We all make mistakes, some more costly than others. Most, if not all, of us have bought a car that
turned out to be in constant need of repair or declined insurance coverage only to end up paying more for costly repairs out of pocket. American money management expert Dave Ramsey calls it the “stupid tax,” and it’s OK to pay it as long as you learn from your mistake going forward.
Global payroll harbors its own opportunities for paying the “stupid tax,” currency risk being one of them. The good news is that we can learn from others who offer their own perspectives that have been sharpened by experience. Read “The Most Expensive Mistake You Don’t Know You’re Making” to learn the five factors to consider about currency fluctuation.
Many organizations have no idea that paying employees around the globe in local currencies can become a costly problem. It’s one of the most common, yet least discussed pitfalls businesses face. While the world of money transfers can be complicated, the stinging shock of currency risk is an avoidable surprise. It requires being supplied with the right information.
Also in this issue, two returning
Global Payroll writers share their expertise on different parts of the world. Richard Cant of Dezan Shira & Associates is back with an Asia Briefing on the different ways tax-free allowances are handled in China, India, and Vietnam, and the Chartered Institute of Payroll Professionals’ (CIPP) Samantha Mann, MAAT, MCIPPDip, explains how payroll professionals will play a role in the U.K. Government’s Budget.
Best wishes,
Dan Maddux
Executive Director
Global Payroll Management Institute, Inc.