View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Comment
December 20, 2021

New Mazars report highlights growing compliance risks for global mobility

By Zoya Malik

 

Mazars, the leading international audit, tax and advisory firm, released the ‘Taxation of International Assignees’ webinar report which explores the escalating challenges arising from tax, social security, immigration, and payroll considerations for mobile workforces.

Global mobility continues to evolve amidst rapid digitalization and the significant shift in remote working sparked by Covid-19. Against this backdrop, the new report draws upon the insights discussed during the Taxation of International Assignees webinar on 30 November concerning hiring of international assignees in China, Hong Kong, Singapore, the Netherlands, the United Kingdom (UK), and Vietnam.

Elaine Chow, Tax Director (Mazars in Singapore) who moderated the event says: “Employers are facing an increasing pressure on the challenges emerging from a post-pandemic world, and tax authorities around the world are tightening their grip on compliance and promoting inter agency cooperation at a pace not seen before. Non-compliance can lead to serious legal repercussions for both employers and the employees.

She adds, “As we look to 2022, it is important that companies enhance their strategies to effectively manage their cross-border workforces, and place greater focus on understanding country specific regulatory requirements.”

Staying ahead of mobility regulations

The webinar shed light on the latest regulations for hiring of international assignees in different countries, tax implications for digital nomads and how residency plays a role on business travellers, and the new solutions for global mobility services.

Alexander Rasink, Global Mobility Services Partner (Mazars in the Netherlands) says that employee welfare is a chief area of concern for managing teams across borders.

He says: “While mobility strategies need to keep pace with the increasing tax complexity, it is imperative to know that relocating employees is not simply about visas and tax liability. A company’s greatest asset is its people. Employers must be ready to look beyond the legal requirements in managing a global workforce.”

Technology to support global mobility

The report also highlights the importance of new tech-enabled solutions in managing the myriad of complex challenges relating to global mobility reporting.

Joe Pilley, Global Mobility Tax Director (Mazars in UK) says: “In response to new challenges, global mobility processes often need to be implemented from several different areas of expertise. This complex future demands for highly collaborative solutions that can create standardized global process flows, providing consistent results for employers and employees wherever they are.”

The webinar panellists include Oscar Chow (Mazars in Hong Kong), Do Thanh Tam (Mazars in Vietnam), Joe Pilley (Mazars in UK), Alexander Rasink (Mazars in the Netherlands) and Jonathan Stuart-Smith (Mazars in Thailand).

Read the full report here: https://www.mazars.sg/Home/Insights/Events/Webinars/Dec-2021-Taxation-of-International-Assignees

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to International Accounting Bulletin