International Business has evolved in terms of sophistication and taken on a much larger scale. This is a kind of business that needs one to be thoroughly aware of cultural, social and economic developments in the world around them. Operating on an international level is very different to operating on a domestic level. The entire game changes with a new set of rules that need to be followed. The different aspects of International Business have to be followed and developed in order for the business to be a success.
One of the pillars supporting International Business is taxation. The laws regarding tax keeps changing from one country to another. For example, laws in the United States would be different from the one that are followed in India. The various acts are defined by the law of a country that is abided by while conducting the business across boundaries. Tax treaties are one dimension of taxation you need to be aware about.
A tax treaty is an agreement between the two countries that are entering into a business transaction. The treaties can cover aspects like income tax, inheritance taxes, value added taxes and anything else that is agreed between the parties involved. Tax treaties that are drawn are all different depending from country to country, though there are few points that do overlap, some of which are mentioned below.
- The treaty defines the terms on which the taxes are to be covered along with identifying who is a resident and eligible for benefits.
- The amount of tax that is withheld from interest, dividends and royalties paid by a resident of one country to one of the other country is reduced.
- The agreement will determine the conditions in which the income of individuals resident in one country will be taxed in the other country, including salary, self-employment, pension and other income.
- It is also provides terms for exemption of certain types of organizations or individuals
- The frameworks for enforcement and dispute resolution are also provided.
Besides defining the terms and condition of the agreement, the tax treaty also serves the purpose of reducing taxes of one treaty country for residents of the other treaty country in order to reduce double taxation of the same income. The aim of drawing a tax treaty is to reduce double taxation while another aim is to eliminate tax evasion and to encourage cross- border trade efficiently.
Welingkar Distance Learning Program is one such institute that accommodates to fit your needs. But don’t go by what we see, check it out for yourself!
International business has reached new heights and keeps getting stronger in this age and time. There are various factors for this boost, one of which are recent advances in the field of technology. Technology has evolved to such an extent that our simple cell phones are much smarter today. Enthusiastic business minded individuals have created apps that people belonging to the field of international business can greatly benefit from. Given below are some must-have apps for anyone belonging to the international business fraternity.
Doing Business: This is a brilliant app which has resources through which you can compare and get quick facts between various countries. The highlight of the app is that it will not only provide great information that will help you decide how and where to set up an international business but along with this it also provides a context while talking to customers about day-to-day business sales.
Box: Box is a remarkable app that permits and enables you to create, edit and share files. The app is designed in a way that provides an extremely secure backup. Box allows you to collaborate with international partners and the added advantage is that through the app you can pull up any kind of marketing or sales file you might need to conclude the deal.
HKTDC Mobile: Through this app you can access resources and information pertaining to international buyers and vendors. The app deals with several topics, including establishing business connections, high quality sourcing along with international market data.
Skyscanner: Traveling is an important aspect of international business and that is where Skyscanner comes handy. The app allows access to a quick search regarding flights across various airlines. In fact, you can book a ticket through the app itself.
International Business Etiquette: International business makes it necessary to know the etiquette of the country, or you might offend the host without realizing. Plus, knowing their culture will put you on their good side. This International Business Etiquette app is a country-specific guidethat keeps you informed about cultural courtesies, dining customs and more. The app is free for iOS devices, unlike for an Android, but this is one of the must have apps.
Google Translate, GroupMe and Priceline.com are more goods apps to install. Besides these, basic apps like whatsapp, Skype and Google Maps are always a good addition. Installing an app won’t magically turn your business around but, it will certainly smoothen your dealings in international business!
Comprising of sales, investments, logistics and transportation via private or governmental transactions between regions or nations, international business quite literally goes beyond boundaries.
This is a highly complex and imperative field of work that demands people involved to be supremely skilled with innovative minds. Though not as widespread when compared to other courses, International Business is gaining strength. Although all courses have advantages in their own way, but International Business is a notch above.
This need has lead universities to initiate courses in International Business. Welingkar’s Distance Education is one such institute that has recognized the importance of International Business and initiated the course. One of the first things that the course does is enable you to extend your perspectives and think globally. Understanding the elements that make up the course is necessary. Standard business practices like Principles of Management, Financial Accounting and Market Management are the basic part of the course. Human Resource Management, Strategic Management, Innovation Management are also a part of an initial program.
Once your foundation has been laid, the course begins to ventures into the international arena. World Class manufacturing, International Economics, Import Export Management, International Finance are a start. Further, there is an emphasis on International Marketing, Global Supply Chain Management, International Business Environment and E-commerce that will hone your knowledge and skills. International Business is beneficial for aspirants pursuing a career in the banking establishment like Indian Overseas Bank or export-oriented industries.
General administration or HR Management or any other courses are important too, but the advantage that International Business holds is that the course will make you think in a global context. The economy is turning global and studying International Business enables you to understand this new emerging economy. Culture is another thing that you need to understand and that adds to your knowledge.
One of the major roles that this field of business plays is that it acts as a bridge between nations. Now, if you get a job in a London office or if you are exporting products to Canada International Business will broaden your boundaries. So broaden your horizons by learning more about International Business!