APAC payroll newsletter 2024 Vol.2
Our APAC payroll newsletter helps provide important updates on the latest regulatory changes and best practices that have influenced payroll operations in the APAC region over the past quarter. Our commitment is to keep you well-informed and empowered in navigating the evolving payroll sector.
9 May 2024
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.
- 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
- Circular on income tax deduction rates for the financial year 2023-24
- Indonesia
- No recent regulatory updates in Indonesia to report in this edition.
- No recent regulatory updates in Indonesia to report in this edition.
- Japan
- No recent regulatory updates in Japan to report in this edition.
- No recent regulatory updates in Japan 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.
- 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
- 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.
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