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[Premia TNC] Weekly Newsletter 2024 Vol.12

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 | Abolition of the MPF Offsetting Arrangement

The Legislative Council decided on June 9, 2022, to end the use of workers’ mandatory MPF contributions for severance and long-service payments, effective May 1, 2025. The change splits payments into pre- and post-transition portions, capped at $390,000 total, with only voluntary MPF contributions eligible after the transition. The calculation for monthly-rated employees involves wages and years of service before and after the transition date, with a maximum monthly wage of $22,500. This applies to various retirement schemes but excludes certain categories, like domestic helpers and those not covered by the MPF system.

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✔️ Singapore | Singapore vs. Germany: A Comparative Summary

Explore Singapore’s business-friendly environment with efficient regulations, competitive tax rates, and an innovative workforce. In contrast, Germany offers a robust legal framework, a complex tax system with incentives for research and development, and a highly skilled workforce focused on vocational training. Both countries rank highly in global competitiveness, making them attractive destinations for business. Discover which of the two works best for you.

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📁 Taiwan | Long-term Construction Projects to Implement the Percentage of Completion

In cases where long-term construction projects extend over a year, the Percentage of Completion method is typically used to calculate profit, except when profit is deemed incalculable, in which case the Cost Recovery approach is employed. In a specific scenario where a company asserts a 2-year project’s profit as incalculable, filing it as zero under the Cost Recovery approach, the tax bureau disagrees, citing factors such as payments tied to project completion percentages and the company’s ability to submit cost certificates for payment upon inspection completion by the buyer. The tax bureau contends that under such circumstances, costs are calculable, thus disqualifying the use of the Cost Recovery method.

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❇️ Vietnam | Expanding Energy Cooperation Between Vietnam and Singapore

Ministers of Industry and Trade from Vietnam and Singapore met to diversify cooperation beyond traditional trade, focusing on clean energy, the digital economy, and green initiatives, including wind energy projects and policy collaboration. Singapore also discussed partnerships in semiconductors, artificial intelligence, and legal support for investors in Vietnam, aiming for innovation and net zero emissions by 2050. With Singapore being Vietnam’s fourth-largest ASEAN trading partner and second-largest investor, their 2023 trade reached $9.1 billion, up from $1.5 billion in the first two months of 2024.

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🍱 Malaysia | Food Industry Business Licensing

Operating a food business necessitates adherence to various regulations and obtaining the essential licenses to ensure safety and legality. These licenses, including health department permits, food service establishment licenses, alcohol beverage licenses, catering licenses, and food truck licenses, are vital for meeting hygiene standards, legal requirements, and customer trust. Despite challenges like bureaucratic processes and changing regulations, navigating this licensing landscape is crucial for the responsible and successful operation of any food business.


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Discover Our Newest Service!

🆕 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.

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🆕 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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Exclusive Markdowns!

🌟 Premia TNC Hong Kong x Cathay | Unlock Rewards that Take you Places When you Partner with Premia TNC to Earn Over 10,000 Asia Miles!

Embark on a rewarding journey for your business with PREMIA TNC x Cathay. Seize the opportunity to earn over 10,000 Asia Miles by joining our services. From enticing welcome offers to lucrative referral bonuses, every order placed successfully brings you closer to a world of unparalleled benefits. Grow your business and reap the rewards by elevating your success with PREMIA TNC!

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🌟 Premia TNC Hong Kong x Mastercard | Tailored Excellence and $500 Off! Elevate your Business with Premia TNC Hong Kong for This Exclusive Deal.

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 Taiwan x Mastercard | Propel your Business and Get $500 Off on us for the Personalized Success that Awaits you with Premia TNC Taiwan.

Experience personalized corporate services at Premia TNC Taiwan, tailored for your unique needs. Let our dedicated consultants manage tasks, freeing you to focus on growth. Take advantage of a USD$500 discount with your Business Mastercard, unlocking a 30% discount on premium accounting and tax filing services in Taiwan.

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🌟 Premia TNC Singapore x Vietnam | Masterplan your Expansion with Exclusive Markdowns for your Singapore Holding Company and Vietnam Subsidiary Ventures.

Unlock tax advantages in SG (territorial tax, 17% corporate tax) and VN (20%, DTAs, 0–17% incentives, loss carry-forward). Flourish in business-friendly environments with no withholding tax on dividends. Elevate your expansion strategy today, complemented by a limited-time discount with us.

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⭐ Premia TNC Singapore x Oasia Hotel Downtown | Enjoy Exclusive Corporate Rates at Oasia Hotel Downtown, Singapore!

Kick back and relax with our special corporate rates at the Oasia Hotel Downtown, Singapore, exclusively extended to all clients of Premia TNC Singapore Pte. Limited. Elevate your stay to a realm of refined luxury.

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⭐ Premia TNC Singapore x The Clan Hotel | Exquisite Corporate Privileges Await at The Clan Hotel, Singapore!

Indulge in the epitome of luxury with our premium corporate rates at The Clan Hotel, Singapore, exclusively curated for esteemed clients of Premia TNC Singapore Pte. Limited. Elevate your corporate stay to unparalleled sophistication.

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Premia TNC April News

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Premia TNC April Holiday Notice

Welcome March with renewed energy and enthusiasm! May this month bring you success, growth, and a wealth of positive experiences. 🌟

Check Our Complete Schedule for April

🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice

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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]