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[Premia TNC] Weekly Newsletter 2024 Vol.21

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 | Duty on Tobacco

In Hong Kong, importing or manufacturing tobacco requires a license from the Customs and Excise Department, with import/export licenses costing $1,320 annually and manufacturing licenses costing $22,700 annually. Tobacco duties are $3,306 per 1,000 cigarettes, $4,258/kg for cigars, $811/kg for Chinese prepared tobacco, and $4,005/kg for other manufactured tobacco, with cigarettes over 90 mm treated as separate units per 90 mm. The tobacco tax constitutes about 80% of the retail price. Applicants must be registered businesses, appoint a responsible staff member (preferably a Hong Kong resident with a valid ID), and attend an interview before the license is issued.

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🥽 Singapore | Meta AI: Your New AI Assistant Powered by Llama 3

Meta AI, powered by Meta Llama 3, is a leading AI assistant available on Facebook, Instagram, WhatsApp, and Messenger, offering free, personalized assistance for tasks like planning, studying, and moving. Now accessible in English across countries such as Australia, Canada, and Nigeria, Meta AI integrates with search functions within these apps, providing real-time information without switching platforms. The website enhances usability by offering help with tasks like solving math problems and crafting professional emails, with conversation-saving features. Additionally, Meta AI is available in the US on Ray-Ban Meta smart glasses and soon on Meta Quest.

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💰 Taiwan | Medical and Maternity Expenses are Conditionally Tax Deductible

When itemizing deductions on his 2023 personal income tax return, Mr. Lee discovered that not all medical expenses were eligible for deduction. Despite initially reporting NT$300,000 in medical expenses for his dependent children, he could only claim NT$200,000 after verification. NT$50,000 spent at private hospital A was covered by insurance, reducing the deductible amount, while expenses at private clinic B were ineligible due to its lack of proper certification and accounting records. Therefore, Mr. Lee was only able to deduct NT$200,000 in total for medical expenses.

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👑 Vietnam | Pandora to Construct a Factory in Vietnam

Pandora, the world’s largest jewelry brand by sales volume, is investing $150 million in a new 50,000 m² factory at Vietnam Singapore Industrial Park 3 (VSIP III) in Binh Duong, Vietnam, set to open in 2026. This is Pandora’s fourth manufacturing facility and first outside Thailand, aiming to produce 60 million pieces of jewelry annually, boosting production capacity by 50% and creating 7,000 jobs. The factory will operate on 100% renewable energy, meet LEED Gold standards, and utilize advanced digital manufacturing technologies. All raw materials will be recycled silver and gold, adhering to the UK’s Responsible Jewellery Council (RJC) certification. This expansion reflects Vietnam’s growing appeal to Danish investors, supported by the country’s favorable business environment and commitment to net-zero emissions by 2050. Pandora, headquartered in Copenhagen, sold 107 million pieces of jewelry in 2023, generating €3.8 billion in revenue.

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🏢 Malaysia | Companies (Amendment) Bill 2023 [Issue 2 of 3]

In this edition of our newsletter, we explore the multi-phase consultation process leading to policy reform, structured as a four-stage progression. We also examine the policy clusters under the Companies (Amendment) Bill 2023, aimed at strengthening corporate mechanisms, governance, and reporting standards. The key policy clusters include widening the application of the corporate rescue mechanism through Corporate Voluntary Arrangements (CVA) and Judicial Management (JM); enhancing the corporate rehabilitation frameworks via improvements to the scheme of arrangement or compromise (SOAC) and provisions on CVA/JM and SOAC; bolstering the beneficial ownership reporting framework; and enhancing corporate governance and practices, with a focus on their current status and developments.

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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 Vietnam Webinar

Foreign Loan Strategies and Documentation for FDI Enterprises in Vietnam 

Discover Insights on Foreign Loan Strategies and Documentation for FDI Enterprises in Vietnam!
Attend our webinar on May 31, 2024, for valuable information, free consultations, and comprehensive materials to enhance your understanding of foreign loan strategies and more in Vietnam. Secure your booking today!

<Vietnam 🇻🇳>

Date: Thursday, May 31, 2024,  2:00 – 3:00 PM
Target companies: Clients looking for methods and notes on foreign loans of FDI companies in Vietnam
Speaker: Consultant – Iris

→ Webinar participation application link

Premia TNC May News

Stay Ahead with Our Latest Updates!

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Premia TNC May Holiday Notice

Welcome May with open arms and an inspired heart! Let this month be filled with bright possibilities, happiness, and enriching experiences. 🌷

Check Our Complete Schedule for May

🗞️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]