Managing the Global Mobility Function 2012: Now Available
Tag Archive
People’s Republic of China: Totalization Agreement with Korea Could Affect Assignment Costs
A Social Security Treaty (“the Treaty”) has been concluded between the People’s Republic of China (“China”) and the Republic of Korea (“Korea”).1 To benefit from the Treaty, Korean companies should review the social insurance participation of their assignees working in China in a timely manner and arrange to obtain and submit the required documents... »
Singapore: New Guidance Issued on Taxation of Employer-Provided Insurance
The Inland Revenue Authority of Singapore (IRAS) has recently issued further guidance on the tax treatment of insurance policies purchased by employers for their employees.1 The new rules may change the way employers treat insurance premiums and pay-outs when preparing the Form IR8A reporting of taxable remuneration. Employer Is Beneficiary of Policy/No Named Beneficiary... »
China: Rules Altered on Permanent Residency to Lure Talent, Investors
The Human Resources and Social Security Ministry of the People’s Republic of China (PRC) along with 24 other PRC government authorities jointly issued and enacted on 25 September 2012, the Administrative Measures on Entitlements of Foreigners with Chinese Permanent Residency (PR) in China No. 53 (Circular No. 53)]. Circular... »
United Kingdom: Delaying Consultations on Integrating Income Tax and National Insurance
The U.K. government has announced a delay in consultations on the options for integrating the operation of income tax and National Insurance. In Budget 2011, the U.K. government announced plans to consult on options to integrate the operation of income tax and National Insurance contributions (NICs). The Announcement The U.K. government was due to... »
Switzerland: New Social Security Agreement with Japan Enters into Force
The Social Security Agreement (“SSA”) between Switzerland and Japan came into force on 1 March 2012.1 The SSA covers seconded employees, self-employed persons, public employees, employees on board a sea-going vessel, and members of diplomatic missions. Seconded employees covered under the SSA are exempt from social security contributions in the host country for a... »
Czech Republic: Recap of 2011 Tax Legislation Changes
The Czech Republic saw several legislative changes in 2011 concerning employers and employees that came into effect starting 1 January 2012. Below we briefly summarize the important changes.1 • Rates: The super-gross wage and the 15-percent personal income tax rate are to remain in force in 2012. (For more on the super-gross wage, see... »
Russia and Social Security System Reforms
In December 2011, a new federal law1 introducing changes to the Russian social security system passed the final stage of approval. The new regulations, which came into force on 1 January 2012, expand the scope of individuals considered “insured individuals” and will impact the application and collection of insurance contributions to the state pension,... »
Finland’s 2012 Social Security, Personal Income Tax Rates
Tax Rates/Brackets The 2012 income tax rates and brackets have been accepted by the Parliament1. The 2012 tax scale is below. Taxable Income (€) Tax at Lower Limit (€) Tax for Amounts Exceeding Lower Limit (%) 16,100 — 23,900 8 6.5 23,900 — 39,100 515 17.5 39,100 — 70,300 3,175 21.5 Over 70,300 9,883... »
Czech Republic and Tax Reform Legislation
The Czech government recently submitted to Parliament draft legislation on a single collection point, whereby, from 1 January 2013, the payment of all taxes, customs duties, and social security contributions, state employment policy contributions, general health insurance contributions, and legal injury insurance is expected to be concentrated in a single collection point. The legislation... »
Peoples Republic China’s Implementation Rules for Foreigners’ Participation in Social Insurance
Following a period of public consultation in June 2011, the Interim Measures for the Participation in Social Insurance of Foreigners Working in China1 (Interim Measures) were approved by the State Council of the People’s Republic of China (“China”) and issued by the Ministry of Human Resources and Social Security (MOHRSS) on 6 September 2011.... »