[Premia TNC] Weekly Newsletter 2024 Vol.11
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 | Entertainment Licensing
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.
💸 Singapore | Singapore Budget 2024: Overview of Tax Changes for Individuals
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.
✔️ Singapore | Singapore Budget 2024: SkillsFuture Level-Up Programme
The SkillsFuture Level-Up Programme unveils a series of measures targeting mid-career Singaporeans aged 40 and above, aiming to enhance their professional trajectories. This includes a $4,000 SkillsFuture Credit top-up with no expiry date, enabling enrolment in over 7,000 industry-oriented courses. Additionally, individuals gain access to subsidized full-time diploma programs and a forthcoming SkillsFuture Mid-Career Training Allowance, providing partial income support for those undertaking extensive reskilling endeavors, with further details to be announced later.
📌 Singapore | Singapore Budget 2024: Uplifting Lower-Wage Workers
The government will implement key adjustments to bolster support for lower-wage workers through Workfare, Progressive Wages, and the Local Qualifying Salary (LQS).
Workfare, designed to supplement incomes and CPF savings, will undergo enhancements effective January 2025. The qualifying monthly wage cap will increase to $3,000, with maximum annual payments rising to $4,900 across all age brackets and wage levels. Self-employed individuals will also see corresponding increases.
The LQS, part of the Progressive Wages initiative, will rise from $1,400 to $1,600 per month starting in July 2024. This ensures that local workers are fairly compensated, influencing foreign worker quotas accordingly.
Enhancements to the Progressive Wage Credit Scheme (PWCS) will strengthen support for employers in raising wages. Co-funding for eligible wage increases in 2024 will increase, and the wage ceiling for co-funding will rise to $3,000 in 2025 and 2026.
These adjustments aim to uplift lower-wage workers while maintaining control over the foreign workforce, fostering a fairer and more sustainable employment landscape in Singapore.
🔏 Singapore | Singapore Budget 2024: Fortifying Cybersecurity through a New National Cybersecurity Command Centre
Singapore’s commitment to national security is evident in the continued investment in defense, with approximately 3% to 4% of GDP allocated to MINDEF annually. Over the past decade, domestic security expenditure has doubled to over $8 billion, reflecting a steadfast dedication to safeguarding citizens. Moving forward, investments in the Singapore Armed Forces (SAF) and Home Team will persist, ensuring their capabilities are enhanced to tackle evolving threats. To honor national servicemen, a $200 LifeSG credit initiative is introduced, benefiting 1.2 million servicemen and costing $240 million. Additionally, Singapore is adapting to the digital defense landscape by establishing the Digital and Intelligence Service within the SAF and launching the National Cybersecurity Command Centre in Punggol Digital District to bolster cyber defense capabilities and foster collaboration with industry and academia.
🛡️ Taiwan | Old vs. New: Pension Contribution Comparison
The old scheme pension, established in 2005, mandates contributions ranging from 2% to 15% of a worker’s monthly wage, with benefits contingent upon meeting specific work seniority and age criteria. In contrast, the new pension system under the Labor Pension Act requires employers to contribute a minimum of 6% of a worker’s monthly wage, with workers able to voluntarily contribute up to 6%. Eligibility for pension payments in the old scheme is determined by work seniority or age, while the new system sets the age threshold at 60, with provisions for survivors or designated beneficiaries in case of death before reaching that age. The old scheme’s benefits are calculated based on a formula, while the new system’s benefits are determined by the accumulated principal and accrued dividends of the pension account, with ownership resting with the worker rather than the employer.
🔶 Vietnam | Breakthrough in Attracting FDI into Dong Nai Industrial Zones
In the first two months of 2024, Dong Nai province saw a significant influx of foreign direct investment (FDI) totaling $439 million, surpassing half of its annual target. This was facilitated by the approval of 27 FDI projects, including both new ventures and capital injections. Notable investments include the SLP Park Loc An Binh Son Project with a registered capital of $121.4 million by Sea Fund I Investment 14 Pte. Ltd. and Nestlé Vietnam Co., Ltd.’s Coffee Factory Project, which increased its investment by $100 million to reach $502 million. Kenda Rubber Company’s tire factory also increased its investment by $80 million to $296 million. Despite global economic uncertainties, Dong Nai province remains focused on attracting investment in projects employing advanced technology and skilled labor, while mitigating the environmental impact of outdated technologies and unskilled labor.
👨💼 Malaysia | Director’s Responsibility: Updating the Company Secretary with Changes in Passport and Residential Address
Directors in today’s business landscape must fulfill their legal obligation of promptly informing the company secretary about any changes in their passport and residential address, as mandated by Section 236 of the Companies Act 2016 in Malaysia. This duty is crucial to avoid late filing fees imposed by the Companies Commission of Malaysia (SSM) and to maintain good corporate governance. Timely compliance ensures accurate statutory records and reflects transparency and accountability within the company’s leadership, safeguarding its reputation and success.
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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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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.
Secure your booking today!
<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]
