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Singapore Budget 2024 – Overview of Tax Changes (Individual)
In the Singapore Budget 2024, the Minister for Finance announced two key tax changes for individuals. Firstly, for the Year of Assessment 2024, all tax-resident individuals will receive a 50% Personal Income Tax (PIT) Rebate, capped at $200, to address concerns about the cost of living. Secondly, the income threshold for various dependent-related reliefs, including Spouse Relief and Parent Relief, will be raised from $4,000 to $8,000 for the Year of Assessment 2025, aiming to extend benefits to more taxpayers supporting dependent family members and allowing family members the flexibility to engage in employment.
The primary objective is to establish a business-friendly and effective regulatory framework for various entertainment venues, including places of public entertainment (PPEs), amusement game centers (AGCs), and amusement rides. PPEs, encompassing concerts, cinemas, circuses, exhibitions, and sporting events, require licensing from the Food and Environmental Hygiene Department (FEHD) to ensure compliance with safety regulations covering fire, building, electrical, ventilation, and crowd management aspects. AGCs, catering to both adults and children, are licensed by designated public officers under the Secretary for Home and Youth Affairs. Amusement rides must be approved by the Director of Electrical and Mechanical Services (DEMS) to ensure their safe design, installation, and operation.
In the recent Malaysia Budget 2024, the Government announced to implementation High-Value Goods Tax (“HVGT”) on certain high-value goods. This is in line with Budget 2023 where the Government announced that it was considering implementing a Luxury Goods Tax targeting items such as luxury watches and fashion products.
The survey on the current status of Japanese enterprises investing abroad in 2023 was conducted by JETRO among those investing in 20 countries and regions in Asia and Oceania. Among the 4,982 valid responses, 849 Japanese enterprises operating in Vietnam accounted for the highest number in the surveyed countries and territories.
Based on the Directions for Collection of Business Tax by the Customs, when a company returns unused imported goods, the company could apply for a business tax refund within 3 months.
In the ever-evolving technological landscape, Artificial Intelligence (AI) stands out as a beacon of transformative power, akin to historical milestones such as the advent of electricity, the internal combustion engine, the computer, and the internet. AI's potential to revolutionize industries and boost productivity in various sectors, including drug discovery, logistics, and autonomous driving, is unparalleled.
The Refundable Investment Credit (RIC) scheme aims to boost Singapore's investment appeal by incentivizing substantial investments that contribute to the nation's economic growth. This initiative targets key sectors and emerging industries, offering credits upon approval facilitated by EDB and EnterpriseSG.
An Overseas Humanitarian Assistance Tax Deduction Scheme (“OHAS”) will be piloted for four years from 1 January 2025 to 31 December 2028.
In Singapore Budget 2024, the Minister for Finance announced that tax changes for businesses related to: • Corporate Income Tax (“CIT”) Rebate for the Year of Assessment (“YA”) 2024 • Enhance the tax deduction for Renovation or Refurbishment (“R&R”) • Introduce an additional Concessionary Tax Rate (“CTR”) tier of 15% for the Global Trader Programme (“GTP”)
Tax measures proposed in 2024-25 Budget The Financial Secretary proposed the following tax relief measures in his 2024-25 budget on 28 February 2024.

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Hong Kong

PREMIA TNC LIMITED

Unit 706, 7/F, South Seas Centre Tower 2, No.75 Mody Road, Tsim Sha Tsui, Hong Kong

Contact Person

Irene Tsang
Aeris Lam

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Singapore

Premia TNC (Singapore) Pte. Ltd.

8 Marina View, #39-04 Asia Square Tower 1, Singapore 018960

Contact Person

Amy Tan
Luis Wong

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Taiwan

Premia TNC (Taiwan) Ltd.

18F-2, No.163, Sec. 1, Keelung Rd, Xinyi Dist, Taipei City 110, Taiwan (R.O.C)

Contact Person

Wells Lee

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Vietnam (Hanoi)

Premia TNC (Vietnam) Co. Ltd.

4/F, Epic Tower, Alley 19, Duy Tan Street, My Dinh 2 Ward, Nam Tu Liem District, Hanoi, Vietnam

Contact Person

Vincent Truong

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Vietnam (Ho Chi Minh)

Premia TNC (Vietnam) Co. Ltd.

3/F, Sonatus Building, 15 Le Thanh Ton Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam

Contact Person

Vincent Truong

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Malaysia (Johor Bahru)

Premia TNC (Malaysia) Sdn. Bhd.

G-05, Residensi Eko,Jalan Eko Botani 3/5, Taman Eko Botani, 79100 Iskandar Puteri, Johor Darul Takzim, Malaysia.

Contact Person

Lily Lim

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Malaysia (Kuala Lumpur)

Premia TNC (Malaysia) Sdn. Bhd.

Suite 6-1, Level 6, Lobby A, Wisma UOA II, No. 21 Jalan Pinang, 50450 Kuala Lumpur

Contact Person

Mandy Siew

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Korea

Premia TNC Korea Limited

5F, K-Square, 161 Yanghwa-ro,
Mapo-gu, Seoul, South Korea

Contact Person

Jennifer Seo

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China

Premia TNC (Xiamen) Limited

Room 2501, Ocean Mansion, No.268 Lujiang Road, Siming District, Xiamen, Fujian, China

Contact Person

Vicky Lin

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UAE (Dubai)

Premia TNC (Middle East) - FZCO

Dubai Silicon Oasis, DDP, Building A1, Dubai, United Arab Emirates

Contact Person

Irene Tsang
Catherine Kim

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India

Premia TNC India Limited

A40, Sector80, PhaseⅡ, Noida, Dist.Gautam Budha Nagar, UP 201305 India

Contact Person

Hema Sehgal

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Indonesia

Premia TNC Indonesia Limited

One Pacific Place 15th Floor
Jl. Jend. Sudirman Kav.
52-53 Jakarta 12190 Indonesia

Contact Person

Indonesia PIC

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