Payroll departments in most companies generally lack the necessary resources and experienced professionals to manage their duties efficiently. Establishing a company payroll in Myanmar with the help of professionals from certified firms is an important decision, with high potential gains in return.
Many companies setting up a business branch in Myanmar do not need payroll services all year long. Those companies can certainly benefit from outsourcing their payroll duties. In this way, only when the appropriate services are needed, companies can hire payroll services experts to perform the tasks they need.
A company’s payroll is one of the most important aspects of a company’s operations. Aside from the fact that the timely and accurate distribution of employees’ salaries can have a tremendous impact on employee morale, an efficiently-managed payroll system can keep a company’s finances balanced, and on-track with internal financial objectives.
Outsourcing payroll operations to professional services providers can also ensure that foreign businesses are compliant with Myanmar’s complex compensation and taxation laws. Aside from the initial registration of the company and enrollment of employees with the Myanmar Labor and Social Insurance systems, and the monthly calculation and payment of workers’ salaries, there are a number of yearly payroll activities that companies need to be aware of. These include the computation of year-end withholding tax adjustments, and the preparation and filing of the Shiharai-Chosho-Gokeihyo (Annual Withholding Tax Report for National Tax Purposes), among others.
Companies that offer payroll services in Myanmar shoulder a large amount of the responsibilities of companies. In TCF Associate, we have a department dedicated to labor & social insurance (Tokyo Social Insurance Company), managed by licensed experts in the field. Our clients can trust our services for creating and maintaining a corporate payroll in Myanmar, through which we manage payrolls and social labor insurance matters, while offering additional consultation and guidance for any inquiries.
TCF Associate, by offering professionaloutsourcing services in Myanmar, provides monthly employee payroll accounting and social labor insurance with great confidence in its rigorousness and speed.
Our services include:
- Preparation of monthly employee payroll
- Deposit slips
- Payroll ledger
- Expatriates payroll in Myanmar (with tax gross up calculation)
- HR / Labor consulting (advising on Myanmar labor rules and laws)
- Legal reporting of newly hired and resigned employees to the various agencies, as stipulated by Myanmar legislation
Contact us today to learn more about our setting up your company’s payroll in Myanmar.