Payroll/HR Alert: China Lowers Social Security Contribution Rates Beginning May 2016, corporations doing business in China can lower their contribution to Pension Insurance, Unemployment Insurance and Housing Provident Funds. The new policy, announced by the China’s Ministry of Human Resources and Social Security, aims to relieve corporate burden and increase employee cash income. According to…
The 2016 UK Budget: Impact on HR and Payroll UK’s 2016 budget has several guidelines and measures that may impact your UK payroll. Below are some of the main highlights. Income Tax Thresholds. In April 2017, tax-free personal allowance will increase to £11,500 (a £300 increase). The point at which higher earners will start to pay…
Keeping Private Data Private: EU’s New Regulations The General Data Protection Regulation (GDPR) is the European Union’s new common framework and is expected to be enacted by 2018. Under these new guidelines, member states must implement a set of common regulations, yet can include local additions. The common regulations are founded on the principles outlined…
China: New Family Planning Legislation and Impact on Employers China has relaxed its strict family planning policies in a 2016 legislation that revokes several population control measures including incentives for late marriages or late childbirth. Here are some highlights of the new “two-child” policy: Maternity Leave In 2015, China’s base maternity leave was 98 days…
Canada: Review Employment Contracts to Limit Bonus Pay-off Obligations for Employees During Notice Period Canadian courts have a clear-cut view on employee bonus: if the bonus is an integral part of the compensation then employers need to pay the bonus to their employees during the notice period. However, in a recent ruling the Canadian judiciary…
Hong Kong to Introduce AEOI Standard, US Companies Need to Review Compliance Hong Kong announced the new Inland Revenue amendment bill last month. The bill offers a legal framework to set up the Automatic Exchange of Financial Account Information (AEOI) in the country. The law will help in combating money laundering, corruption and terrorism financing.…
Colombia: New Tax Reforms Aim to Curb Tax Evasion and to Expand Taxpayer’s Pool Colombian lawmakers wanted to tackle the problem of tax evasion head-on. Hence, the government proposed a few structural tax reforms last year. Finance Minister Mauricio Cardenas confirmed this while speaking to the media. He said the new tax reforms would counter tax evasion and create a larger…
India Lays an Action Plan to Promote Start-up Ecosystem India launched the ambitious “Stand up India, Start-up India” campaign in a high profile event in New Delhi last month. The event saw a series of announcements to encourage budding entrepreneurs to start their ventures in India. The campaign is also seen as a step to infuse confidence among investors to…
India: Lowering of Corporate Income Tax is on the Cards Asian markets are fiercely competing with one another to attract foreign investment into their countries. India’s expected decision to lower corporate tax from 30 to 25 percent is seen as a positive step to remain competitive with other major Asian economies, especially China. India’s Finance Minister,…
Singapore: ACRA extends Filing Time & Exempts Penalties until February 2, 2016 The Accounting and Corporate Regulatory Authority (ACRA) which is the national regulator of business entities and accountants in Singapore has extended the time to file Annual Returns, Annual Declarations, Business Registration Renewals, and any statutory filing to February 2, 2016. Companies will get…
Have a Need? We’re Here to Help!
