[Premia TNC] Weekly Newsletter 2025 Vol.71
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 | Offsetting LSP/SP Against MPF Effective 1 May 2025
Starting from 1 May 2025, employers can no longer use MPF derived from mandatory contributions to offset LSP/SP for employees’ years of service after this date, though MPF from voluntary contributions can still be used for offsetting. The abolition of the offsetting arrangement, passed in June 2022, does not have retrospective effect, meaning MPF from both mandatory and voluntary contributions can still offset LSP/SP for years of service before 1 May 2025.
🧾 Singapore | Singapore Launches Task Force on Tariffs and Future Planning
Singapore is introducing immediate and long-term support measures to help businesses and workers cope with new US tariffs and global trade disruptions, as the US-China trade war and potential levies on key sectors like semiconductors threaten a recession in 2025. The Singapore Economic Resilience Taskforce, led by Deputy Prime Minister Gan Kim Yong, will focus on communication, addressing immediate challenges, and crafting long-term strategies. Despite a modest 10% US tariff on exports, broader trade disruptions could significantly impact Singapore’s economy, leading to a downgraded GDP growth forecast of 0% to 2% for 2025. The government’s $143 billion budget for 2025 includes a 50% corporate income tax rebate and household support measures, with a projected surplus allowing for further interventions. DPM Gan emphasized the need for businesses to innovate, pivot to new markets, and invest in upskilling workers to thrive in the evolving landscape.
💴 Taiwan | Issuing GUI for Overseas Consignment Purchases
The Taipei National Taxation Bureau of the Ministry of Finance has stated that business operators involved in overseas online shopping must issue a uniform invoice for both the actual price of purchased goods and the commission income. According to the Value-Added and Non-Value-Added Business Tax Act, purchasing goods in one’s own name and delivering them to a client is considered a sale, requiring a Government Uniform Invoice for both the commission and the goods’ price. For example, if Company “A” charges Consumer “B” NTD 900 for a dress and NTD 150 as commission, they must issue invoices for both amounts. The bureau urges operators to rectify any failures to issue invoices or underreport sales and to proactively file and pay overdue VAT and interest to avoid penalties.
💰 Vietnam | VND200 Trillion in Tax Cuts
In the first quarter of 2025, the Ministry of Finance advised the government to implement various tax, fee, and charge support measures to address economic difficulties. These include a 2% VAT reduction for goods and services subject to a 10% tax rate for the first six months (reducing about VND26.1 trillion), continued reduction in environmental protection tax on gasoline, oil, and grease (about VND44 trillion), adjustments to import and export tax policies, and extended tax incentives for the auto support industry until the end of 2027. Additionally, fees and charges for online public services will be reduced by 10% to 50% until the end of 2025, and preferential registration fees for battery-powered electric cars will be issued (supporting VND2.4 trillion). The total support for businesses and people in 2025 is expected to reach about VND204 trillion, higher than in 2024, to promote economic recovery and development. The ministry also submitted Decree No. 73/2025/ND-CP to adjust preferential import tax rates for 16 groups of goods and promote US investment projects in Vietnam. A draft proposal for a 2% VAT reduction from July 1, 2025, to December 31, 2026, is also being prepared.
📝 Malaysia | E-Invoice Implementation Date Extended
The Inland Revenue Board of Malaysia (LHDN) has extended the mandatory e-invoice implementation for businesses with annual revenue between RM100,000 and RM500,000 from 1 July 2025 to 1 January 2026, while businesses with revenue below RM100,000 remain exempt but can voluntarily adopt the system. This extension aims to provide additional preparation time for businesses, ensuring smoother transitions and encouraging wider adoption of e-invoicing across various sectors.
🏦 Dubai | Finance Ministry Waives Corporate Tax Late Registration Penalties
The Ministry of Finance (MoF) and the Federal Tax Authority (FTA) have announced a Cabinet Decision to waive administrative penalties for corporate taxpayers and specific exempt individuals who missed the tax registration deadline. To qualify, entities must submit their tax returns or annual statements within seven months of their first tax period, as per the Corporate Tax Law. This initiative aims to improve tax compliance, simplify processes, and alleviate financial burdens on businesses, promoting early adherence to legal obligations and voluntary compliance. The FTA will refund fines for those meeting the criteria, enhancing the UAE’s corporate tax system and global competitiveness.
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<Hong Kong>
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<Vietnam>
Date: Wednesday, May 29, 2025, 1:30 PM – 2:30PM GMT+8
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Premia TNC May Holiday Notice
Welcome, May! 🌼 The perfect time to reflect, renew, and rise to new challenges. Let’s make this month our best yet! 🌸🌿
🗞️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]
