As a business owner, you know payroll practices are critical to running your company. While you need to compensate your employees, you also need to abide by tax regulations and severance requirements...
더 읽기As a business owner, you know payroll practices are critical to running your company. While you need to compensate your employees, you also need to abide by tax regulations and severance requirements to remain compliant. With payroll outsourcing from Globalization Partners, you can keep up with tax laws and mitigate risk.
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As a business owner, you know payroll practices are critical to running your company. While you need to compensate your employees, you also need to abide by tax regulations and severance requirements to remain compliant. With payroll outsourcing from Globalization Partners, you can keep up with tax laws and mitigate risk.
Eritrea has a Pay As You Earn (PAYE) tax system for individual income tax, making employers responsible for deducting income tax from employee paychecks. The tiered system requires a set percentage for different ranges of monthly income. The tax brackets are as follows:
While you have an established payroll operation at home, you’ll need to determine the best management method for handling paychecks abroad. Your payroll method will rely on your company’s resources and the level of risk you’re willing to adopt. Management options include:
Your payroll management methods will determine the steps you need to take for setup. If you want an internal department, you’ll need to incorporate a company in the country first. This process requires business licenses, government applications, and initial capital investment.
Regardless of your payroll arrangement, you’ll need tax identification numbers (TINs) from your employees to file their PAYE income tax. Keeping documentation of this information in a spreadsheet will make it easy to access when you need to make deductions from paychecks.
While tax laws are an immediate practice you need to follow in your payroll management, you also need to consider termination and severance requirements. The country’s labor laws require severance pay for every form of termination on behalf of the employer, regardless of the reasoning.
If an employee has served for less than a year, they must receive two weeks’ wages. The employer should use the most current wage amount at the time of termination for this calculation.
Employees who serve longer than a year receive wages based on the number of years with an employer. Severance payments are as follows:
Globalization Partners has a team of legal experts that will help you manage complex payroll laws in your country of expansion. Get in touch with our team to learn more about our services.
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