Features Updates Supported Authorities Resources
Features
The current release includes several new features which significantly enhance the functionality of the Equus Platform.
Bosnia & Herzegovina
Added support for this authority, bringing the total number of supported countries to 154.
Bosnia & Herzegovina, situated in southeast Europe on the Balkan Peninsula, uses the Bosnian Mark (BAM). This estimator supports the Federation of Bosnia and Herzegovina (FBiH) tax jurisdiction; the other two jurisdictions are the Republika Srpska and the District of Brčko.
Income from employment is subject to a flat rate of 10%. Tax relief is provided by personal and dependent deductions. Employees and employers contribute 31% and 10.5%, respectively, to pension, health insurance, and unemployment insurance.
France
Payroll Tax
Added a new tax position, Add Payroll Tax for Qualified Employers?, applicable to organizations exempt from VAT. Select from lookup options of No, Yes, or Automatic. When set to Automatic, the tax is calculated if the following conditions apply:
For outbounds: if the employee is a tax resident or if a social security agreement exists between France and the host country.
For inbounds: if a social security agreement does not exist between France and the home country.
The calculation uses a 3-bracket progressive table, with a top bracket of 13.6% applying to income over EUR 17,935. Tax bracket details are displayed on the Cost Estimate Calculation Details report.
This tax position defaults to No in the Equus Long, Short Term and Permanent Transfer Tax Position Sets.
Switzerland
Zurich
Income Tax
Added the ability to calculate tax cost using the tax at source method. Select Yes from the Use Withholding Table? input on the Zurich tax estimator to utilize this method, which includes federal, cantonal and communal amounts. This tax position defaults to No in the Equus Long, Short Term and Permanent Transfer Tax Position Sets.
Updates
Updates include calculation and rate changes to reflect current tax law resulting from inflation adjustments, legislative changes, and review of supported authorities. Effective dates indicate when the changes enter into force. Amounts are annual unless stated otherwise.
Bahamas
Social Security
Increased the wage ceiling by BSD 3,636 to BSD 42,120, effective July 1, 2024.
Bangladesh
Income Tax
Added a new top tax bracket and updated the bracket thresholds, effective July 1, 2024. The threshold for the new 30% top bracket is BDT 3.9 million.
Bulgaria
Social Security
Increased the wage ceiling by BGN 4,200 to BGN 45,000, effective January 1, 2024.
Chile
Increased the following, effective July 1, 2024:
Income Tax
Tax Unit (UTM) to CLP 65,967, which increased the tax bracket thresholds. The threshold for the 40% top bracket increased by CLP 6 million to CLP 245.4 million.
Development Unit (UF) to CLP 37,576, which increased the deduction cap for employee voluntary pension contribution for outbound employees by CLP 509,106 to CLP 22.5 million.
Social Security
Development Unit as above, which increased the following:
Employment insurance wage ceiling by CLP 1.3 million to CLP 57.1 million.
Other contributions wage ceiling by CLP 858,353 to CLP 38 million.
Croatia
Income Tax
Corrected the employer voluntary pension deduction, increasing it by EUR 8 to EUR 804.
Czech Republic
Corrected the following, effective January 1, 2024:
Income Tax
Top tax bracket threshold. The threshold increased by CZK 27 to CZK 1.6 million.
Social Security
Pension, unemployment, and sickness wage ceilings. The wage ceilings increased by CZK 36 to CZK 2.1 million.
Added a new employee sickness contribution rate of 0.6%.
Fiji
Corrected the following, effective January 1, 2024:
Income Tax
Decreased the rates on tax brackets exceeding FJD 270,000 by 5% each. The new 39% top bracket is applicable to income over FJD 1 million.
Social SecurityIncreased the employee and employer contribution rates by 1% to 8% and 3% to 10%, respectively.
Gibraltar
Income Tax
Decreased each bracket rate by 2%, effective July 1, 2024. The top rate of 25% remains applicable to income over GIP 105,000.
