To ensure that a business is operating lawfully, adhering to good practices, and not violating the principles of a fair market, governments worldwide have various controls and reporting requirements in place. Financial reporting is a crucial piece of that puzzle, and it allows governments to keep track of the financial activities of businesses operating within their countries. Thanks to globalization and individual businesses operating in multiple countries, financial reporting compliance has become more sophisticated and complex.

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What Is Tax Compliance?

For a business, tax compliance is complying with the taxation requirement of the country in which you are operating. The primary components of tax compliance are:

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Canada is one of the easiest countries to start a business, especially if you are planning to emigrate there. But even if you don’t move and simply wish to form a company in Canada, you have several options at your disposal.

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When you are expanding into global markets, one of the first things you need to look into is the tax system. From withholding tax laws for payroll to service taxes, there are several taxation requirements you must fulfill in order to operate in a new country.

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Payroll teams are usually overwhelmed by global payroll due to keeping up with local regulations, lack of reporting, and no control over the monthly process. In order to manage payroll effectively in any country, access to information is the key to success. If you don’t have the tools and reporting to view payroll in real-time, things can quickly get out of control.

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Singapore payroll guidelines and regulations are relatively transparent when compared with that of neighboring countries. However, managing and understanding Singapore payroll can still be difficult, especially for small to mid-sized Singapore companies trying to process payroll in-house when there is limited manpower.

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The phrase “you don’t know what you don’t know” is usually not used in global payroll conversations – but what if “what you don’t know” is hurting your business and bottom line?

Payroll reporting in the US is pretty straightforward – you can easily view what you’ve paid employees and it’s all in US dollars. But what happens when you are managing employees in multiple countries and currencies?

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If you look at all of the components of managing a global business at once, you can quickly be overwhelmed with the logistics, plans, and compliance issues. With the right research and tools, your global operations can easily run smoothly within the local in-country requirements.

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