APAC Payroll newsletter Issue 1/2024

You may face different payment dates and deadlines, local rules and regulations, types of deductions, frequency of payments, and a variety of reporting requirements. It can also be problematic and inefficient using multiple local providers and hiring specialists in countries to service only a few employees.

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

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

Taiwan

• The increase of minimum wage in Taiwan
• New Personal Tax Deduction effective 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