"unless they have branches on such countries or they hire an intermediary company to handle the taxes/health insurance stuff" is a big caveat - for any non-tiny company it's not a big deal to hire an intermediary company, such companies are readily available and the overhead is small compared to the salary differential; it's not a serious obstacle because you can simply buy a solution to that.
But that's not the case for time zones, of course.
But that's not the case for time zones, of course.