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Employee Provident Fund Withdrawal and Merging two accounts

When PF Balance can be withdrawn:

On RetirementUnemployed for 2 months or more (this needs to be certified by Gazetted Officer)Marriage of self, son/daughter, brother/sister - Min Service 7 yrs, up to 50% of employee shareEducation of self, children after class 10 - Min Service 7 yrs, up to 50% of employee shareHome Loan Repayment - Min Service 10 yrs, up to 90% of both employer and employee shareRenovation of House - Min Service 5 yrs, up to 12 times of monthly wageBefore Retirement - on or after 57 yrs age, up to 90% of accumulated balance with interest.Note: Withdrawal of PF on switching jobs without remaining unemployed for two months is against PF Withdrawal rules.

Procedure:

Physical Application: Composite Claim Form (Aadhar) / (Non-Aadhar). These forms need to be submitted to jurisdictional EPFO office without the attestation of employer whereas Non-Aadhar form required attestation.  Go to epfindia.gov.in, download section for forms.Online Application Steps: Login UAN Portal, unde…
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Hong Kong Budget 2018 Highlights for HR and Payroll Professionals

Hong Kong Budget 2018 has been released on Wednesday, 28 February 2018 by Financial Secretary, the Hon Paul MP Chan.
1. Income Tax Bands proposed to be changed. 
 Old Rates (2017-18)  Marginal tax rate  New Rates (2018-19)  Marginal tax rate  First $45000  2%  First $50000  2%  Next $45000  7%  Next $50000  6%  Next $45000  12%  Next $50000  10%  Remainder  17%  Next $50000  14%

 Remainder  17%
The above proposal will reduce the tax burden of 1.34 million taxpayers.
2. The basic and child allowance will be increased to $120,000 from existing 102,500. 3. Allowance for dependent parent or grand parent aged between 55 and 59 will be increased to $25000 from existing 23575 4. Dependent parent or grand

South Africa Budget 2018 Highlights

Employers need to consider below updates for calculating tax 

Tax Rates for 2018-19

Taxable Income 2018/19 Rates of Tax 0- 195850 18% of taxable income 195851- 305850 35,253 + 26% of the amount above 195850 305851 - 423300 63853 + 31% of amount above 305850 423301 - 555600 100263 + 36% of the amount above 423300 555601 - 708310 147891 + 39% of the amount above 555600 708311 - 1500000  207448 + 41% of the amount above 708310  1500000 and above  532041 + 48% of the amount above 1500000
Rebates
Primary - R 14067 Secondary (Persons 65 and older) - R 7713
Tertiary (Persons 75 and older) - R 2574
Tax Threshold
Below age 65 - R 78150
Age 65 to Below 75 - R 121800
Age 75 and over - R 135 300

Retirement Fund Deduction

The deduction is limited to 27.5% of the greater of remuneration for PAYE Purpose or taxable income (both excluding retirement fund lump sums and severance benefits). The deduction is further limited to the lower of R 350000 or 27.5% of taxable income before inclusion of a taxable capital gain.

M…

RISE (Research on Improving Systems of Education)

RISE Program is launched with the aim to improve the quality of education across countries by studying the current education system, engaging with researchers to understand how education system function, ensuring teachers and policy makers have access to most relevant and updated information.
The Human Right is Education and not attendance at school or colleges. The vast majority of uneducated students can be found in Schools. RISE aims to study the underlying causes of education system failure in India. RISE will conduct a research intended to find ways to improve student achievement in India where skills are in shortage and demand is rising. 
The India Country Research Team Members
Alejandro J. Ganimian is an Education Post-Doctoral Fellow at the Abdul Latif Jameel Poverty Action Lab (J-PAL) South Aisa in India. J-PAL South Asia which is based in India, analyzes and disseminates research results and builds partnerships with policy makers to ensure policy is driven by evidence and tha…

Singapore Budget 2018 - Take a look inside the economics of Singapore

The Singapore Budget is prepared for each financial year. It includes revised government revenue and expenditure projections for the current financial year, as well as planned government revenue and expenditure for the upcoming financial year. 
The Budget 2018 statement to be delivered on Monday, 19 February 2018 by Minister of Finance, Mr. Heng Swee Keat in Parliament. 
Real time updates of key announcements and the budget statement will be posted on the MOF Facebook Page (www.facebook.com/MOFsg) and the MOF Twitter account (www.twitter.com/MOFsg).
Expectations from Budget:
The Goods and Service Tax is likely to go up within the next few years, with an announcement expected as soon as Budget 2018. The Prime Minister Lee Hsien Loong, who told the PAP (People Action Party) that Singapore will be raising taxes as government spending grows particularly in health care and infrastructure. The Corporate and Individual taxes are low in Singapore but Indirect taxes (GST) make up for it. Around…

India Budget 2018 impact on Individual Taxation and Social Security

Tax rates and slabs: 1.Education cess of 3% is replaced by Health and education cess of 4% 2.No other changes in the tax rates and surcharge 3.No changes in the tax slabs for individuals 4.Thus, the maximum marginal rate of tax has increased from 35.535% to 35.88%
Standard deduction on salary income: 1.Standard deduction of INR 40,000 or amount of salary received whichever is less has been introduced 2.Exemptions currently available for transport allowance amounting to INR 19,200 per annum and reimbursement of medical expenses amounting to INR 15,000 per annum is proposed to be withdrawn. 3.Transport allowance exemption for differently abled persons to continue.
Increased deductions for health insurance and treatment relating to senior citizens:
1.Deduction under section 80D for health insurance premium, preventive health check up or medical expenditure in respect of senior citizens enhanced to INR 50,000 as against current overall limit of INR 30,000. In case of a single premium policy havin…

Macau (SAR) Tax with Calculator

Link to Macau Tax Calculator: http://www.dsf.gov.mo/tax/tax_downloadapps.aspx?lang=en

Introduction ·Individuals are subject to tax on income arising in Macau. Residency of an individual has no significance in determining tax liability. ·Professional Tax is imposed on employment and self-employment income arising in Macau. For the purpose of tax, taxpayers are divided into employees and professional practitioners. ·Tax Year End is 31st December. ·PAYE System is used to withhold taxes ·TFN: When an individual commences employment, they will be requested to quote their Tax File Number (TFN) to their employer. ·Tax Amount is rounded up to the nearest dollar. ·When are estimates/prepayments/withholding of tax due in Macau? For example: monthly, annually, both, and so on. ·Monthly for expatriates, quarterly for Macau residents and non-residents with a working permit.

Types of Taxable Compensation ·Employment income and remuneration ·Daily wages ·