-
Financial statements audits
Financial statement audits
-
Compliance audits
Compliance audits
-
Compilations and reviews
Compilations and audit
-
Agreed-upon procedures
Agreed-upon procedures
-
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
-
International tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
-
Tax compliance
Business Tax
-
Individual taxes
Individual taxes
-
Estate and succession planning
Estate and succession planning
-
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
-
Sales and use tax and indirect taxes
SUT/ VAT & indirect taxes
-
Tax incentives program
Tax incentives program
-
Transfer Pricing Study
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
-
Business consulting
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
-
Forensic and investigative services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Fraud and investigations
The commercial landscape is changing fast. An ever more regulated environment means organizations today must adopt stringent governance and compliance processes. As business has become global, organizations need to adapt to deal with multi-jurisdictional investigations, litigation, and dispute resolution, address the threat of cyber-attack and at the same time protect the organization’s value.
-
Dispute resolutions
Our independent experts are experienced in advising on civil and criminal matters involving contract breaches, partnership disputes, auditor negligence, shareholder disputes and company valuations, disputes for corporates, the public sector and individuals. We act in all forms of dispute resolution, including litigation, arbitration, and mediation.
-
Business risk services
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
Internal audit
We work with our clients to assess their corporate level risk, identify areas of greatest risk and develop appropriate work plans and audit programs to mitigate these risks.
-
Service organization reports
As a service organization, you know how important it is to produce a report for your customers and their auditors that instills confidence and enhances their trust in your services. Grant Thornton Advisory professionals can help you determine which report(s) will satisfy your customers’ needs and provide relevant information to your customers and customers’ auditors that will be a business benefit to you.
-
Transaction advisory services
Transactions are significant events in the life of a business – a successful deal that can have a lasting impact on the future shape of the organizations involved. Because the stakes are high for both buyers and sellers, experience, determination and pragmatism are required to bring deals safely through to conclusion.
-
Mergers and acquisitions
Globalization and company growth ambitions are driving an increase in M&A activity worldwide as businesses look to establish a footprint in countries beyond their own. Even within their own regions, many businesses feel the pressure to acquire in order to establish a strategic presence in new markets, such as those being created by rapid technological innovation.
-
Valuations
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Recovery and reorganization
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
2020 Christmas bonus payment requirements
23 Oct 2020Employees contracted before January 26, 2017
Every employee having worked at least 700 hours in the twelve-month period commencing October 1 and ending September 30 is entitled to receive a mandatory Christmas bonus. The bonus is 6% of the employee’s wages up to a maximum employee individual wage of $10,000. Accordingly, the maximum bonus payable will be $600. In the case of those employers with 15 or less employees, the applicable rate is 3% of the employee wages up to a maximum of $10,000 ($300).
Employees contracted after January 26, 2017
Every employee having worked at least 1,350 hours in the twelve-month period commencing October 1 and ending September 30 is entitled to receive a mandatory Christmas bonus. In case, that the employer employs 21 or more employees for 26 weeks within the coverage period, it will be required to pay to each employee a bonus equal to 2% of the total salary earned up to a maximum bonus of $600.
In case of those employers with 20 or less employees, the applicable rate is 2% up to a maximum bonus of $300.
During the first year of employment, the applicable bonus for any employee will be the 50% of the above provisions.
The payment of Christmas bonus required by law should normally be made between November 15 and December 15 of the current year.
If the Christmas bonus does not exceed $600, the employer will not withhold taxes from bonus paid. When the Christmas bonus exceeds $600 but does not exceed $1,500, the employer must withhold a 7% tax from the total bonus. If the bonus exceeds $1,500, the employer may use the applicable withholding rules established on “Employer’s Guide”.
Christmas Bonus Exemption Request
Employers may request an exemption from payment of the Christmas bonus if the total gross amount that would be payable to its employees exceeds 15% of its total net income during the same twelve-month period used to determine the eligible employees.
To request the exemption, an employer must send a written notification to the Secretary of Labor and Human Resources specifying the reason for the exemption not later than November 30, 2020. The employer must include original signed and sealed compiled, revised, or audited financial statements and their notes for the period from October 1, 2019 through September 30, 2020. If the employer’s fiscal year does not end on September 30, the employer may submit, in the alternative, financial statements corresponding to its fiscal year, and interim financial statements for the remaining period between the end of its fiscal year statements and September 30, 2020. The exemption request must be sent by mail.
If the employer fails to submit the data to support non-payment of the bonus, it becomes liable for the payment of the full bonus.
If the employer does not pay the bonus when due, the employee will be entitled to receive and additional bonus. It can be 50% or 100% of the amount of the bonus, depending on the date paid.
Employers are required to advise terminated employees who are entitled to the bonus before payment due date and may request his/her mailing address to mail the bonus.
Links
