APAC payroll newsletter 2024 Vol. 1

21 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