APAC payroll newsletter 2024 Vol.2

Key highlights:

Australia

• ATO finalises its guidance on calculating electric vehicle home charging costs
• What is a Fringe Benefits Tax (FBT)?

China

• Reminder on the "Six-Year Rule" and its implications for expatriates
• A comprehensive set of policy measures in Shanghai is implemented to lighten the burden of SMEs

Hong Kong

• No recent regulatory updates in Hong Kong to report in this edition.

India

• Circular on income tax deduction rates for the financial year 2023-24

Indonesia

• No recent regulatory updates in Indonesia to report in this edition.

Japan

• No recent regulatory updates in Indonesia to report in this edition.

Korea

• Monthly income tax calculation method update
• Increase the non-taxable ceiling amount for childcare allowance
• Increase the non-taxable ceiling for overseas labour income
• Shorten the submission cycle of payment statement for other type income related to personal services
• Amendment of Employment and Industrial Accident Insurance Premium Collection Act
• Change in administrative interpretation of 52-hour workweek policy

Malaysia

• Akaun Fleksibel (newly introduced Employees Provident Fund (EPF) Members Account) for members under 55
• Extended time for submission of form e-E and e-CP8D for the year 2023

Philippines

• No recent regulatory updates in Philippines to report in this edition.

Singapore

• Singapore raises Employment Pass salary requirement effective January 2025
• Tripartite Guidelines on Flexible Work Arrangements 

Taiwan

• Expanding the rent subsidy program 

Thailand

• New minimum wage for certain workers in the hotel industry effective from 13 April 2024.
• New tax deduction for expenses related to house construction from 9 April 2024 to 31 December 2025.

Vietnam

• Official Letter No. 684/TCT-DNNCN regarding personal income tax policy for compulsory insurance paid abroad.
• Official Letter No. 862/BHXH-TST guiding certain contents of the Social Insurance Agreement between Vietnam and South Korea.