Velocity Global’s Post

Here are five key global payroll compliance risks to be aware of when hiring and paying international employees, to find out more check out the below blog: 🌍 Global Payroll Processing Errors: Handling payroll across multiple countries involves juggling numerous data points, which can lead to errors if data is siloed in disparate systems. This affects transparency, reporting efficiency, and data security. 📜 Employment Law Variance by Country: Payroll compliance differs significantly across countries, requiring adherence to local laws covering minimum wage, paid leave, tax contributions, and statutory benefits. Examples include the EU's Working Time Directive and labor laws in China and the Philippines. ⚖️ Employee and Contractor Misclassification: Misclassification of workers as contractors rather than employees can lead to significant legal penalties, including unpaid taxes and retroactive pay, even if the misclassification is unintentional. 🏢 Permanent Establishment Risk: Establishing a stable business presence in a foreign country can lead to dual taxation on the same income, as the business will be subject to local corporate taxes. 🔒 Data Privacy and Security: Complying with data security laws, such as the GDPR in the EU, is crucial to protect sensitive employee data used in payroll processing. Failure to adhere can result in severe financial penalties and risks of cyber-hacking.

Ready to take your business global? 🌎 Here are six reasons why working with a global payroll provider can help you offload some of the challenges most commonly associated with international payroll. Read our blog for a more comprehensive overview of global payment processing: https://lnkd.in/emPJ_afj #GlobalSuccess #BusinessGrowth #EOR

Ready to take your business global? 🌎 Here are six reasons why working with a global payroll provider can help you offload some of the challenges most commonly associated with international payroll. Read our blog for a more comprehensive overview of global payment processing: https://lnkd.in/emPJ_afj #GlobalSuccess #BusinessGrowth #EOR

Good payroll is good business 😎 💡 In today’s global marketplace, firms need a holistic view of their business while maintaining local insights for a true advantage over the competition. It’s the same with payroll information. 🔦 Payroll needs to be localised enough to adhere to specific geographical governance laws and conventions, but leaders also need to have visibility of payroll information across all countries to inform business strategies. How do you compare 🤔 --- https://lnkd.in/drUuvGTu

Tax and employee legislation regularly change. Payroll processing in the most complex countries can be challenging. However, our 2023 Global Payroll Complexity Index report shows a 6% reduction in #payroll #complexity overall. Download the full report here http://alig.ht/Y7BQ50PebFg

Gaps in global payroll policies and procedures can damage a business. If the payroll department makes a mistake, even unwittingly, there’s a risk of penalties, which can also harm the company’s reputation. Delegating back-office activities can be time- and cost-effective. Learn more here. #oneTMF #payrolldepartments #businessrisks

Gaps in global payroll policies and procedures can damage a business. If the payroll department makes a mistake, even unwittingly, there’s a risk of penalties, which can also harm the company’s reputation. Delegating back-office activities can be time- and cost-effective. Learn more here. #oneTMF #payrolldepartments #businessrisks

Gaps in global payroll policies and procedures can damage a business. If the payroll department makes a mistake, even unwittingly, there’s a risk of penalties, which can also harm the company’s reputation. Delegating back-office activities can be time- and cost-effective. Learn more here. #oneTMF #payrolldepartments #businessrisks

Gaps in global payroll policies and procedures can damage a business. If the payroll department makes a mistake, even unwittingly, there’s a risk of penalties, which can also harm the company’s reputation. Delegating back-office activities can be time- and cost-effective. Learn more here. #oneTMF #payrolldepartments #businessrisks

Gaps in global payroll policies and procedures can damage a business. If the payroll department makes a mistake, even unwittingly, there’s a risk of penalties, which can also harm the company’s reputation. Delegating back-office activities can be time- and cost-effective. Learn more here. #oneTMF #payrolldepartments #businessrisks