Italy
Income Tax
Corrected the employment credit. The previous calculation overstated the credit by EUR 690 for income between EUR 15,000 and EUR 50,000, resulting in an understatement of tax.
Kazakhstan
Income Tax
Corrected the basic allowance calculation to use the Monthly Calculation Index (MCI) instead of the Monthly Minimum Salary (MMS). Using the current MCI of KZT 3,692, basic allowance is reduced by KZT 399,744 to KZT 620,256. The previous calculation resulted in an understatement of tax.
Lesotho
Income Tax
Increased the following, effective April 1, 2024:
Tax bracket thresholds. The threshold for the 30% top bracket increased by LSL 1,380 to LSL 70,500.
Personal credit by LSL 216 to LSL 11,040.
Malta
Social Security
Increased the wage ceiling by EUR 1,693 to EUR 27,679, effective January 1, 2024.
Montenegro
Corrected the following:
Social Security
Pension wage ceiling by increasing it from EUR 6,270 to EUR 61,519, effective January 1, 2024.
Unemployment insurance contribution of 0.5% to calculate without a wage ceiling. Previously, a wage ceiling of EUR 61,519 was used.
New Zealand
Income Tax
Added three tax brackets, effective April 1, 2024. The threshold for the 39% top bracket remains NZD 180,000.
North Macedonia
Corrected the following, effective January 1, 2024:
Income Tax
Increased the standard deduction by MKD 6,024 to MKD 114,480.
Social Security
Increased the employee wage ceiling by MKD 1.6 million to MKD 11.1 million.
Pakistan
Income Tax
Decreased the tax bracket thresholds and increased rates, effective July 1, 2024. The threshold for the 35% top bracket decreased by PKD 1.9 million to PKD 4.1 million.
Russia
Corrected the following by increasing the amounts, effective January 1, 2024:
Income Tax
Pension deduction by RUB 280,000 to RUB 400,000.
Specialist salary threshold by RUB 996,000 to RUB 3 million.
Social Security
Wage ceiling by RUB 308,000 to RUB 2.2 million.
Serbia
Social Security
Corrected the wage ceiling, increasing it by RSD 877,320 to RSD 6.9 million, effective January 1, 2024.
Slovakia
Income Tax
Increased the minimum monthly subsistence amount by EUR 5 to EUR 274, effective July 1, 2024, which increased the following:
Threshold for the 25% top bracket by EUR 903 to EUR 48,441.
Maximum personal and spousal allowances by EUR 107 to EUR 5,754.
Social Security
Corrected the wage ceiling, increasing it by EUR 7,812 to EUR 109,536, effective January 1, 2024.
Switzerland
Vaud
Income Tax
Corrected the withholding tax calculation for inbound assignments with part year periods to apply only to income earned during the assignment. Previously, withholding tax was calculated on annual instead of part year income, resulting in an overstatement of tax.
United States
Arkansas
Income Tax
Made the following changes, effective January 1, 2024:
Decreased the top bracket rate by 0.5% to 3.9%.
Increased the bracket adjustment threshold by $1,900 to $92,700.
Kansas
Income Tax
Made the following changes for all filing status, effective January 1, 2024:
Decreased the number of tax brackets from three to two and decreased rates. The threshold for the new 5.58% top bracket is USD 23,000 for single employees.
Increased the personal exemption by USD 6,910 to USD 9,160 for single employees.
Increased the standard deduction by USD 105 to USD 3,605 for single employees.
Increased the dependent exemption by USD 70 to USD 2,320.
Vietnam
Social Security
Increased the unemployment insurance wage ceiling by VND 67.4 million to VND 1.2 billion, effective July 1, 2024.
Income Tax Treaties and Social Security Agreements
Added the following:
Recommended Tax Positions
Updated the following tax position defaults:
Note: To view Appendixes please download the attached PDF copy of the release note.
Supported Authorities
Search “supported authorities” and "supported subauthorities" in the help center for a full list of our 224 supported authorities including:
154 Countries
50 American States and the District of Columbia
10 Canadian Provinces
9 Swiss Cantons
Resources
Help Center articles updated this release: