[Premia TNC] Weekly Newsletter 2024 Vol.33
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 | Driving in Hong Kong for Overseas Driving Licence Holders
If you have a foreign driver’s license from listed countries like Korea, China, Taiwan, or Macau, you can drive in Hong Kong as a visitor using your valid overseas license or international driving permit. For a full Hong Kong driving license, you may apply directly without taking a test if your license is valid for up to 3 years, obtained through a driving test, and matches the vehicle class you’re applying for. You must also meet one of these conditions: have lived in the issuing country for at least 6 months, have held the license for at least 5 years, or have a passport from that country. The direct issue process applies to vehicles like cars and motorcycles; licenses issued this way will have a “DI” reference number. For further assistance, visit the Transport Department or contact the Licensing Section at 2804 2693 or 2804 2600.
📈 Singapore | MAS Annual Report 2023-2024 Summary
Global growth is expected to remain robust this year, although disinflation is slowing and global inflation risks may rise in the medium term. Singapore’s growth is projected to align with its potential of 2 to 3%, with core inflation forecast to drop to around 2% by 2025 if no new shocks occur. The asset management, wealth management, insurance, and banking sectors in Singapore have seen substantial growth, with assets under management increasing at a compounded annual rate of 10% to $5.41 trillion from 2018 to 2023. The sector benefits from high regulatory standards and a supportive regime. To enhance digital financial services, MAS is strengthening technology resilience standards and establishing a technology assurance program for critical financial institutions. Banks are adopting measures against scams, though some convenience may be sacrificed for added security. MAS will also focus on fair dealing guidelines and support FIs with up to $100 million in funding for AI and quantum projects.
🛳️ Taiwan | Customs Duties for Re-imported Repaired Items Based on Repair Costs
When goods are re-imported after being sent abroad for repair, their customs value should be based on the actual repair cost, not the original value, provided they are re-imported within one year of export. Detailed descriptions of the goods, including their condition and repair details, must be included in the export and import declarations. If the items are deemed unrepairable and replaced with new items, customs duties for the new items will be based on their normal price.
🏆 Vietnam | Hai Phong Awarded Investment Certificates to Chinese Businesses
At the Investment Promotion Conference held in Shenzhen on August 7, 2024, Hai Phong City’s leadership, led by Mr. Le Tien Chau, awarded investment certificates to seven Chinese enterprises totaling $190 million. Notable projects include a $50 million solar glass production facility, a $15 million high-tech electronic components plant, and a $58 million auto diagnostic equipment project. Additionally, four memorandums of cooperation were signed to expand existing projects and establish new ventures, including significant investments in DEEP C Industrial Park and Nam Dinh Vu Industrial Park. To date, Hai Phong has 405 Chinese investment projects totaling $6.14 billion, with Chinese businesses contributing $5.34 billion in annual exports and employing 58,000 workers, significantly impacting the city’s socio-economic development.
📄 Malaysia | Overview of the Malaysian Taxation System [Issue 2 of 2]
Malaysia’s taxation system supports economic growth and fairness through a progressive individual income tax structure, where residents benefit from various reliefs and non-residents face a flat 30% rate. The Sales and Service Tax (SST), reintroduced in 2018, simplifies the previous Goods and Services Tax (GST) with rates of 6% for services and 10% for goods. Withholding tax applies to non-residents’ earnings, such as service fees and royalties, with rates influenced by Double Taxation Agreements. Recent legislative updates to foreign income and tax definitions impact the taxation of international earnings. Collectively, these components ensure Malaysia’s tax system is adaptable, fair, and aligned with both local and global standards.
💵 Malaysia | Extension of Invalidity Scheme Coverage to Foreign Workers
Effective July 1, 2024, SOCSO requires all employers in Malaysia to cover their foreign workers, including expatriates and domestic workers, under the Invalidity Scheme as part of the Employees’ Social Security Act 1969 (Act 4). This change mandates that foreign workers contribute similarly to local workers under Category 1, covering both Employee and Employer contributions. Foreign workers must have a valid employment pass or permit, and employers must comply with SOCSO’s contribution requirements. This new regulation aims to enhance social security for all workers, emphasizing the protection of foreign employees crucial to Malaysia’s economy.
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 | Strike Off Your Company in Singapore With Significant Savings For Your Next Fresh Start
Striking off your company in Singapore can lead to substantial cost savings by eliminating ongoing operational expenses and compliance costs. This process simplifies administration by reducing corporate governance complexity, providing a definitive end that allows owners to move on, and mitigating the risks associated with maintaining a dormant company. Additionally, it improves cash flow, offers potential tax advantages, enhances operational efficiency, and avoids penalties, ensuring a streamlined and cost-effective business solution.
🌟 Premia TNC Singapore | Streamlining Company Closure Through Hassle-Free Striking Off
Engaging Premia TNC for the striking-off process in Singapore offers significant benefits, ensuring a smooth and efficient experience. Their comprehensive service includes a thorough compliance review, the preparation of necessary documentation, and direct liaison with regulatory authorities, thereby eliminating the hassle for business owners. By handling tax waiver applications and resolving potential objections, Premia TNC helps avoid legal complications and saves valuable time. Their expertise ensures compliance with all legal requirements, providing a cost-effective solution for companies looking to dissolve their business operations without the stress and complexities of navigating the process alone.
🌟 Premia TNC Singapore | Unlock Efficiency with Premia TNC: Industry-Leading Accounting and Bookkeeping Services in Singapore
Discover the key to streamlined financial management with Premia TNC’s comprehensive bookkeeping services in Singapore. From freeing up valuable time to ensuring regulatory compliance, our experienced team is committed to optimizing your business’s financial operations. Say goodbye to accounting headaches and welcome efficiency with Premia TNC.
⭐ 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 Taiwan Webinar
Taiwan Yearly Filings with Government and Tax Compliance
Gather all the necessary details about the yearly filings with government and tax compliance required in Taiwan!
Attend our webinar on August 26, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into filing and tax compliance in Taiwan. Secure your booking today!
<Taiwan>
Date: Monday, August 26, 2024, 11:00 AM – 12:00 PM
Target companies: Clients looking for additional information on yearly filings with the government and being tax compliant in Taiwan.
Speaker: Consultant – Sharon
Premia TNC August News
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Premia TNC August Holiday Notice
Cheers to August! May your days be filled with love, laughter, and endless possibilities. 🌼
🗞️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]
