The balance sheet calculation is demonstrated in detail in a separate document: ING will provide additional allowances to cover assignees and their accompanying dependent families against higher costs.
Assignees must meet any tax obligation arising from personal income. If there are any major changes to the assignment, including a review of the terms or the length, assignees will receive a new long-term assignment letter from their home IHR advisor.
Assignees are expected to maintain adequate personal records of data required for the preparation and examination of International assignments tax returns while on assignment with ING.
Revised version effective 13th October This ensures assignees pay no more or less tax than would have been payable if they had remained solely in the home country. The tax advisor will ensure compliance with International assignments conditions in the host location and the home country.
The letter will be signed by the assignee, home and host line management and the home IHR advisor before an assignment begins. As a guiding principle, assignees will be no better or worse off than if they had remained in the home country.
A calculation of hypothetical tax the tax assignees would have paid had they stayed at home on their home package will be made and ING will be responsible for any tax liability on ING income. The balance sheet factors in key elements such as hypothetical tax and social security, hypothetical home housing, cost-of-living indices and exchange rates to make sure assignees do not lose out in terms of purchasing power and standard of living.
ING will not pay any fines or penalties that arise as a result of a violation of fiscal law by you e. Before beginning an assignment, assignees will be allocated an external tax advisor who will provide home tax preparation services in the first and last year of the assignment and host tax preparation services for the duration of the assignment.
In addition, depending on the host location, long-term assignees may receive a hardship allowance. It will, however, be supplemented by a long-term assignment letter outlining specific terms of the assignment, such as position, responsibilities, compensation and assignment duration.
A detailed balance sheet will show assignees how ING works out individual assignment compensation packages based on current base salary. This information should be provided complete and in good time.Member firms of the KPMG network of independent firms are affiliated with KPMG International.
KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
International Assignments Duration. Untilthe majority of firms overall reported the typical duration for international assignments was years.
After dropping in from (44% vs. 59%) it remains lower for the third straight year (47%). International Assignments are vital to ING. They allow the business to get the people with the right skills and knowledge in the right places, at the right times. An international assignment should be successful and fulfilling for assignees, their dependent families and the business.
Most and Least Desirable Locations for Assignments. When asked which of the developed countries generated the most employee interest for assignments, the clear choices were the U.S., U.K., Australia, Singapore and Canada. Home | Solutions | Support International Assignments Preparing International Assignees is More than Purchasing Airline Tickets Sending employees to work internationally ensures talent development and.
In fact, the two most commonly stated candidate concerns with long-term international assignments were the potential impact on family/relationships and issues relating to a partner’s career.
However, it is worth noting that the family being unable to adapt was only the fifth most common reason for actual assignment failures.Download