The non-stop world of global payroll compliance5th Nov 2018
The world of global payroll is always evolving, with new legislation’s constantly being introduced around the world. For multinational organizations operating in various regions, keeping on top of the ever-emerging laws that affect how they handle their sensitive data can be a costly and time-consuming task.
Beyond the infamous introduction of the General Data Protection Regulation (GDPR) in Europe, several other new data legislations have been introduced around the world, and it’s important that HR and payroll teams do not overlook them. These include:
Australia’s ‘Notifiable Data Breaches’ scheme:
Introduced earlier this year, the Notifiable Data Breaches (NBD) scheme is similar to Europe’s GDPR. Under the new legislation, all organizations with an annual turnover of more than AUS$3m and who hold personal data with obligations under the previous Australian Privacy Act, are required to inform the Office of Australian Information Commissioner (OAIC) of any breach that may result in “serious harm” to any individual affected. The OAIC must be informed within 30 days of the breach and they can then offer advice on how to minimize its potential effects
Changes to UK Payslips:
Passed by UK Parliament earlier this year, in April 2019 changes will come into force that affect the way businesses provide payslips for their employees. For employees whose pay varies according to how many hours they have worked, employers must itemize the payslip, displaying the combined number of hours worked or outline the employee’s hours spent on different types or work for varying rates of pay. The change is hoped to introduce more transparency in UK payroll.
Ireland’s PAYE changes:
Ireland is preparing for a complete overhaul of how its payroll system works. With the introduction of the ‘PAYE Modernisation’ on 31st October 2018, the biggest change to Revenue’s payroll reporting and compliance regime in almost 60 years, forms known as P30s, P35s and P45s will become a thing of the past. Instead, employers will have to report to the Revenue on a real-time basis, outlining what pay and deductions were made when they were paying employees.
President of the Irish Tax Institute, Marie Bradley, specifically outlined that those companies who are already working with payroll software providers will more easily be able to adapt to the change. The Revenue has been liaising with payroll providers in order to ease the transition, so the system for those using providers will be mostly automated, minimizing the effect it has on the payroll department.
It is hoped that this change will encourage more small businesses to begin working with payroll providers as it makes changes much easier to adopt.
To ensure that they remain compliant in this uncertain landscape of data handling, multinational businesses can turn to global organizations, such as the Payroll Services Alliance, that understand the changes in legislations around the world.
As demonstrated with the introduction of Ireland’s ‘PAYE Modernisation’, working with global payroll service providers not only increase the efficiency of the payroll department, but ensure that an organization can seamlessly adapt to the constant changes in legislation around the world. It is their job to ensure that multinational organizations are compliant in every region, so the payroll department can operate without having to worry about keeping on top of the ever-changing global payroll landscape.
To learn more about what the Payroll Services Alliance can do for your business, please get in touch.
Latest news from around the globe
As technology advances, many worry that robots wil...
With its implementation on 25th May 2018, the Gene...
As a business grows, the time will naturally come ...
Get in Touch with Payroll Services Alliance
Save by Simplicity
Instead of having to deal with several suppliers, you can rely on one trustful partner who takes care of your entire payroll and HR at a global level.
Think Global, Act Local
Our Compliance Proof Payroll Services make sure that you are fully compliant with national and international legislation.
Use our Flexibility
Adapt your service package on an ongoing basis, according to your business needs and use our flexible volume shift when moving your business.