[Premia TNC] Weekly Newsletter 2025 Vol.69
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 | Global and Hong Kong Minimum Tax for MNEs
In July 2021, Hong Kong adopted the OECD’s BEPS 2.0 framework to address cross-border tax evasion, introducing a global minimum tax of 15% for multinational enterprises (MNEs) with revenues of EUR 750 million or more. Effective from 2025, Hong Kong will implement this tax along with a Hong Kong Minimum Top-Up Tax (HKMTT) to ensure compliance with OECD standards and tackle base erosion and profit shifting. The HKMTT targets low-taxed entities in Hong Kong, with specific rules for tax compliance and administration, including filing requirements and penalties for non-compliance. This move reflects Hong Kong’s commitment to fairer international tax practices and improved tax compliance for MNEs.
🏢 Singapore | Supporting Enterprises in Workforce Transformation
Budget 2025 emphasizes the government’s commitment to business transformation and workforce development through new initiatives like the SkillsFuture Workforce Development Grant, redesigned SkillsFuture Enterprise Credit, and expanded NTUC Company Training Committees (CTCs). These measures offer up to 70% funding for job redesign, a $10,000 Enterprise Credit for businesses, and an additional $200 million for CTCs. Companies like SATS will benefit from these grants to upgrade operations and reskill employees. Additionally, the government will expand overseas work and leadership training schemes to develop Singaporean leaders for global roles, ensuring competitiveness in a dynamic economy.
💵 Taiwan | Tax Implications of Forfeited Lease Deposits in Business
The National Taxation Bureau of Taipei mandates that if a tenant terminates a lease early and forfeits the deposit, the landlord (if a business operator) must treat the forfeited deposit as taxable income. Such deposits are considered breach penalties and part of sales revenue, requiring inclusion in taxable income, issuance of a GUI, and payment of business tax. For instance, if Corporate A leases office space to Startup B with a NTD 60,000 deposit and B ends the lease early, A must recognize the NTD 60,000 as income, issue a GUI, and pay business tax.
📱 Vietnam | Preferential Customs for Semiconductor and High-Tech Firms
Many countries are implementing policies to attract investment in the semiconductor industry, including trade facilitation and preferential customs procedures. The Ministry of Finance’s Draft 1 of the Law amending various laws proposes changes to the Customs Law, specifically Articles 42 and 43, to provide preferential regimes for semiconductor and high-tech enterprises. These changes include conditions for preferential treatment and exemptions for goods related to these industries, as listed by the Minister of Science and Technology. Benefits for enterprises include exemptions from customs dossier inspection, actual goods inspection, post-clearance inspection, and pre-inspection tax refunds.
🗂️ Malaysia | BO Reporting: A Comprehensive Overview [Issue 4 of 4]
Ensuring compliance with Beneficial Ownership (BO) reporting is crucial for corporate transparency and avoiding penalties. Companies must proactively identify BOs by gathering information from shareholders and directors, verify and record details in the Register of Beneficial Owners, notify authorities within the required timeframe, and continuously update records for changes in ownership or control. Implementing strong internal controls and seeking professional guidance, especially for complex structures or highly regulated industries, helps businesses meet regulatory standards and navigate BO reporting effectively.
🏢 Dubai | UAE Implements New Regulations for Lawyers and Legal Consultants
On March 12, 2025, the UAE Cabinet approved new regulations to modernize the legal profession, introducing a formal framework for legal consultancy and clear procedures for licensing foreign law firms. The reforms enhance transparency, ethical standards, and accountability, update licensing requirements for lawyers, and mandate continuous education to maintain high expertise. They simplify trainee lawyer registration, allow law firms to be set up as partnerships, LLCs, or sole proprietorships, and prevent conflicts of interest by prohibiting lawyers from partnering in multiple firms. These changes aim to foster a more organized, ethical, and transparent legal industry in the UAE.
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<Hong Kong>
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→ 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]
