do i pay us tax on us profits, page-7

Rob

You pay tax on profits generated in that country - 'generated'. So if you live and work in that Country you pay tax in that Country. If you have a company or home that generates an income in your home country then you will most likely be required to pay taxes in your home country on this portion of your income - however there are ways to work this out no doubt.

If you come home permanently you make an annual tax declaration to ATO pr IRS- if this includes income from Asian residency income for part of that year and you paid Asian tax threshold at the time on those earnings generated in Asia - then you may be required to pay the difference in the tax threshold (most likely) so either to ATO or IRS depending on your home country. If tax threshold is more in Asia than your country of residency then you get a refund from the ATO or IRS! (Not likely)

No such thing as tax-free status unless you are below a threshold or hiding in the Caymans using gold and cash as a means of living among other things....

NO - correct if you make money in any currency or from any means but it is generated from your place of residence at that time so long as it is legit residency - if that be Asia then that is where it is generated from and that is where you pay tax (until you return home and need to make a declaration for that year) If you were talking about a company that is set up in your home country and earning income then the profits it generates need to be paid to its country/place of incorporation unless foreign exempt.

If you are earning big dollars or likely to suggest you set up shelf company if you have not already unless personal taxes are more beneficial than company - where you currently reside.

Hope this helps a bit.

Cheers

Moved from the "United States" forum. Original message number: 538