New Issue of Asia Briefing: Payroll Processing Across Asia - Vietnam Briefing News
Hanoi – The new issue of Asia Briefing Magazine, title Payroll Processing Across Asia, is out now and will be temporarily available as a complimentary PDF download on the Asia Briefing Bookstore throughout the months of January and February.
Collecting tax revenue and administering social insurance are two of the most fundamental roles of government. When establishing or operating a business in Asia, companies must take special care to comply with regulations concerning taxes deducted at the source of employee payroll (withholding tax) and mandatory contributions to social insurance programs.
As you might expect in a region comprising so much diversity and complexity, the systems utilized by governments in places like China and Vietnam (countries with large populations and with a communist background) are substantially different than those in places like Hong Kong and Singapore – small jurisdictions with a distinctly capitalist outlook. India, a populous emerging nation with a democratic system of government, provides an interesting contrast in terms of how it taxes and supports its citizens.
In Asia Briefing Magazine’s first issue of 2014, we provide a country-by-country introduction to how payroll and social insurance systems work in these five above-mentioned countries or administrative regions. While tax authorities are expected to publish guidelines for employers to use in calculating both withholding tax and contributions to social insurance programs, comprehensive guidelines can sometimes be difficult to obtain and confusing to understand.
We also compare three distinct models companies use to manage their payroll across various countries with external vendors, and explain the differences between three main models: country-by-country, managed, and integrated models while highlighting some benefits and drawbacks of each.
Finally, as we venture together into 2014, we hope this and future issues of Asia Briefing Magazine will help readers successfully navigate Asia’s complex payroll environment and serve as a useful resource for companies looking to stay in compliance with local regulations.
In this issue:
- Key Considerations When Choosing a Payroll Outsourcing Model
- Calculating Individual Income Tax & Social Insurance
- The Accelerating Trend Towards Outsourcing Payroll Processing in Asia
Payroll Processing Across Asia is out now and immediately available as a complimentary PDF download on the Asia Briefing Bookstore for a limited time only.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
For further details or to contact the firm, please email [email protected], visit www.dezshira.com, or download the company brochure.
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