[Premia TNC] Weekly Newsletter 2024 Vol.10
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 | The 2024-25 Budget – Tax Relief Measures
In the 2024-25 budget, tax relief measures proposed include a 100% reduction in profits tax and salaries tax for the years 2023–24, capped at HK$3,000 each, benefiting 160,000 businesses and 2.06 million taxpayers, respectively. Business registration fees will increase by $200 to $2,200 annually from April 1, 2024, but a proposed waiver of the $150 business registration levy for two years aims to mitigate the impact. These measures await legislative approval and only apply to the final tax for 2023/24, with taxpayers still required to fulfill their provisional tax obligations on time as per the issued demand notes. Any excess balance will be refunded according to the Inland Revenue Ordinance.
📉 Singapore | Singapore Budget 2024 – Overview of Tax Changes for Businesses
In the Singapore Budget 2024, the Minister for Finance announced several tax changes for businesses. Firstly, a Corporate Income Tax Rebate of 50% for the year of assessment 2024 will be granted, with eligible companies receiving a minimum cash grant of $2,000 if they employ at least one local employee in 2023. Secondly, enhancements to the tax deduction for Renovation or Refurbishment (R&R) will be introduced from the year of assessment in 2025, including the expansion of qualifying expenditures to include designer or professional fees and a fixed three-year period for computing the R&R expenditure cap. Finally, an additional concessionary tax rate tier of 15% will be introduced for the Global Trader Program effective February 17, 2024, as part of the ongoing effort to maintain competitiveness in tax incentives.
🤖 Singapore | Singapore Budget 2024 – Unveiling the National AI Strategy 2.0
In the realm of technological progress, Artificial Intelligence (AI) emerges as a transformative force akin to pivotal milestones like electricity and the internet. Singapore, with its ambitious National AI Strategy 2.0, is positioning itself as a significant player in AI development. With plans to invest over $1 billion in AI compute, talent, and industry development over the next five years, the strategy emphasizes secure chip access, the establishment of AI Centres of Excellence, and upgrading the Nationwide Broadband Network to enable faster speeds. These strategic investments pave the way for Singapore’s journey towards unprecedented innovation and economic expansion in the AI era.
💳 Singapore | Singapore Budget 2024 – Refundable Investment Credit Scheme
The Refundable Investment Credit (RIC) scheme incentivizes significant investments in Singapore to drive economic growth. Administered by EDB and EnterpriseSG, it grants credits for eligible expenses incurred during qualifying projects within a ten-year timeframe, offsetting Corporate Income Tax liabilities. The amount of RIC depends on predetermined support rates for different expenditure categories, with companies eligible for up to 50% support per category. Additional details will be available on the EDB and EnterpriseSG websites by Q3 2024.
➖ Singapore | Singapore Budget 2024 – Overseas Humanitarian Assistance Tax Deduction Scheme
From January 1, 2025, to December 31, 2028, the Overseas Humanitarian Assistance Tax Deduction Scheme (“OHAS”) will pilot a 100% tax deduction for eligible overseas cash donations by both individuals and corporations. Donations must be channeled through designated charities with emergency humanitarian assistance objectives and supported by a valid Fund-Raising for Foreign Charitable Purposes (“FRFCP”) permit. The COC will review FRFCP permits to ensure donations are directed towards emergency humanitarian assistance. Tax deductions are limited to 40% of the donor’s statutory income, and unused deductions cannot be carried forward or transferred within the same group under the Group Relief System. Further details will be available soon.
💲 Taiwan | VAT Refund for Returning Unused Imported Goods
Unused imported goods can be returned for a business tax refund within 3 months. Submit the “G3 foreign goods re-export” form, mark “82” for statistical method, and provide the original import declaration number. Use code “8” for application review and state in the “Other Declaration Matters” column the intention to apply for a refund due to non-use and non-re-importation. Commodity tax, tobacco and alcohol tax, or tobacco health and welfare surcharges are refundable post-inspection.
🎌 Vietnam | Japanese Businesses Expect to do Business in Vietnam
In 2023, JETRO’s survey found Vietnam attracted the highest number of Japanese enterprises, with 54.3% expecting profitability, slightly lower than the ASEAN average. Challenges include decreased demand and rising costs. Looking ahead to 2024, 50.4% anticipate improvement, while 41.3% foresee stagnation and 8.3% expect declines. Although ambitions for business expansion in Vietnam remain high, there’s a slight decrease from the previous year. Notably, a significant proportion plan to expand local procurement. Deputy Minister Nguyen Thi Bich Ngoc praised JETRO’s support and urged continued collaboration for favorable investment conditions, aligning with the Vietnam-Japan partnership.
💱 Malaysia | High-Value Goods Tax
In the recent Malaysia Budget 2024, the government announced the implementation of the High-Value Goods Tax (HVGT) to replace the previously proposed Luxury Goods Tax. The HVGT extends beyond luxury and branded items to include big-ticket purchases such as private jets, yachts, and luxury cars. Rates will range from 5% to 10%, depending on the value of the goods, with implementation scheduled for May 1, 2024.
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🆕 Singapore | A Glance At Singapore Variable Capital Company Structure
Premia TNC proudly unveils its exclusive service for the establishment of Singapore Variable Capital Companies (VCC), an efficient umbrella structure meticulously designed for investment funds. Discover limitless expansion possibilities and unrestricted flexibility within this sophisticated framework, offering scalability, tax efficiency, and operational flexibility. Experience a professional suite of services tailored to guide you through the complexities, ensuring strategic leveraging of VCC advantages.
🆕 Vietnam | Enhance Your Business with Vietnam Compliance Consultancy
Discover unparalleled Vietnam Compliance Consultancy Services from Premia TNC. Navigate regulatory landscapes seamlessly, ensuring your business thrives in Vietnam’s dynamic market. Contact us for expert guidance on sustainable success.
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Get personalized corporate services at Premia TNC Hong Kong, designed for your unique needs. Our dedicated consultants handle tasks, letting you concentrate on growth. Enjoy a USD$500 discount using your Business Mastercard, unlocking 30% off premium accounting and tax filing services in Hong Kong.
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Premia TNC Malaysia Webinar
Explore Essential Perspectives on Navigating Legal Compliance for Businesses in Malaysia
Discover Insights on Navigating Legal Compliance for Businesses in Malaysia!
Attend our webinar on March 28, 2024, for valuable information, free consultations, and comprehensive materials to enhance your understanding of the need to be a legally compliant business in Malaysia.
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<Malaysia🇲🇾>
Date: Thursday, March 28, 2024, 2:00 – 3:00 PM
Target companies: Clients looking forward to Legal Compliance for Businesses
Speaker: Consultant – Mandy
Premia TNC News
Premia TNC March Holiday Notice
Welcome March with renewed energy and enthusiasm! May this month bring you success, growth, and a wealth of positive experiences. 🌟
🗞️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]
