[Premia TNC] Weekly Newsletter 2024 Vol.22
Premia TNC E-Newsletter
Establishing international corporations and managing tax accounting information.
Tackling worldwide challenges and embracing global trends simultaneously!
👀 Premium News - Quick Overview in 3 Minutes
💡Weekly E-Newsletter
🤝 Hong Kong | The Government Welcomes the Passage of the Inland Revenue (Amendment)
On May 22, 2024, the Legislative Council passed the Inland Revenue (Amendment) (Tax Concessions and Two-tiered Standard Rates) Bill, which enacts measures announced in the 2023 Policy Address and the 2024–25 Budget. These include a two-tiered standard rate system for personal assessment and salary tax starting in 2024–25, where the first $5 million of net income is taxed at 15% and the remainder at 16%; a 100% tax reduction for profits, personal assessment, and salary tax up to $3,000 for 2023–24; and an additional $20,000 deduction for home loan interest or domestic rents for taxpayers meeting specific residency requirements, on top of the $100,000 basic deduction. The bill will be gazetted on May 31, 2024, with the one-time tax breaks applied to the 2023–24 tax year and the Inland Revenue Department using taxpayer information to calculate provisional salary tax for 2024–25 under the new rates.
💲Singapore | IRAS – Getting Companies to Comply (Part 1 of 3)
IRAS employs a comprehensive strategy combining risk-based and random audits across various industries to oversee corporate tax compliance. Utilizing data analytics, IRAS assesses compliance risk profiles, focusing on three main areas: timely filing of Corporate Income Tax Returns, accurate expense claims, and proper classification of income and expenses for different tax rates. Approximately 87% of companies met the filing deadlines for the Year of Assessment 2022, with non-compliance constituting a legal offense. Expenses must be business-related to qualify for tax deductions, and IRAS audits reveal many family-owned businesses improperly compensating relatives. Errors in classifying income and expenses for concessionary and standard tax rates are also common. IRAS conducts ongoing assessments to ensure accurate filings and provides guidance to improve companies’ tax compliance controls.
💼 Taiwan | Company Setup at Residences
When starting a business, first determine if you need a physical address and, if so, ensure it complies with local regulations. Registering your business at its actual location is advisable to avoid issues with tax authorities, who may conduct inspections and require proper registration. Whether using your home or a rented space, check with local government agencies to ensure the address is eligible for business use and complies with urban planning, construction, fire safety, and hygiene regulations. Although companies can often register without strict adherence to zoning laws, non-compliance might lead to future relocations if reported.
🏭 Vietnam | Binh Duong Attracts Over $500 Million in FDI to Industrial Zones in First 5 Months of 2024
The Management Board of Binh Duong Industrial Zones (BDIZA) reported that in the past five months, Binh Duong has approved 58 new FDI projects with a total registered capital exceeding $270 million, and 210 FDI projects have increased their capital by over $250 million. As of May 2024, Binh Duong has attracted nearly 4,300 FDI projects totaling nearly $40.6 billion from 65 countries, ranking third in Vietnam after Ho Chi Minh City and Hanoi. Notably, the Vietnam-Singapore Industrial Park (VSIP 3) has drawn significant interest, particularly in high-tech sectors, with over 30 international companies expected to invest up to $1.8 billion. BDIZA is also planning to establish 10 new industrial zones between 2023 and 2030, including a 1,000-hectare zone in Bac Tan Uyen and Tan Uyen and additional zones in Bac Tan Uyen, Dau Tieng, and Phu Giao, covering over 6,000 hectares.
💴 Malaysia | Companies (Amendment) Bill 2023 [Issue 3 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.
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.
🆕 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.
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!
🌟 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.
🌟 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.
🌟 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.
⭐ 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.
⭐ 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.
Premia TNC Singapore Webinar
Requirements for Employment Pass and Dependant Pass in Singapore
Gather all the necessary details about the requirements for employment passes and dependent passes in Singapore!
Attend our webinar on June 27, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into the requirements set to obtain these passes in Singapore. Secure your booking today!
<Singapore>
Date: Thursday, June 27, 2024 , 11:00 AM – 12:00 PM
Target companies: Clients looking for additional information on requirements for employment passes and dependent passes in Singapore
Speaker: Consultant – Luis
Premia TNC May News
Stay Ahead with Our Latest Updates!
Get curated content delivered straight to your inbox, tailored to your interests and preferences. Subscribe to our newsletter today and never miss a beat in your industry.
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. 🌷
🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice
How was the e-newsletter this week?
Feel free to share your thoughts!
Good 😃 l Not So Good 😕
We look forward to welcoming you next week with insights into emerging business trends.
Kindly consider introducing Premia TNC to your network.
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]
