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Outsourcing expense

  • 23-03-2010 4:45pm
    #1
    demijose
    Registered Users, Registered Users 2 Posts: 32 ✭


    Hi all.,
    The work involved here is consultancy services. Some part of the work is done in India. The payment is received in Ireland for the services rendered.

    The company in India bills every month the company in Ireland for the service rendered.

    Can this be claimed as an expense by the company in Ireland before computing tax.
    And the bill invoiced by the foreign company is in Indian Rupees and the money paid is in Indian Rupees.
    Are there any forms and statutory procedures to be followed before submitting money back to India.

    Thanks in advance for all the suggestions

    :confused:


Comments

  • #2
    TaxingTimes
    Registered Users, Registered Users 2 Posts: 145 ✭✭TaxingTimes


    These costs would be allowable as dedctions if incurred in the course of the business.
    You will have to use the relevant exchange rates to record the transactions.
    I would reccommend that you check the procedure for accounting with your accountant, to ensure that the transactions are being recorded correctly.


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