[Premia TNC] Weekly Newsletter 2025 Vol.68
Premia TNC E-Newsletter
Establishing international corporations and managing tax accounting information.
Tackling worldwide challenges and embracing global trends simultaneously!
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💡Weekly E-Newsletter
💰 Hong Kong | Extended Deadline Scheme for 2024/25 Tax Return Lodgements
The Inland Revenue Department will issue 2024/25 Profits Tax Returns to active corporations and partnership businesses on 1 April 2025. Extended due dates for represented taxpayers are as follows: no extension for accounting dates between 1 April 2024 and 30 November 2024; 15 August 2025 for dates between 1 December 2024 and 31 December 2024; and 17 November 2025 for dates between 1 January 2025 and 31 March 2025. Taxpayers are encouraged to file returns early to avoid penalties. Companies in liquidation are not eligible for extensions and must file returns within one month of notification. Newly registered businesses typically receive their first return 18 months after commencement, though provisional returns may be issued earlier if necessary.
📈 Singapore | Enhancements to the Progressive Wage Credit Scheme (PWCS)
The Progressive Wage Credit Scheme (PWCS), introduced in Budget 2022, provides transitional wage support for employers to adjust to mandatory wage increases for lower-wage workers and voluntarily raise their wages. The government will co-fund wage increases for eligible Singapore Citizen and Permanent Resident employees from 2022 to 2026, with enhanced co-funding rates announced in Budget 2025: 40% for 2025 and 20% for 2026. Employers do not need to apply for PWCS, and payouts will be received by the first quarter of the following year. The scheme supports wage increases up to a $3,000 gross monthly wage ceiling, requires an average gross monthly wage increase of at least $100, and applies to employees earning $4,000 or less. Eligible wage increases are co-funded for two years if sustained.
💻 Taiwan | Foreign Tax Residents Able to File Personal Income Tax Online
Foreigners who have resided in Taiwan for over 183 days in a calendar year must file personal income tax for that year by the following May, including both local and overseas income. The 2024 tax filing period runs from May 1 to June 2, 2025. Foreign taxpayers can use the Ministry of Finance’s e-filing system, available in Mandarin and English, and log in using various methods such as a natural person certificate, National Health Insurance card, electronic certificate, or Taiwan TAX ID and passport/residence permit number. Payments can be made at local banks, convenience stores (for amounts up to NTD 30,000), or online via credit/debit card. Refunds are processed similarly to those for Taiwanese citizens.
💴 Vietnam | Dong Nai Proposes New Free Trade Zone
On March 26, the National Assembly Economic and Finance Committee’s Working Group met with Dong Nai province to discuss land use planning and the implementation of the Land Law. Mr. Dang Minh Duc, Deputy Director of the Provincial Department of Agriculture and Natural Resources, proposed piloting a Free Trade Zone model near Long Thanh Airport and Phuoc An Port, covering about 1,000 hectares. He emphasized Dong Nai’s strategic location in the southern key economic region, its role as an international trade gateway, and its potential as an aviation economic center, promoting high-tech industry, logistics, and aviation support services.
📑 Malaysia | BO Reporting: A Comprehensive Overview [Issue 3 of 4]
Non-compliance with Beneficial Ownership (BO) reporting in Malaysia can lead to severe penalties, including fines up to RM3 million and/or imprisonment for up to 10 years. Companies must establish strong internal controls to avoid these sanctions. Identifying BOs can be complex, especially with corporate shareholders, trusts, government entities, or companies in liquidation. It involves tracing ownership through multiple layers, ensuring trust and nominee arrangements are disclosed, identifying senior government officials in government-owned entities, and updating BO information during liquidation or corporate rescue. Understanding these considerations is crucial for compliance and avoiding costly penalties. Stay tuned for more.
🏢 Dubai | Ajman Free Zones Authority Reports Record Growth in 2024
The Free Zones Authority of Ajman (FZA) achieved record-breaking results in 2024, with a 15% increase in revenue and net profit compared to 2023 and a 170% surge in newly established companies. Investment zone occupancy reached an all-time high of 97%, reflecting strong global investor confidence. Chairman Sheikh Ahmed bin Humaid Al Nuaimi attributed these successes to strategic planning and a dynamic vision, while Vice Chairman Sheikh Abdulaziz bin Humaid Al Nuaimi highlighted the milestones in attracting quality investments. Director-General Ismail Al Naqi emphasized the alignment with Ajman Vision 2030 and the commitment to innovation and infrastructure development. FZA plans to expand into emerging sectors and maintain a vibrant, investor-friendly environment.
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Premia TNC Malaysia Webinar
Professional Guidance and Crucial Information on Navigating Audit Exemption and Dividend Tax in Malaysia
Seize your opportunity to get a hang of the latest key updates on audit exemption and dividend tax in Malaysia! Attend our webinar on April 17, 2025, for valuable information, free consultations, and comprehensive materials to gain insights into the key updates concerning exemptions and taxes. Secure your booking today!
<Malaysia>
Date: Thursday, April 17, 2025, 2:00 PM – 3:00PM GMT+8
Target companies: Businesses looking to get on top of the key updates concerning audit exemption and dividend tax in Malaysia.
Presenter: Mandy
→ Webinar participation application link
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Premia TNC April Holiday Notice
April has arrived! 🌻 A time for renewal and new horizons. Let’s embrace the journey and make this month one to remember. 🌿💫
→ Check Our Complete Schedule for April
🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice
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PREMIA TNC LIMITED / KORCHINA TNC CPA LIMITED
Founded in 2003, Premia TNC operates in Hong Kong, Singapore, Vietnam, Taiwan, Malaysia, Korea, and Dubai.
We provide consulting and accounting services, including corporate establishment, management, accounting, tax advice, and auditing.
Unit 706, 7/F, Tower 2, South Seas Centre, 75 Mody Rd, Tsim Sha Tsui, Hong Kong
TEL (+852) 6484 3419
[email protected]
