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Compensation Types of Expatriate - Term Paper Example

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This paper "Compensation Types of Expatriate" seeks to discuss the different compensation options offered to expatriates as well as what they should expect in those compensation packages. It includes the hidden costs and other living costs that expatriates should consider…
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Compensation Types of Expatriate
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Download file to see previous pages Many companies offer expatriates several compensation options. These compensation options can be in the form of taxes whereby a foreigner working in a particular country can be exempted from taxation. This means that that employee has a compensation option, which is tax, and he or she can choose to be exempted with reference to this option (Froymovich, 2011). In this case, an employee becomes eligible for things like foreign tax exclusions. In addition, he or she can still eligible for extra compensation options that include credits and deductions that help protect the employee from double taxation particularly on the same amount of income he or she generates after a given period. Therefore, it is advisable that if an employee is going to be paying for his or her local taxes, hiring a qualified and eligible international tax expert who can help understand the kind of exclusions and credits an employee can qualify for in that specific country (Aenlle, 1996). For instance, in some countries such as Belgium, temporary international workers have the eligibility to claim for deductions that locals cannot.
In tax preparation, employees tend to include what they commonly refer to as the tax equalization contract in expat packages. In this kind of situation, a company pays for an employees’ international or foreign taxes while the employee essentially pays for taxes in his or her home country as if he is still living in that country (Froymovich, 2011). However, noting that there is a number of pitfalls, in this case, is crucial. An employee can end up owing the company he works for if that company’s accountants calculate the employee’s tax burden and establish it exceeds the total amount of money the employee has in his accounts especially if the employee is an American (Kwoh, 2012).  ...Download file to see next pagesRead More
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