Shareworks Global Intelligence Newsletter October 2020

October 1, 2020 Shareworks Marketing

Icon of a globe with a network connecting countries together with the wording "Global Intelligence Newsletter" underneath.

Shareworks Global Intelligence newsletter provides an overview of recent changes affecting employee share plans globally. 

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We have made some exciting changes to our monthly Shareworks Global Intelligence newsletter. Starting with this month’s newsletter, you will receive updates for all countries, regardless of your subscription.This will help you stay ahead globally!

We also want your feedback! To ensure we are continuously enhancing our products and solutions, to better help you access the information you need, we are planning to set up a few interviews with clients and our user experience (UX) team. If you would like to be a participant in our UX survey, please send us a note and we can coordinate a time that works for you. 

Please find below the Shareworks Global Intelligence overview of certain changes affecting employee share plans globally. This issue also highlights certain upcoming global filing and reporting requirements (for the parent company or local company). 

As always, please feel free to contact us if you need further assistance.

 

Country Updates

Denmark: Budget Bill 2021

Budget Bill 2021 has been presented in Denmark, including several tax measures. 

As per the proposed Bill, effective from January 1, 2021, the higher capital gains tax rate of 42% applicable on capital gains and income deriving from tax deferred share-based remuneration will be increased to 45%.

This information has been provided by our collaborating law firm in Denmark, Kromann Reumert (contact: Michael Nørremark at mno@kromannreumert.com)

 

Netherlands: Personal Income Tax Rate Reduction

Several measures have been presented as part of Tax Plan 2021 in the Netherlands. 

As per the proposal, effective from January 1, 2021, the lower personal income tax rate, currently 37.35%, would be decreased to 37.1%. The lower income tax cap and the higher income tax rate would remain unchanged at EUR 68,507 and 49.5% respectively.

The change is yet to be approved by the legislator.

This information has been provided by our collaborating law firm in Netherlands, Wieringa Advocaten(contact: Joren Wiewel at wiewel@wieringa.nl)

 

New Zealand: Higher Individual Tax Rate Proposal

On September 10, 2020 the majority party in the coalition government announced plans to increase the top personal marginal tax rate to 39% which would apply to taxpayers earning income of more than NZD 180,000 per year. The current top marginal rate is 33%, which applies to income exceeding NZD 70,000 per year. 

This proposed change has not been approved at this time.

This information has been provided by our collaborating law firm in New Zealand,Minter Ellison (contact: Elizabeth Rowe at elizabeth.rowe@minterellison.co.nz)

 

Ukraine: Minimum Statutory Monthly Salary Increased

Effective from September 1, 2020, the minimum statutory monthly salary in Ukraine has been increased from UAH 4,723 to UAH 5,000. 

The employer social security contribution remains capped at 15 times the minimum statutory monthly salary, i.e. UAH 75,000.

This information has been provided by our collaborating law firm in Ukraine, CMS (contact: Viktoriia Stavchuk at viktoriia.stavchuk@cms-cmno.com)

 

Upcoming Filing and Reporting

Saudi Arabia: Quarterly Equity Reporting

October 10, 2020
Affects: Parent Company

Companies offering share plans to employees in Saudi Arabia under the revised securities law exemption must notify the Capital Market Authority (“CMA”) within 10 days after the end of the quarter following grant disclosing the total number and value of all offers made to employees during the preceding quarter. This notification can be made by an authorised person or by the company. Plan amendments or changes may also require additional filings with the CMA.

This information has been provided by our collaborating law firm in Saudi Arabia, Tamimi (contact: Grahame Nelson at g.nelson@tamimi.com)

 

India: Employer Tax Filings

October 15, 2020
Affects: Local Company

Indian employers are required to file Form 24Q with the Indian tax authorities on a quarterly basis. These quarterly returns report information on employment income paid to employees (including from share-settled awards) as well as taxes withheld.

The quarterly returns must be submitted by:

  • May 31 for the quarter ending March 31
  • July 31 for the quarter ending June 30
  • October 31 for the quarter ending September 30
  • January 31 for the quarter ending December 31
This information has been provided by our collaborating law firm in India, Little & Co. (contact: Rajni Divkar at rajni.divkar@littlecompany.com)

 

China: SAFE Quarterly Reports

January 3, 2021
Affects: Local Company

Companies that have obtained SAFE approval for their equity plans in China are required to file quarterly reports with their local SAFE office within three business days following the end of the relevant quarter.

This information has been provided by our collaborating law firm in China, Martin Hu & Partners (MHP) (contact: Kevin Xu at kevin.xu@mhplawyer.com)
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Shareworks, Shareworks Global Intelligence and all product marks and logos are trademarks of Shareworks.THIS INFORMATION IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL OR TAX ADVICE. You should always consult with and rely on your own legal and/or tax advisor(s) as Shareworks does not provide legal or tax advice and the information is not tailored to the specific situations of your company or your employees. The information is sourced from third parties, may not be current and is subject to change without notice. Shareworks makes no representations or warranties concerning the accuracy, completeness or timeliness of the information and is not implying an affiliation, sponsorship or endorsement with/of any third parties (including those hosting and presenting at third-party events) or views expressed by such parties. Any views expressed are solely those of the third-party source. Shareworks shall have no liability arising out of, or in connection with, the information, including any loss caused by use of, or reliance on, the information. All information made available by Shareworks is subject to the terms of the written agreement entered into between Shareworks and your company.
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