[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.
💼 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.
🏛️ 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:
- Apply within one month of the fiscal year’s end.
- 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.
📈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.
🛎️ 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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🆕 Singapore | A Glance At Singapore Variable Capital Company Structure
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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. ✨
🗞️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]