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

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

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

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

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

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

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

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

Singapore – Central Provident Fund Ceiling Changes

Changes in CPF ordinary wage ceiling Effective from 1st January 2024, CPF Ordinary Wage (OW) ceiling applicable for mandatory CPF contributions in a calendar month has been increased from SGD 6,300 to SGD 6,800 per month. Additional wage ceiling shall continue ...

Jan 12, 2024 1 min read

Malta revises social security and maternity fund contribution rates for 2024

Changes in social security contribution Following the increase in the minimum wage to € 213.54 per week, Malta's Commissioner for Revenue has published the social security and maternity fund contributions for 2024 tax year. Class 1 categories and rates are ment...

Jan 12, 2024 1 min read

Ghana revises national daily minimum wage for 2024

Changes in national daily minimum wage In line with Section 113 (1) (a) of the Labour Act, 2003 (Act 651), the National Tripartite Committee has increased the national daily minimum wage from GHS 14.88 to GHS 18.15 effective from 1st January 2024. All establish...

Jan 12, 2024 1 min read

Turkey announces 2024 payroll parameters

Effective from 1 January 2024, the government of Turkey has increased the Social Security minimum gross wage amount to TRY 20,002.50 and net amount to TRY 17,002.12. The monthly SSI ceiling amount has increased to a gross amount of TRY 150,018.90. Please find th...

Jan 12, 2024 1 min read