Poland: IT BUSINESS IS CLEARLY THE MOST CHALLENGING ONE
Marek Ambroziak Assignment Manager - Poland, CT Executive Search Europe, Warsaw
What makes recruitment in Poland special?
Poland is still in a very strong economic condition despite the high inflation of approx. 17 percent in 2022. The labour market is very demanding which has resulted in a lack of candidates who are qualified and motivated to change their jobs. The market is clearly in favour of the employee.
LIABILITY ISSUES FOR MANAGING DIRECTORS OF SUBSIDIARIES
Dominika Wągrodzka, Partner at BSJP/bnt, Warsaw
It is a truism to state that the director of a Polish company manages and is responsible for the affairs of the company. This applies not only to the company, but also to its creditors (in the event of ineffective enforcement against the company). Therefore, it is in the director's interest to look out for the welfare of the subsidiary in order to avoid his own liability.
THERE IS A LABOR SHORTAGE IN POLAND
Artur Kuśnierek, Sales Development Manager Poland at Jungheinrich Polska
What makes the Polish market so attractive to German companies?
The answers to this question are actually quite simple. First of all, there is the proximity to Germany, both geographically and culturally. Despite some differences, Poles and Germans see things essentially the same.
Poland, with its 38 million people, is an attractive market for the German economy and interesting as a production location due to its high performance. This applies to both corporations, as well as small and medium-sized companies.
A Guide to Popular Income Tax-Saving Investment Options in India
Here are a few popular investment options in India for income tax saving under the old tax regime under Sections 80C, 80CCC, and 80CCD (1).
An individual taxpayer who intends to choose the old tax system for the current fiscal year (FY) 2022–2023 must execute their tax-saving activities by March 31, 2023 or earlier. An individual may deduct up to INR 150,000 from their taxable income under Section 80C. By utilizing this deduction, a person’s taxable income decreases, which lowers their income tax obligation.
First Two Indian participants set foot in Germany via Hand in Hand for International Talents
Indo-German Chamber of Commerce
What is Hand in Hand for International Talents?
Hand in Hand for International Talents is a joint pilot project of the Federal Employment Agency and DIHK Service GmbH that was launched in 2020. As the topic of skilled migration is very relevant to German companies, the project is funded by the Federal Ministry for Economic Affairs and Climate Action. IGCC is the local implementation expert for the HiH project and is the first point of contact for all participants joining the project from India guiding them through the entire migration process.
Singapore Budget 2023: Impact for Employees
Singapore’s 2023 budget provides an array of support for local employees. This includes co-funding workers’ wages and encouraging the upskilling and reskilling of employees.
Singapore’s Budget 2023 of S$104.2 billion (US$78.1 billion) was unveiled on February 14, 2023, focused on seizing new opportunities amid global uncertainty and building new capabilities for Singaporeans.
The New UAE ID Card: Registration Form And QR Code Applications — An Explainer
The new mandatory UAE ID has an updated registration form, which allows residents to track their application’s status and change the date for their annual fingerprint scanning, according to an announcement made by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP). The ID card is required by all foreign residents such as those running businesses based in and living in the UAE.
Czechia: Working conditions for employees who take care of minors, within the context of the 2023 amendment to the Labor Code
At the close of January 2023, the Ministry of Labor and Social Affairs in Czechia published a revised version of the amendment bill to the Labor Code which reflects various comments that were made on the previous language. Before the year is out, the amendment is likely to deliver a number of changes that will make themselves felt e.g. with respect to the working conditions for employees who take care of children.
A Guide to Minimum Wages in China in 2023 (Last Updated on February 21, 2023)
Minimum wages in China continue to rise.
As of February 21, 2023, Shanghai has the highest monthly minimum wage among 31 provinces (RMB 2,590/US$400 per month) and Beijing has the highest hourly minimum wage (RMB 25.3/US$3.9 per hour). 13 regions – Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Henan, Hubei, Guangdong (including Shenzhen), Chongqing, and Sichuan – have surpassed the RMB 2,000 (US$308) mark in their monthly minimum wage standards.
TALENT IN INDIA IS HIGHLY ASPIRATIONAL
Sonal Thakker, Partner, Hunt Partners and Associate Partner, CT Executive Search
How do you assess the current demand for executives in India? In which areas is there a particularly large number of recruitments?
The Indian economy has greatly expanded in the post-pandemic phase – leading to twin dimensions of enhanced M&A activity and secular growth across industries. These factors have contributed to a considerable demand for CxO hiring in several industries and sectors.
The consumer internet sector – which has grown geometrically prior to, and during the pandemic - has witnessed CxO churn. We believe the shakeout at the management layer is driven by new unit-economics, a tightening funding environment, increased regulatory oversight, and finally – enhanced fiduciary requirements for entities that listed via IPOs. We see the demand for CxOs in areas such as finance, compliance, investor relations, and public/government affairs.
INDIA MEANS PATIENCE AND RELATIONS
Georg Graf, Regional Representative for India, Freudenberg Group and Past President, Indo-German Chamber of Commerce IGCC (AHK)
What specific challenges do European companies have to reckon with in India?
