[Premia TNC] Weekly Newsletter 2024 Vol.24
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 | Companies Registry’s Incident of Personal Data Being Leaked
On April 19, 2024, the Companies Registry (CR) conducted urgent maintenance due to a personal data leakage risk in its e-Search Portal. By May 3, 2024, CR had completed its investigation, revealing around 110,000 individuals were affected, with leaked data including names, addresses, passport and identity card numbers, phone numbers, and emails. CR attributed the leak to a digital platform fault and notified the affected individuals with explanations and apologies. To prevent future incidents, the Office of the Government Chief Information Officer and the Office of the Privacy Commissioner for Personal Data will review and enhance data security measures. It is recommended to change online account passwords regularly, activate multi-factor authentication, monitor for unusual account activity, and be cautious with suspicious communications.
💼Singapore | IRAS – Getting Companies to Comply (Part 3 of 3)
In Part 3 of our series on IRAS tax compliance, we highlight the key areas of focus: the digital economy and the deductibility of interest expenses and borrowing costs. For 2023, IRAS has concentrated audits on digital businesses, identifying common errors such as underreported income, incorrect expense claims, and poor record-keeping. Taxpayers in this sector are advised to proactively correct discrepancies to avoid penalties. Additionally, interest expenses and borrowing costs are deductible only if tied to income-producing assets, with the total asset method applied if specific tracking is impractical. IRAS continues to review tax returns to ensure proper claims and aims to enhance corporate control mechanisms through ongoing assessments and guidance.
🧾 Taiwan | Transfer Pricing (TP) Report Submission Deadline: Within One Month
Companies required to prepare Transfer Pricing reports must submit them within one month of a tax audit initiation, as per regulatory requirements. The Tax Bureau mandates a transaction-based analysis, except where transactions are clearly correlated. Analyses must be disaggregated and cover all controlled transactions comprehensively, reflecting economic substance. The chosen methodologies should be appropriate and well-justified. Additionally, analyses must address both pre- and post-reorganization periods and evaluate intangible assets based on development, enhancement, maintenance, protection, and utilization activities.
🌍 Vietnam | Vietnam and 13 Partners Signed a Clean Economy Agreement
On June 6, during the IPEF Ministerial Conference in Singapore, 14 partners, including Australia, Brunei, Fiji, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Thailand, the US, and Vietnam, signed a clean economy agreement to transition to clean energy and combat climate change. This includes cooperation on small nuclear reactors (SMR), greenhouse gas emission inventories, and urban e-waste mining. Singapore, the US, and Vietnam also established a working group to boost renewable energy investment and develop a framework for regional submarine cables to facilitate cross-border electricity trade. The US-led coalition committed $25 billion to sustainable infrastructure in the Indo-Pacific. Additionally, IPEF partners signed a fair economic agreement to combat corruption and enhance tax administration, as well as an overall IPEF agreement to establish an IPEF Council to oversee the implementation of these initiatives.
💼 Malaysia | Malaysia Digital Economy Corporation (MDEC)
The Malaysia Digital Economy Corporation (MDEC), formerly the Multimedia Development Corporation, exemplifies Malaysia’s commitment to leading in the global digital economy. As a government agency, MDEC’s vision is to transform Malaysia into a global digital hub by fostering a digitally skilled workforce, supporting the growth of digital tech businesses, and promoting equitable digital access. Since its inception, MDEC has significantly impacted Malaysia’s digital economy by attracting substantial foreign direct investments, creating jobs, and advancing digital skills through various programs. MDEC’s initiatives ensure that technological advancements benefit all societal segments, positioning Malaysia strongly in the global digital landscape.
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 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
Premia TNC Jun News
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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]
