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Allowances & Exchange Rates
QUARTERLY UPDATE: RISING RENTAL MARKETS, TAX CHANGES, AND INFLATION INSIGHTS
Apr 4, 2024 / By Meleah Paull
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Every quarter AIRINC provides a useful data points update on our cost-of-living
research including housing, goods & services, tax and research locations. This
quarter’s cost of living research was conducted in North America, Central and
South America, the Middle East, Africa, Maritime Southeast Asia, and Oceania.
HIGHLIGHTS FROM AIRINC’S IN-DEPTH RESEARCH
RENTAL MARKETS AROUND THE WORLD
CANADA [RISING]
Rents are up in Toronto as demand has increased, pressure on the rental market
has seen vacancy rates drop. In Edmonton, vacancy rates plummeted due to an
increase in domestic and international arrivals. Reports of record low vacancy
rates in Calgary as well, saw rents boosted as a robust spring rental season is
expected. Other Canadian locations’ rental prices have also moderately
increased.
UAE [RISING]
Rents increased in Dubai as, demand for villas is high and supply is very
limited. Even lower end properties in less desirable areas have seen prices
increase. This past year has seen more international arrivals enter the rental
market which has tightened competition for senior, executive level villas. Abu
Dhabi prices were also up due to supply and demand imbalances.
AUSTRALIA [RISING]
With very low vacancy rates in Adelaide, the market has remained tight. New
apartment projects are still under construction. Many newer properties are far
away from the city center which has not been ideal for expats.
Brisbane has seen a spike in demand for rentals closer to the city center, and
with a growing population, rents are up. Many people who were once working from
home in small towns during the pandemic have been returning to the office, which
is driving the increase in rental demand.
In Gladstone, the surge in rental prices is attributed to the limited
availability of new rental properties, coupled with a significant influx of
individuals relocating to the region in response to the abundance of
high-quality job opportunities. Vacancy rates have dropped.
Most other Australian locations are moderately up with just a few remaining
stable.
Read more on rental markets...
GOODS AND SERVICES UPDATE
VOLATILITY IN ARGENTINA
The already turbulent Argentine economy was thrown into even greater turmoil in
December of last year when President Javier Milei announced a slew of austerity
measures, including slashing fuel subsidies and funding for provincial
governments, along with the devaluation of the Argentine peso by more than 50%.
Milei maintains that these reforms are necessary to combat the country’s
longstanding hyperinflation. Whether the changes will eventually result in
stabilization remains to be seen. The immediate effect was an abrupt
skyrocketing of prices. AIRINC’s on-the-ground survey in February found that
prices had increased over 150% in the previous 6 months alone.
Argentina has already been a host to many widespread protests this year, and
poverty rates have increased. However, before these measures went into place,
Milei had indeed warned that things would need to get worse before they would
get better – and many Argentines took that to heart. One potentially positive
indicator for the economy is that, despite the annual inflation of over 275% for
February, the monthly inflation rate has been lowering since its sharp increase
in December.
Read more on goods & services...
COUNTRY TAX UPDATE
IRELAND:
For 2024, the income tax brackets, personal allowance credits, and PAYE
allowance have been adjusted for inflation. The Universal Social Charge schedule
has been adjusted slightly, with the middle rate reduced from 4.5% to 4%. The
net effect of these changes is a small decrease in tax for all taxpayers. Social
security is unchanged, but the rate is scheduled to increase from 4% to 4.1%,
effective October 1, 2024. The Special Assignment Relief Program (SARP), which
allows tax concessions for qualifying inbound employees has been revised and
extended to the end of 2025. Qualifying employees arriving prior to 2024 may
exempt 30% of employment earnings exceeding EUR 75,000 but no more than EUR
1,000,000 from Irish taxation. For inbound employees arriving in 2024, the
earnings threshold is increased to EUR 100,000. Separately, Ireland Revenue has
mandated that an employer must file Form SARP 1A within 90 days of the
employee’s arrival to qualify for the program.
NETHERLANDS:
Adjustments have been made to levy rebates. The calculation of rental value of
self-owned residence, the adjustment for the mortgage interest deduction, the
maximum contribution for social security (national insurance), family
allowances, and the tax rate schedule have been adjusted for inflation. The top
marginal tax rate is unchanged at 49.5%. The net effect on social security
contributions varies by income level. The net effect on tax is a small
reduction.
Expatriate 30% Ruling - Beginning in 2024, the expatriate tax concession known
as the 30% ruling has been restricted. First, the maximum exclusion is capped.
The threshold is tied to the salary level of certain government administrator
employees which is indexed for inflation annually. For 2024, the salary
threshold for the exclusion is EUR 233,000, or a maximum exclusion of EUR
69,900. Income that exceeds the threshold are subject to the top marginal tax
rate of 49.5%. Second, the exclusion percentage is tapered over a 5 year period:
30% exclusion (up to the cap) for the first 20 months, 20% exclusion for the
next 20 months, and 10% for the remaining 20 months of the 5 year period. Due to
the tapering of the exclusion during the 5 year period, most calendar tax years
will be split partial years. These new restrictions apply to new inbound
assignees that start in 2024 or after. Finally, qualifying expatriates are now
considered full tax residents, subject to taxation on non-Dutch investment
income. The Dutch parliament has instructed the government to review the new
rules for the expatriate tax concession to simplify and streamline the
administration on employers, so there may be further adjustments to the 30%
ruling. Expatriate employees who already benefit from the exclusion prior to
2024 will be able to use the old rules for two years (30% exclusion uncapped)
and will be subject to the new cap beginning in 2026.
UNITED STATES:
At the Federal level for 2024, there have been inflation-indexing adjustments to
tax brackets and the standard deduction. The tax rates are unchanged. There is
an increase in the social security wage base. Statistical itemized deductions
have not been updated as the IRS published information on deductions claimed was
not available at the time of the tax update. The net effect of these changes
varies by income level, family size, state selected, and deduction type. An
election-year bipartisan agreement is unlikely, but possible, as Democrats seek
to restore the 2021 temporary higher child tax credits from the American Rescue
Plan, and Republicans pursue a restoration of the deductibility of research and
development (R&D) investments that expired at the end of 2022. AIRINC will
update the tax models, as needed.
Click more for the notable state tax developments.
Read more on tax...
Tags: Data Points, Tax, Inflation, Europe, Asia, Africa, Research, Housing &
Utilities, North America, Cost of Living / COLA, Currency
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