Payroll Compliance in Singapore and Hong Kong: Local Record-Keeping and Social Security Requirements

Both Singapore and Hong Kong impose local requirements for recording keeping and local social security payments (e.g. CPF and MPF respectively) that need to be deducted and made on a monthly basis. There is no requirement to deduct income taxes on a monthly basis, however employers are required to report their employees' income on an annual basis. When employees resign and leave the respective country, employers must withholding salaries till tax clearance is obtained.