Managing Payrolls in the Caribbean
International markets continue to grow in importance for global companies, and with this growth comes an expansion of compliance requirements. The Caribbean is in the USA’s backyard, and whether you are using call centres in the English speaking Islands, are involved in international finance in the various offshore jurisdictions or are involved in the tourism and leisure industry you are likely to have some employees to process in this area.
Whether you are sending expatriates into a country or taking on a small local payroll as part of an acquisition or branch opening, your business will need to ensure it meets all of its obligations. Outsourcing the payroll function may seem the best solution, but the company remains legally liable for any mistakes the outsource partner may make. It is therefore important that the end client is aware of what the major tasks are the outsourcer performs on their behalf, the key deadlines that they need to sign off, and how to interpret key reports and payslip information.
Attendees will be able to accurately follow a simple pay calculation for each jurisdiction, and should be able to identify all of the key items on a payslip produced in each jurisdiction. You will also be able to:
- Identify all key jurisdiction deadlines
- Understand the penalty regimes and the consequences of getting it wrong
- Have a detailed understanding of the scope of service you are purchasing from an outsource partner
- Identify what information you need to pass to the outsource partner and why you have to provide it
We will provide an overview of payroll requirements in the following jurisdictions:
- Bahamas
- Barbados
- British Virgin islands
- Cayman Islands
- Jamaica
- St Kitts & Nevis
- Trinidad & Tobago
For each jurisdiction we will cover the following subjects:
- Tax Office administration
- Income Withholding Tax
- Tax free payments
- Rates of tax
- Calculation and Remittances to Tax Office
- Social Security structure
- Social Security Contribution calculation and reporting
- Mandatory social documents
- Employee labour rights relevant to payroll
- New hires and terminations
- Fringe benefits
- Sick, maternity and paternity leave
- Special rules for foreign assignees
- A look at some websites and guidance available
