Non-tax related factors included in the tax advice

Nowadays, in the global and interconnected world with issues such as security, healthcare, and education, the tax advice is not just about minimising taxes anymore.
Non-tax related factors included in the tax advice

When advising on taxes the non-tax related factors play a much larger and important role that one would think. Nowadays, in the global and interconnected world with issues such as security, healthcare, and education, the tax advice is not just about minimising taxes anymore. Clients are concerned about and take into consideration family safety, securing the access to good healthcare, and desiring for high-quality education for their children when deciding in which country to live, do business and pay their taxes.

Inevitably, there is a dilemma between the monetary gains from tax mitigation and the well-being of the family. The latter takes the preference as money can be indeed an important factor in the well-being of a family, however, the well-being of the family itself is priceless. Thus, in practice, the chosen country for a family business and life is often in contradiction to the tax efficiency of such location with the end result of higher taxes to be paid and leaving the myth that the tax advice is driven solely by tax optimization in tatters.

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