APAC payroll newsletter 2022 Vol. 3

Keywords: Mazars, Vietnam, Payroll, APAC

Key highlights:

Australia

• Superannuation changes

China

• Change to Social Welfare contribution

Indonesia

• New format of Tax ID number  

Japan

• Childcare Leave at time of birth
• Change of Benefit payment limit  
• Change in the social insurance exemption during Childcare Leave  
• Application of Dependent Deductions on taxable income for family dependents living overseas (outside of Japan)  

Korea

• Abolition of the application period for Flat tax rate for foreign workers (applied from 2023 income)
• Income tax reduction for foreign engineers (applied from the first labor provision in Korea from the fiscal year 2023)
• Income tax rate adjustment (from January 2023)
• Shorten the submission cycle of simplified statement (applicable to the income from January 2024)
• Reducing the burden of housing expenses (applicable from 2022 year-end tax settlement)
• Increase of the limit of non-taxable meal allowance (from January 2023)
• Increase of retirement pension account tax credit (from January 2023)

Malaysia

• Amendments to Employment Act 1995
• Social Security Organisation (SOCSO)

Singapore

• Increase in CPF contribution rates

Thailand

• New minimum wage from 1 October 2022
• Reduction in Social Security Fund contributions