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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.
In Malaysia's 2024 budget, the government introduces expanded tax incentives for individuals, including a lifestyle tax relief of RM2,500 for self-improvement expenses, an extension of the RM2,000 education fees tax relief for upskilling courses until YA2026, a new RM1,000 tax relief for sports equipment and activities, and the inclusion of dental expenses up to RM1,000 in medical treatment tax relief for self, spouse, and child. Additionally, the tax relief for EV charging facilities is extended to YA2027, while tax relief for women returning to work is extended to YA2028. Further, medical expenses for parents, including full medical examinations, are now eligible for RM1,000 tax relief, and the tax exemption on children allowance received by employees has been raised from RM2,400 to RM3,000.
On February 21, the Quang Ninh Economic Zone Management Board awarded investment certificates to two foreign direct investment (FDI) projects worth over $330 million USD. Gokin Solar Company's $275 million USD project at Texhong Hai Ha Industrial Park will produce monocrystalline silicon panels and photovoltaic monocrystalline silicon bars, set to be completed by October 2025, while IKO Thompson Vietnam Co., Ltd. will invest $57 million USD in a bearings and linear motion equipment facility at Song Khoai Industrial Park (Amata), with phase 1 operations scheduled for January 2026. These projects, in processing-manufacturing and high-tech sectors, signal Quang Ninh's improved investment climate, aiming to attract $3 billion USD in FDI in 2024.
Individuals, legal entities, or organizations from mainland China, including those investing in Taiwan through a third-party company in another region, are subject to scrutiny. The third-party company is considered owned by Mainland Chinese businesses if they have a direct or indirect ownership of over 30% of shares or total capital, or if they possess control through agreements granting more than half of the voting rights, legal or contractual provisions controlling financial and operational policies, authority over appointing or removing principal members of the board, dominance in voting rights, or other criteria outlined in Financial Accounting Standards Bulletin No. 5 and No. 7 by the Foundation of Accounting Research and Development Institute, Republic of China.
IRAS has digitized 97% of tax notices since May 2021, promoting greener practices. 98% of Property Tax payers have opted for digital notices for greater convenience. Taxpayers can update preferences at IRAS myTax Portal. Paper notices will be minimized, with ongoing efforts to reduce paper usage. IRAS remains committed to partnering with taxpayers for a greener Singapore.
Following the "Policy Statement on the Development of Virtual Assets in Hong Kong" in October 2022, regulations for virtual asset service providers have been reinforced by the Securities and Futures Commission (SFC). Applicants must obtain licenses for specific activities, submit applications via the WINGS platform, pay the requisite fees, and gain approval. Additionally, regulatory measures are being extended to over-the-counter venues, and consultations with the Hong Kong Monetary Authority are underway to establish a licensing regime for stablecoin issuers to mitigate risks to monetary stability.
The Vietnamese Government has introduced incentives to encourage investments in the development of hi-tech parks. Coming into effect from March 25, Decree 10/2024/ND-CP regulates that hi-tech parks will be eligible for investment incentives equivalent to those applied to localities with extremely difficult socioeconomic conditions.

Contact Us

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

Contact Number

Singapore

Premia TNC (Singapore) Pte. Ltd.

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

Contact Person

Amy Tan
Jessy Chan

Contact Number

Taiwan

Premia TNC (Taiwan) Ltd.

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

Contact Person

Vickie Chang

Contact Number

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

Contact Number

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

Contact Number

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

Contact Number

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

Contact Number

Korea

Premia TNC Korea Limited

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

Contact Person

Jennifer Seo

Contact Number

China

Premia TNC (Xiamen) Limited

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

Contact Person

Vicky Lin

Contact Number

UAE (Dubai)

Premia TNC Corporate Service Provider LLC

Office #1825, Smarthub Community, 18th Floor, The One Tower, Barsha Heights Sheikh Zayed Road Dubai, United Arab Emirates, PO Box 450604

Contact Person

(English) Solomon Sayed - (+971) 58 521 9743
(Chinese) Vicky Lin - (+86) 1300 3999 391 / (+86) 1300 3901 967

India

Premia TNC India Limited

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

Contact Person

Hema Sehgal

Contact Number

Indonesia

Premia TNC Indonesia Limited

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

Contact Person

Indonesia PIC

Contact Number