International Operations Update: Global HR, Tax and Local In-Country News
By Lynne Harding, Senior Director, Knowledge Management
International Operations Update offers at look at some key developments that are likely to affect your business and international assignees. The May edition features selected articles from OverseasConnect on a range of tax, human resources, and regulatory matters.
Items of global interest this month include a discussion of the growing use of performance based incentive plans and an article on the OECD’s recent report on the average tax and social security burdens imposed on employment income in a host of locations.
On the country-specific side, you’ll find important information on transfer pricing developments in India, business licensing news in South Africa, revised financial reporting standards in the UK and Ireland, and work permit and immigration updates in a range of countries. Long-time readers will be pleased to see that “Of Note” has made a return, with a quick snapshot of recent international developments.
Contact us for more information on how Radius can help with your overseas operations so you can focus on growing your business.
Table of Contents
Includes overview of incentive benefit and compliance requirements
Average tax and social security burden on employment incomes increased in 19 out of 34 OECD countries and fell in 14
Back by popular demand: “At-a-glance” developments from various jurisdictions
- South Africa: Final Reminder Re Memorandum of Incorporation
- South Africa: "Licensing of Business Bill" Will Impose Additional Obligations
- Asia: More Wage Rises
- China: VAT Pilot News – Nationwide Expansion
- GCC Countries to Regulate Foreign Labor and Kuwait Announces Reductions in Foreign Workforce
- UK: April Employment Law Changes
- UK: Short-Term Business Visitor Agreement
- UK: New Multilateral Action With France, Germany, Italy and Spain to Combat Tax Evasion
- France: 75% Tax Rate on High Salaries Shifts to Businesses
- Belgium: Employment Notification Process Under Limosa Simplified
- US: H1-B Visa Program Reaches Quota Within Days
UK and Europe
Revisions fundamentally reform financial reporting, replacing almost all extant standards with three Financial Reporting Standards
New rules apply to employment permit applications submitted on or after April 10, 2013
Replaces the provisions for early and partial retirement in the August 2011 pension reform law
ELStAM now in use
Proposals will impact employment relationship
Includes APA program update and overview of TP methods used in executed agreements