Weekly Newsletter 2025 Vol.77
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 | Tax Pact Signed Between Hong Kong and Maldives
On May 26 (Maldives time), Hong Kong signed its 52nd Comprehensive Avoidance of Double Taxation Agreement (CDTA) with Maldives, enhancing tax clarity and promoting cross-border investment. The agreement, signed during the Asia Initiative meeting, limits Maldives’ withholding tax on dividends for Hong Kong residents to 5% or 10%, exempts Hong Kong airlines from Maldivian tax, and grants a 50% tax reduction on international shipping profits. It also allows Hong Kong companies to claim tax credits for Maldivian taxes paid. This CDTA supports Hong Kong’s role in the Belt and Road Initiative and strengthens its position as a global business hub.
📉 Singapore | Singapore GDP Slows, Liquidity Measures Offer Support
Singapore’s economy is projected to grow more slowly in 2025, with GDP rising just 1.6% YoY compared to 5% in 2024, in line with the Ministry of Trade & Industry’s forecast of 0–2%. While manufacturing, especially electronics, remains a key driver, its momentum is expected to weaken amid global uncertainties. Non-oil domestic exports may grow 3.3%, supported by electronics and occasional boosts from non-electronics like gold shipments. Inflation is set to ease to 1.5% due to softer demand and lower oil prices, though high COE premiums could keep car costs elevated. In response, the Monetary Authority of Singapore is likely to further ease monetary policy to support growth, with liquidity measures like the Equity Market Development Programme helping to cushion external pressures.
→ Read More📊 Taiwan | Profit Calculation for Enterprises Operating Less Than a Year
Under Taiwan’s Income Tax Act (Article 40) and its Enforcement Rules (Article 65), if a profit-seeking enterprise operates for less than a full taxable year due to incorporation, suspension, or closure, its net income must be annualized to determine the tax payable, which is then adjusted proportionally based on the actual number of operating months (with partial months counted as full). This rule excludes income from liquidation or closures ordered due to legal violations. For example, a company operating for 6 months with NTD600,000 net income would annualize to NTD1,200,000, incur NTD240,000 in annual tax, and pay a final adjusted tax of NTD120,000.
🥤 Vietnam | Officially Imposes Special Consumption Tax on Sugary Beverages
On June 14, 2025, Vietnam’s National Assembly passed an amended Special Consumption Tax Law, effective January 1, 2026, introducing new taxes on sugary beverages (with over 5g sugar per 100ml), gasoline, and high-capacity air conditioners (24,000–90,000 BTU) to promote public health and environmental sustainability in line with COP26 commitments. Sugary drinks will be taxed at 8% from 2027 and 10% from 2028, with exemptions for milk, mineral water, natural juices, and nutritional foods. While the law aims to reduce obesity and related diseases, it has sparked debate over its economic impact and the strength of scientific evidence. Approved by 448 out of 454 delegates, the law also exempts rescue vehicles and emphasizes a gradual implementation to ease business adaptation.
💵 Malaysia | Tax Implications of Loans to Directors in Malaysia
In Malaysia, when a company provides a loan or advance to a director, it may be treated as a benefit-in-kind (BIK) if interest-free, making the director taxable on the deemed interest saved. Under Section 140B of the Income Tax Act 1967, the Inland Revenue Board (IRB) can reclassify such loans as income if they appear to be non-repayable, potentially increasing the director’s tax liability. If the director is a non-resident and the loan carries interest, withholding tax may apply. Unrepaid or written-off loans may be treated as deemed dividends, triggering tax for the director and withholding obligations for the company. Additionally, companies generally cannot claim tax deductions for written-off director loans, as they are considered non-trade debts. Proper documentation and compliance are essential to avoid adverse tax consequences.
🌐 Dubai | EU to Remove UAE from High-Risk Money Laundering List
The European Union is set to remove the UAE from its list of high-risk countries for money laundering, following the UAE’s removal from the FATF grey list in February 2024 due to major financial reforms. The European Commission’s updated list, which also delists Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda while adding ten new countries, including Lebanon and Venezuela, awaits final approval from the European Parliament and Council. The UAE has reinforced its anti-money laundering and counter-terrorism financing framework through a 2024–27 national strategy, stricter laws, and increased enforcement, including multimillion-dirham fines imposed by the Central Bank on non-compliant financial institutions.
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Premia TNC June Holiday Notice
A vibrant month to celebrate progress, embrace change, and step confidently into new adventures. Let’s rise and shine! ☀️✨
🗞️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]
