APAC payroll newsletter 2024 Vol.1

·      Key updates in Australia
Fair Work Act 2009 & international remote workers 

Sexual harassment is a risk for your business

·      Key updates in 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

·      Key updates in Hong Kong

Increase of Statutory Holiday in Hong Kong in 2024

·      Key updates in India
No recent regulatory updates in India to report in this edition.

·      Key updates in Indonesia
New tax rule on Article 21 Income Tax Withholding Rates on Individual Taxpayers

·      Key updates in 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

·      Key updates in 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

·      Key updates in Malaysia

Update for Employer on Submission of Form E

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

·      Key updates in 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

·      Key updates in Taiwan

The increase of minimum wage in Taiwan

New Personal Tax Deduction effective January 2024

·      Key updates in 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

·      Key updates in 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