Immigration: Saudi Arabia
By January 2024, every company must establish its regional headquarters in Saudi to be eligible for government projects. Companies are scrambling to comply to avoid being excluded from tenders. The regional headquarters must have a separate address from the commercial entity.
Having a regional headquarters provides benefits, such as exemption from Saudization requirements for hiring non-Saudi employees. The rules are evolving, and companies are advised to engage in dialogue with the Saudi government to understand and comply with the changing regulations. Saudization targets are also discussed, with different sectors having specific Saudization requirements.
Julia's update also mentions new visa categories, including e-visas for tourism, short-term work visas, and upcoming announcements on a new permanent residence category modeled after the UAE's Golden Visa. The developments in Saudi Arabia present numerous opportunities for businesses and emphasize the importance of staying updated on the evolving landscape. Watch a complete update here.
Immigration: APEC Business Travel Card
This card allows short-term business visits without visas. Julia notes that not many people are aware of it and explains the application process, duration, and benefits. She mentions that individuals from industries other than manufacturing in China are now obtaining the visas, although there hasn't been an official announcement. She emphasizes the need to follow reporting requirements and compliance in various countries in the Asia Pacific region, such as Vietnam, Indonesia, the Philippines, and Singapore. The importance of adhering to reporting regulations is stressed. Watch a complete update here.
Tax: US Debt Ceiling
Julie mentions the ongoing debt ceiling talks in the US and how it will impact the IRS's funding for necessary improvements in systems and customer service. The IRS had plans to phase out fax machines and conduct high net worth audits with the additional funding. However, due to the debt ceiling issue, some of these plans may be affected. Julie also mentions that the IRS has resumed sending out collection notices after a pause during COVID-19. She warns about scams related to COVID-era credits and advises small businesses and nonprofits to be cautious. Watch the complete update here.
Tax: A new framework for social security in the EU related to teleworking
The EU has published a framework agreement to address the changes in post-COVID work patterns, particularly for cross-border teleworkers. The framework increases the threshold for working from home in the country of residence to 49.9% instead of the previous 25%. The process is voluntary, and individuals can file an application to receive a certificate of coverage. The framework applies to the country of employment and the country of residence, with both needing to opt-in for it to be effective. The final list of countries opting into the framework is expected soon, and some major countries may not be included. Companies should stay informed, consult their advisors, and assess the impact on their remote work policies. Watch the complete update here.
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