The economic employer concept has been implemented in Sweden for the year of 2021. In previous labor regulations, taxes were not applicable to non-Swedish employees who were receiving remuneration from a non-Swedish company. Under this scheme, employers are viewed merely as the company under which labor is carried out.
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New provisions have been proposed by the Social Affairs and Employment Ministry, which directly impact social security contribution rates for 2021 in the Netherlands. Unemployment insurance (AWF) contribution is set at 2.7% for contract employees with no set end-date, and 7.7% for provisional workers and employees on flextime.
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The State Taxation Administration (STA) of China released a report containing a list of eligible regions where taxpayers who have been newly registered may utilize electronic VAT special invoices, “e-fapiao.” This is an amendment to the formerly used system, “fapiao,” in which all VAT special invoices were submitted in paper form.
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With the intent to aid both employees and employers during the COVID-19 pandemic, Italy implemented a COVID-19 Relief Bill, “Ristori-bis,” which has been effective in the country since October 24th, 2020. The significant factors entailed in the decree are set out below. The obligation to make contributions to social benefits are suspended.
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Canadian government officials have introduced several new provisions for the year of 2021, including a new employee stock option tax structure, and new leave options. Beginning July 1,2021, eligible businesses will be offered a new structure for taxation of their Employee Stock Option. Preferential tax treatment may be applicable to some employees at an annual vesting max of CAD 200,000.
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Various provisions have been implemented in Australia for 2021 which have set-forth updated structures for tax, leave, and hiring restrictions. A new, lowered tax rate and raised tax threshold has been proposed by government officials in New South Wales, effective as of July 1,2020. This will be a provisional decrease in the rate in, and will put it at 4.85% for 2020-21 and 2021-22.
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The UK has set forth VAT rules for the sale of goods, just concurrently with the culmination of the Brexit transition period. Effective from January 1st, 2021, UK VAT is now applicable for the sale of goods by foreign taxable persons. UK businesses who have utilized a deferral for VAT payments, may now repay the deferred payments in reduced and interest-free payments over an 11 month period.
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China has implemented a new social insurance collection process in which the Shanghai tax bureau is now collecting the insurance. Effective since November 1st, 2020, the Shanghai tax bureau is now collecting social insurance instead of the social bureau. It is imperative that employers are compliant and ensuring that payments are being made to the correct bureau.
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Given the immense impact that the pandemic has had on travel and employment, government and finance officials have implemented several Covid-19 relief packages and LTC changes in India. The Indian Parliament has now passed 3 main labor reform bills for 2020; the Social Security code, the Industrial Relations Code, and the Occupational Safety, Health and Working Conditions Code.
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As of January 1st,2021, government officials have issued an executive order posing a higher minimum wage rate in the Czech Republic. It has been raised from a monthly rate of CZK 14,600 to CZK 15,200. The rate for employees who hold work permits and or employee cards has also been raised by 4.1%.
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