APAC Payroll newsletter Issue 1/2024

Managing global payroll across multiple countries can be challenging for many businesses.

You may face different payment dates and deadlines, local rules and regulations, types of deductions, frequency of payments, and a variety of reporting requirements. It can also be problematic and inefficient using multiple local providers and hiring specialists in countries to service only a few employees.

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

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

Taiwan

The increase of minimum wage in Taiwan
New Personal Tax Deduction effective 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