apart from the known 21% tax which is chargeable on tourist accommodation (and of which 10% is payable directly to the Gov't) are there additional taxes which are deemed compulsory for those who derive income from villa and/or small hotel operations? (i.e. corporation tax).
I appreciate it is a complex question, but I am under the impression that it is at the discretion of the directors of a company (whether that be PT or PMA) regarding the assignment of income towards directors in the business. Naturally that means personal income tax relates to the nationality or domicle of the directors BUT is there anything to stop a foreigner owner extracting most of the profits and paying the relevant tax back in their own country when they repatriate those monies?
I am aware of some businesses who effectively run a zero balance sheet for company profits once directors are paid meaning that limited taxes are paid in terms of PT company tax.
Any help or guidance would be appreciated.
I appreciate it is a complex question, but I am under the impression that it is at the discretion of the directors of a company (whether that be PT or PMA) regarding the assignment of income towards directors in the business. Naturally that means personal income tax relates to the nationality or domicle of the directors BUT is there anything to stop a foreigner owner extracting most of the profits and paying the relevant tax back in their own country when they repatriate those monies?
I am aware of some businesses who effectively run a zero balance sheet for company profits once directors are paid meaning that limited taxes are paid in terms of PT company tax.
Any help or guidance would be appreciated.