APAC payroll newsletter 2023 Vol.3

Key highlights:

• Australia
  • 2023-24 Federal Budget tax & superannuation brief
  • Victorian Budget – Tax hikes and tax reform
  • National Minimum Wage and Modern Award rates increase announced
  • Stay ahead of the curve: Embrace changes to flexible work and unpaid parental leave disputes
  • Immediate action required: Changes to employer superannuation rate
  • Solutions to workplace health challenges
• China
  • Individual income final settlement for 2022

• Indonesia
  • New tax rule on benefits-in-kinds

• Korea
  • Adjustment in National Pension base salary
  • Minimum wage in 2024

• Malaysia
  • Income tax for resident individual
  • New minimum wage
• Taiwan
  • Temporary relief for Taiwanese citizens abroad: NHI re-enrolment extended amid pandemic disruptions

• Thailand
  • Employers encouraged to facilitate voting by employees

• Vietnam
  • Personal information of employees is data which must be protected
  • Tax Identification number (“ID”)
  • Changes to basic salary and insurance contributions
  • Calculation of compulsory insurance contribution for foreign currency labour contracts
  • Guidance on personal income tax ("PIT")