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[Premia TNC] Weekly Newsletter 2024 Vol.4

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 | Understanding Holiday Journey Benefits in Hong Kong’s Salaries Tax

In Hong Kong, salary tax applies to holiday journeys paid by your company. The Inland Revenue Department (IRD) taxes the holiday portion of a trip unless it’s a minor part of a business trip. Separate vacation costs are deductible. If not separate, costs are allocated on a “holiday-day basis.” For special cases, refer to the IRD’s website.

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💼 Singapore | The Responsibilities of Nominee Directors in Singapore

In Singapore, companies often appoint nominee directors to meet regulatory requirements. Their main responsibility is ensuring the company’s compliance with all Singaporean laws and regulations, including tax laws and corporate governance standards. Nominee directors conduct background checks, monitor companies, interact directly with clients, and document all interactions. They must be cautious of suspicious requests and avoid unlawful activities.

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🏛️ Taiwan | Asset Revaluation applies from February onwards

Profit-making enterprises can apply for asset revaluation if the Producer Price Index (PPI) rises by over 25%. The revaluation difference is tax-exempt, and depreciation can be adjusted according to regulations. Here’s the process:

  1. Apply within one month of the fiscal year’s end.
  2. Submit details upon receiving the tax bureau’s notice within 60 days.

Upon tax authority approval, adjust the original asset account, treat the revaluation difference as unrealized appreciation, and enjoy income tax exemption.

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📈Vietnam | Vietnam to Impose Global Minimum Taxes from 2024

From January 1, 2024, Vietnam will impose a 15% global minimum tax on multinational enterprises with a combined annual revenue of at least 750 million euros over the past two out of four consecutive years. The tax will impact foreign-invested enterprises enjoying tax exemptions or reduced rates. New investors will initially enjoy tax incentives but will later be required to repay them. The National Assembly has tasked the government with establishing an investment support fund from tax revenues to support domestic enterprises and attract strategic investors. The taxation of income below the minimum threshold will be effective on January 1, 2025.

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🛎️ Malaysia | Termination of Service

Employers must submit Form CP22A/CP22B at least 30 days before an employee’s cessation of employment or within 30 days of being notified of the employee’s death. Exceptions include cases with monthly tax deductions (MTD) or where the monthly remuneration falls below the MTD threshold and the employee continues working in Malaysia. Submissions can be done online via the e-SPC application or at the IRBM office. Employers must withhold any monies owed to a departing employee until 90 days after the IRBM receives the form, unless permission is granted by the IRBM.

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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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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 News

Premia TNC January Holiday Notice

Wishing you a promising start to 2024. May this new year bring fulfillment to all your aspirations and dreams. ✨

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🗞️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]