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Jan 18, 2022 4 min read

The Power of Data Lakes

Solving your global payroll challenge Payroll cannot work without accurate and timely HR data. Yet, getting HR data obtained from various sources directly into payroll software has been a challenge for decades.

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United Kingdom – Changes in national insurance contributions from 6th January 2024

Changes in national insurance contributions rates Class 1 National Insurance Contribution rates change from 12% to 10% for Category A, F, H, M and V. This applies to earnings from primary threshold till upper earnings limit. Class 1 National Insurance Contribut...

Jan 17, 2024 1 min read
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Portugal – Changes in tax for 2024

Personal Income tax (PIT) for youth The exemption on tax for young people has been increased in 2024. 100% exemption in the first year, with a limit of 40 times the value of the IAS 75% in the second year, with a limit of 30 times the value of the IAS 5...

Jan 15, 2024 3 min read
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Denmark – Social security & tax changes 2024

Changes in social security contribution Effective from 1 January 2024, the Arbejdsmarkedets Tillægspension (ATP) contribution rates are revised for employees who are paid monthly. Changes in taxes Effective from 1 January 20...

Jan 15, 2024 2 min read
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Spain – Changes in social security contributions for 2024

Changes in social security contribution Effective from 1 January 2024, the maximum contribution base has been increased from EUR 4,495.5 to EUR 4,720.5 per month. The minimum contribution base will continue to be EUR 1,260.00 per month until publication of SMI 202...

Jan 15, 2024 1 min read
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Russia revises insurance premium, minimum wage, payroll reports, tax withheld period, notificatio...

Changes in threshold for insurance premium The social security premium is calculated at 30% until the income reaches the established threshold. After that the premium is reduced to 15.1%. Effective from January 1, 2024, the threshold is established at RUB 2,225,00...

Jan 15, 2024 2 min read
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Kazakhstan amends monthly calculation index (MCI), monthly minimum wage, and introduces employer ...

Changes in monthly calculation index (MCI) and monthly minimum wage As per Article 9 of Law No.43-VIII on the State Budget for 2024 – 2026 dated 5 December 2023, the following changes are made effective from January 1, 2024. The monthly calculation index has ...

Jan 15, 2024 1 min read
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Algeria introduces penalty in 2024 on G29 non-compliance

Introduction of penalty on G29 report non-compliance The Finance Act for the year 2024, introduces penalties regarding non-transmission of “G29 annual salary statement” to the tax authorities. The applicable penalty is 5% of the total payroll. There are no chan...

Jan 12, 2024 1 min read
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Malaysia regulation update on tax reliefs for employees effective from 01 January 2024

Changes in tax reliefs The applicable forms “TP1” & “TP3” has also been revised in this regard. Changes for C-Suite employees C-Suite employees are offered a flat tax rate of 15% on employment income for three consec...

Jan 12, 2024 2 min read
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Lithuania 2024 regulation updates on minimum monthly wages, non-taxable amount and SODRA wages

Changes in minimum monthly wages The minimum hourly wage is increased by 10%. It is revised from EUR 5.15 to EUR 5.65. The minimum monthly wage (MMW) is revised from EUR 840 to EUR 924. Changes in non-taxable amount For persons whose monthly income does not exce...

Jan 12, 2024 1 min read
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Bulgaria changes in social security base & benefits 2024

Changes in minimum insurance The minimum insurance income depends on the group of economic activities of the insurer. The minimum insurance income becomes BGN 933, and the maximum insurance income becomes BGN 3,750. Changes in sick leave payment The employer cov...

Jan 12, 2024 1 min read
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Angola – Changes in tax rates 2024

Changes in tax rates for employees Effective from 1 January 2024, personal income tax rates are amended for Group A segment incomes. The income earned by employees comes under Group A. The revised personal income tax rates are as follows: [table id=214 responsi...

Jan 12, 2024 1 min read
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Taiwan announces 2024 minimum wage impacting insurance grades for social security contributions

Effective from 1 January 2024, the Ministry of Labor in Taiwan increased the minimum wage amount from TWD 26,400 to TWD 27,470 monthly and from TWD 176 to TWD 183 on an hourly basis. The Ministry of Labor has amended the following insurance tables with respect t...

Jan 12, 2024 1 min read
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