Several updates have been made to many of the regulatory policies in Australia over the past few months. From reduced tax rates to extended paid leave accessibility, below are some of the key updates employers will want to make note of.
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Our CRO Adam Sheffield offers key tips when expanding into international markets and global talent acquisition on the Silicon Slopes podcast.
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Several regulatory updates have been made in Australia throughout the last few months. It is imperative that employers stay up to date with these policy changes, in order to avoid compliance regulations. Key changes are outlined in this blog. Effective July 1st, 2021, the rate at which employers contribute to employees’ superannuation has risen to 10%.
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Global tax reform has been a popular topic across nations, and has become a heightened discussion subject as the digitalization of the economy has transpired. As of June 5, 2021, a proposal for a communique issuance has emerged across G7 Nations. The communique proposes resolutions to several historic economic issues, including a new system to address global tax reform.
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Throughout Northern and Western Europe, various new labor laws have been implemented, and many notable amendments have been made to those already in effect for the year of 2021 and beyond. Below are some of the highlights of these new laws and amendments in specified European countries.
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The Czech Republic has introduced several changes in insurance, UBO, and reporting policies for the year of 2021. As of January 1st, 2021, the income base amount for health insurance contributions has been raised by CZK 500. The threshold for health insurance participation which had been previously set at CZK 3,000 is now at CZK 3,500.
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Government officials in Brazil have introduced the “Balcão Único” initiative, streamlining the incorporation process for companies. With this new system in place, companies will be able to save time and money in efforts toward getting their business up and running.
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Budget projections for the year of 2021 were delivered in Singapore on the 16th of February. As a COVID-19 support initiative, the Singapore government allocated almost S$100 billion across five budget schemes in conjunction with the standard expenditures of the prior year. The budget statement also disclosed that the fiscal year of 2020 had presented an immense budget deficit to Singapore.
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The 2021 UK budget was presented to parliament in early March. The budget will continue to incorporate allocations to various coronavirus support measures. There are no notable changes in key rates for this year. Corporate tax rate remains at 19%, although it will rise considerably in the next two years. The insurance contribution rates for both employee and employer also remains the same.
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For the year of 2021, several changes have been implemented into employee leave and social security policies in Switzerland. These changes grant employees with additional paid leave time offerings, and oblige employers to higher contribution rates to specific pension plans.
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