance of a business or individual.

Loss of tax benefits. In some cases, correctly declaring foreign assets can help take advantage of double taxation agreements or other tax benefits between countries.

At MJ Consulting, we help you fulfil this obligation efficiently and without hassle. We ensure that your tax situation is always in order.

How do we handle appeals and claims?

When discrepancies arise with tax authorities, it’s essential to have a team that knows how to manage the situation. At MJ Consulting, we take care of submitting the necessary appeals and claims, presenting solid arguments and leveraging our experience to protect our clients’ rights. The process includes:

Detailed case analysis: We thoroughly review the tax authority’s notice to identify defence points and opportunities for tax optimisation.

Preparation and submission of appeals: We draft the necessary documents and legal arguments to appeal the tax authority’s decisions.

Ongoing support: Throughout the process, we provide continuous assistance, keeping our clients informed of every development and resolution.

Who is this service aimed at?

This service is ideal for:

• Businesses with international operations: If your business operates in multiple countries or holds assets abroad, you need a team that can manage all tax and legal formalities effectively to avoid issues in different jurisdictions.
• Individuals with assets abroad: Properties, bank accounts, or investments outside your country are also subject to specific regulations that you must comply with.
• Expats: Residents abroad or expatriates must ensure they declare their assets and rights correctly in both their country of origin and their current country of residence.

At MJ Consulting, we are committed to providing a legal and tax formalities service that not only simplifies the process but also ensures compliance with current regulations. Our team of experts is ready to advise you and help manage the declaration of foreign assets, the submission of appeals, and the management of administrative procedures, ensuring you are always in full compliance.

If you would like more information or have any questions, please don’t hesitate to contact us. We invite you to follow us on our social media.