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MarketwireFRANKFURT,GERMANY(November28,2011)Meantimewire
BenefitaxGermancharteredaccountantsinFrankfurtamMain,warnsagainsttypicalmistakeswhenoperatingasubsidiaryinGermany.
Investorsoftenwanttoappointnon-GermanemployeesorshareholdersasmanagersinGermany.Whilethisispossible,itcanmaketheGermancompanyliablefortaxabroad.
InsofarasforeignmanagerswanttoliveinGermany,theymustreceiveasufficientsalaryfromtheGermancompanytoaffordanadequateli
festyleinGermany.ThemanagementsalaryinadevelopingcountrymaybeconsideredtoolowinGermany.
OliverBiernat,partneratBenefitax,hasthisadvice:"Forbusinesstrips,employeesshouldberequiredviaatravelcostguidelinetokeepre
cordsfortheirtrip.Onlythencanthecostofmealsbepaidouttax-freeuptocertainlimits."Non-
cashbenefitssuchastheprivateuseofcompanycars,companyhousing,giftsandincentivesarewhereapplicablesubjecttopayrolltaxan
dcontributionstothesocialsecuritycarriers.Whiletheemployercanassumethetax,thisisverycostlyasarule.
CorporationsoftenwanttohandlebookkeepingfortheGermancompanyusingtheirsoftwareintheirowncountry.Thisisproblematicifthe
clerkdoesnotspeakGermanandisnotfamiliarwithGermancommercialand/ortaxlaw.IFRSandforeignlawarenotrecognizedinGermany.
Thefiscalauthoritiescanconductauditsatanytime.AlloriginalvouchersmustbestoredinGermanyandpresentedatshortnotice.Thefi
scalauthoritiescanalsodemandallmaterialcontractstobesubmittedintheGermanlanguageoranotarizedGermantranslation.Thisisw
hytaxexpertBiernatrecommendsbookkeepinginGermanywithmonthlyreportingtotheparentcompany.
Allcorporationsmustpreparebooks,financialstatementsinGermanandsubmittaxreturns.Largerandnewlyfoundedcompanieshavet
osubmitaprovisionalVATreturnswithintendaysaftermonth-
end.Inadditiontocommercialfinancialstatements,deviatingtaxstatementstoassessthetaxbaseareusuallyrequired.Anobligationtoh
avethefinancialstatementsauditedonlyexistsiftwoofthefollowingthreecriteriaaremetontwosubsequentfinancialstatementdates:sal
esrevenuesinexcessofEUR9.68million,totalassetsinexcessofEUR4.84millionorover50employees.
Formoreinformationandtoorderour"LawandTaxGuide",visit:
www.benefitax.com.Tobecontinued.
BenefitaxisataxconsultingandpublicauditcompanyinFrankfurt,Germany,focussingonfinancialadministrationofforeignowned
Germanentitiesandinternationaltaxation.
Contact:
BenefitaxGmbH
Attn.Mr.OliverBiernat
ManagingPartner
Phone:+49(0)69-25622760
E-Mail:info@benefitax.com
Internet:www.benefitax.com