India is the youngest-connected-democracy in the world and is increasingly being considered a preferred partner in manufacturing across industries. European companies are beginning to realize that India is more than just a consumption market. As the Past President of the Indo-German Chamber of Commerce, I am happy that this is true for all German companies as well.
INDIA – EMPLOYMENT CONTRACTS FOR EXPATS
Ursula Hoffmann-Mukherjee, Senior Associate, Rödl & Partner India
Previous international experience will determine how much support the employee will require on site. Therefore, in addition to tax law and legal aspects, individual contract components should also be agreed in employment contracts for expats. This article is intended to provide an overview of the usual contract components in employment contracts for German expats in India.
Thailand Adopts Work from Home Bill: Implications for Employers
Thailand has made an amendment to the Labor Protection Act to offer the same labor rights to remote workers. Employers can allow employees to work outside the business premises using information technology, such as computers and smartphones.
If an employer and employee agree, they should specify the terms of remote work in a written format.
China 2022 Economic Growth – A Breakdown of Provincial GDP Statistics
China’s 31 mainland provinces, municipalities, and autonomous regions have released their local GDP and economic indicators for 2022. The data reflects the nationwide slowdown in economic growth in 2022, but also shows significant variations from region to region. This briefing analyses the drivers behind the 2022 China provincial GDP figures and discusses the prospects for growth in 2023.
Czechia: Key changes in labor law – A look at the upcoming major amendment to the Labor Code
Czechia's Labor Code will ring in far-reaching changes in 2023. Employers in particular should prepare for new obligations which arise for them from the planned amendment to the Labor Code. Major changes have been proposed in particular with respect to work arrangements outside a proper employment relationship, the regulation of work from home, and the communication between employer and employee.
UAE Sets Zero Corporate Tax Threshold At US$100,000
The UAE has set the ‘Applicable Taxable Income’ threshold for Corporate Tax. A zero per cent rate will apply to taxable income that does not exceed Dh375,000 (US$102,000) during the same tax period regardless of the number of businesses or business activities the taxable person is engaged in during that period.
China to Extend Preferential Individual Income Tax Policies
China has announced the extension of preferential individual income tax policies to December 31, 2023. We explain the major provisions included in the announcement, illustrate the original policies, and discuss how they may impact resident taxpayers.
Singapore Implements New Scheme to Help Businesses Hire Foreign Workers
Singapore’s Manpower for Strategic Economic Priorities (M-SEP) scheme enables eligible companies to hire foreign S Pass and Work Permit holders above the permitted prevailing quotas.
There are two conditions that companies must meet to qualify; participate in at least one key economic program provided by the government and commit to hiring or training Singaporeans.
5 Key Industries to Watch in China in 2023
China’s economic growth in 2023 will be led by several key industries that are forecast to flourish due to the lifting of COVID restrictions, as well as government support and incentives. These include tourism, new energy vehicles, online shopping, software development, and healthcare. We discuss five main Chinese industries that will be of considerable interest to foreign investors in 2023.
Dubai’s DMCC Free Trade Zone Attracts Over 3,000 New Investors in 2022
Dubai’s DMBB Free Trade Zone signed 3,049 new investing companies in 2022, taking the total of businesses invested by the free zone to 22,000.
The ambitious efforts to broaden business horizons are part of the NextGenFDI initiative, which aims to attract advanced technology companies from all over the world with a series of incentives.
These include making licensing and financing easier, offering golden visas, providing commercial and residential lease incentives, relocation guidance, cloud infrastructure and affordable education for families.
Doing Business in China 2023
Economists expect China will fully reopen in the second half of 2023, pushing GDP growth to around five percent from three percent in 2022. Industries in line with Beijing’s policy priorities, such as healthcare sector, green sectors, consumer market, and sectors related to industrial automation, are expected to be the biggest beneficiaries.
Doing Business in China 2023 covers the following:
- Establishing and Running a Business
- Tax, Audit, and Accounting
- Human Resources and Payroll
- Cybersecurity and Data Protection
Doing Business in India 2023
India defied global trends in 2022 to witness record M&A activity and remains among the fastest growing economies in the world.
Doing Business in India 2023 covers the following topics:
- Human resources and payroll
- India’s investment climate
- Setting up business in India
- Mergers and acquisitions
- Transfer pricing
- Financial reporting and audit
10 New Laws Starting January 1 That May Affect Your Business in China
Multiple new laws and regulations that affect doing business in China came into force on January 1, 2023. Foreign investors and businesses engaging in food and beverage, import and export, new energy vehicles, sports, and financial activities should pay special attention.
Poland: Work-life balance directive
In view of the prevailing trends regarding finding harmony in life and work, the European Union has obliged Member States to introduce into their national legal order a directive, commonly referred to as the work-life balance directive (i.e. Directive (EU) 2019/1158 of the European Parliament and of the Council of 20 June 2019 on work-life balance for parents and carers and repealing Council Directive 2010/18/EU), which aims to introduce work-life balance for workers with children in the Member States – but also to achieve gender equality by promoting women’s participation in the labour market, equal sharing of caring responsibilities between men and women and reducing the gender pay gap.