Living in Cebu

In early 2006 I will be moving to Cebu, Philippines with the entire family.

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Taxation considerations

In this blog I have stressed the importance of planning your move, and in particular with regard to financial arrangements. So today I went to see my Accountant to sort out some stuff with regard to taxes and consider the future of my company. I wanted advice on if I should close it down and just operate as a private individual with some sort of business name.

My accountant was able to determine that here are ongoing tax advantages in continuing with the company even while I am overseas. There are a number of income streams into the company that will continue even when I am overseas and these can be managed remotely.

This decision also takes some pressure of regarding the car which is registered in the company name. If I had closed the company my hand would have to have dealt with that sooner than later. So now I will probably just keep the car for at least the next 12 months and get someone to garage it for me.

We do plan on returning within the first 12 months and it will be good to have the car here for our return visit. The car payments are $500 per month plus another $130 per month for insurance. I will cancel the insurance when I leave and take out another policy when I get back.

The accountant also suggested appointing a power of Attorney in case something needs to be signed or authorized in my absence. I can not think of anything that would require it right now but it would be a wise precaution. I will probably ask one of my brothers.

Posted: Thursday 20th October 2005, 9:42 AM


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