[Premia TNC] Weekly Newsletter 2024 Vol.23
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 | Factories and Industrial Undertakings Ordinance (Hong Kong Laws, Chapter 59)
The “Factories and Industrial Undertakings Ordinance” mandates safety and health measures for industrial workers in various settings, including factories, construction sites, and other industrial areas. Principals must ensure safe work equipment, procedures, environments, and access, along with providing proper training and supervision. All parties involved must prioritize their own safety and that of others by using equipment correctly and following safety instructions. Factory or industrial place managers must notify the Commissioner for Labour before operations begin and report any changes, while contractors must inform the Commissioner within 7 days of starting construction work.
💲 Singapore | IRAS – Getting Companies to Comply (Part 2 of 3)
In Part 2 of our article on IRAS tax compliance efforts, we address three additional areas of focus. First, construction companies must recognize income progressively via the Percentage of Completion method, with provisions for expenses being tax-deductible only when incurred. Second, companies exempt from filing Corporate Income Tax Returns due to dormancy must file returns if they recommence business, and IRAS monitors these companies to ensure compliance. Third, the taxability of gains from property sales depends on whether the activity is considered a trade; IRAS assesses transactions to ensure accurate tax reporting. Through these reviews, IRAS aims to understand and guide companies in enhancing their tax compliance controls.
💰 Taiwan | Installment Termination to Potentially Deduct Excess Sales Tax
If a company sells on installments and the buyer terminates the purchase, stopping further payments, the company can adjust excess sales tax accordingly. If invoices are issued per installment, no excess sales tax arises, and invoicing stops upon termination. If a full-amount invoice is issued initially, the company can prepare documents to claim the excess tax from the tax bureau. If the goods are retrieved and sold to a new client, a new sales invoice must be issued for the new sale.
📈 Vietnam | Investors Show Confidence in Vietnam’s Economic Outlook
Vietnam’s economic outlook for 2024 is positive, with GDP growth forecasted between 5.5% and 6.5%, placing it among the top 20 fastest-growing economies globally. Newly registered FDI has surged by 58% year-over-year, reflecting strong investor confidence and a vibrant industrial sector. Key investments include a 1-2 billion USD factory by Lam Research, industrial park projects by Gelex Group, Frasers Property, and Becamex IDC, and significant growth in the semiconductor industry supported by the US CHIPS Act. The office market in Hanoi and Ho Chi Minh City is also set to expand significantly by 2026, driven by robust demand from foreign businesses.
💼 Malaysia | Prioritizing the Local Workforce by Offering Free Industrial Training
To boost the economy and reduce unemployment, Malaysia is prioritizing the hiring of local workers and decreasing reliance on foreign labor by offering free industrial training. The government is implementing Technical and Vocational Education and Training (TVET) for upskilling, particularly targeting school leavers and young employees. Talent Corporation Malaysia Berhad (TalentCorp) and Perbadanan Tabung Pembangunan Kemahiran (PTPK) aim to provide job training to about 900 individuals through the Industry-Driven Talent Acceleration Programme (ID-TAP), focusing on high-demand sectors like mechatronics, electrical and electronic engineering, data analysis, and IT. This initiative involves over 100 companies and will be conducted across 10 regions in Malaysia, including Selangor, Perak, Pulau Pinang, and others.
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.
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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.
🌟 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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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
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Premia TNC June Holiday Notice
Greet June with warmth and optimism! May this month bring you new adventures, joy, and unforgettable moments. 🌷
🗞️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]
