APAC payroll newsletter 2024 Vol.1

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APAC payroll newsletter 2024 Vol.1

Our APAC payroll newsletter helps provide important updates on the latest regulatory changes and best practices that have influenced payroll operations in the APAC region over the past quarter. Our commitment is to keep you well-informed and empowered in navigating the evolving payroll sector.

26 February 2024

Key highlights:

Australia

  • Fair Work Act 2009 & international remote workers
  • Sexual harassment is a risk for your business

China

  • Legal holidays 2024 in Mainland China
  • New process of the social insurance declaration and payment in Shanghai and Beijing
  • Tax filling calendar 2024 in Mainland China

Hong Kong

  • Increase of Statutory Holiday in Hong Kong in 2024

India

  • No recent regulatory updates in India to report in this edition

Indonesia

  • New tax rule on Article 21 Income Tax Withholding Rates on Individual Taxpayers

Japan

  • Change of Health/Care Insurance Premiums (provided by Japan Health Insurance Association)
  • Change of Individual income taxation
  • Change of minimum employment rate of Employees with disabilities required by law

Korea

  • Extension of application period for special Flat tax rate for foreign workers
  • Expansion of income tax deduction for interest payments on long-term mortgage loans
  • Increased income limits and tax credit ceiling for monthly rent tax credit

Malaysia

  • Update for Employer on Submission of Form E

Philippines

  • PAG-IBIG increases the Maximum Fund Salary and shares new monthly contribution rates in the Philippines
  • PhilHealth Payroll Contribution Rates 2024

Singapore

  • Changes to CPF Ordinary Wage ceiling
  • Increase in CPF Contribution rates for employees between 55 and 70 years of age with effect from 1 January 2024

Thailand

  • Tax exemption for individuals investing in the Thailand ESG Fund
  • A tax deduction of up to THB 50,000 for individual taxpayers
  • Deadline extended for the electronic payment of Social Security contributions
  • New minimum wage effective 1 January 2024

Vietnam

  • Official Letter No. 4502/ CTBNI-TTHT guiding the case of foreigners arriving in Vietnam before the job-commencing date
  • Official Letter No. 6002/TCT-DNNCN regarding personal income tax policy for compulsory insurance paid abroad

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APAC Payroll newsletter Issue1 2024
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