This Week in Payroll: July 29, 2022
Embassy Endorsement Not Required for Expats
The Bangladesh Financial Intelligence Unit has confirmed with Banking leaders that there is not any mandate requiring Bangladeshi nationals to submit paperwork confirming embassy endorsement in order to open banking accounts at their home countries.
*This curricular will be effective immediately.*
Reduction of PAYE by 50% in Response to Cost of Living Crisis
Agano Party presidential candidate, Davud Mwaure, has committed to an extensive tax policy change that would reduce the PAYE (Pay As You Earn) by 50%. This move is a hopeful attempt to improve the current state of cost of living crisis affecting the Kenyan people.
In addition to the Reduction in the PAYE (Which generates 25% of locally-raised revenues in Kenya), Mwaure pledged to reform the corporate tax that is heavily impacting businesses; all in hopes to tackle what he says is widespread corruption.
Saudi Arabia Payroll
Saudi Riyal 10,000 Fine and 5-year Ban Announced for Employing Illegal Expat Workers
The KSA (Kingdom of Saudi Arabia) has declared the punishment for those allowing “employees to work for others or for workers’ own personal benefit or employs illegal expatriate workers.”
In combination with hefty fines and penalties, commercial establishments found to be at fault will also have their name published in local media. The public has been encouraged to report any suspected violations.