[Premia TNC] Weekly Newsletter 2024 Vol.48
Premia TNC E-Newsletter
Establishing international corporations and managing tax accounting information.
Tackling worldwide challenges and embracing global trends simultaneously!
👀 Premium News - Quick Overview in 3 Minutes
💡Weekly E-Newsletter
🚢 Hong Kong | 2024 Policy Address: Advancing the International Shipping Centre
Hong Kong, ranked fourth on the International Shipping Center Development Index (ISCDI), is renowned for its efficiency, with container vessels averaging a stay of just 0.95 days. The Hong Kong Special Administrative Region (HKSAR) Government is enhancing its marine services by offering tax exemptions and concessions for ship leasing, marine insurance, ship management, and broking. Key initiatives include improving tax concessions, attracting marine insurance companies, and developing maritime talent through expanded training programs and collaboration with international organizations.
✍️ Singapore | IRAS – Requirements for GST Registration
To comply with Singapore’s GST regulations, businesses must register for GST if their taxable turnover exceeds $1 million, either retrospectively (by 30 January if the previous year’s turnover was over $1 million, effective 1 March) or prospectively (within 30 days of expecting the turnover to exceed $1 million in the next 12 months, effective 31 days from the forecast). Voluntary registration is possible for businesses below this threshold, but they should consider the compliance responsibilities. Registration may also be required under the Reverse Charge or Overseas Vendor Registration regimes for importing services or low-value goods, or for overseas suppliers and electronic marketplace operators. Exemptions apply if the turnover is mainly from zero-rated supplies or is projected to fall below $1 million due to specific conditions. Late registration can result in significant penalties, including fines up to $10,000 and a 10% penalty on GST owed, though voluntary disclosure may mitigate these penalties.
🚘 Taiwan | How to Apply for an International Driving License in Taiwan
To apply for a Foreign International Driving License Visa in Taiwan, ensure your driving license is valid, update any differing addresses, and pay outstanding fines. If applying through someone else, they need your original national identity card. Apply at the Motor Vehicles Office. Foreigners must have stayed in Taiwan for over 6 months and hold a valid driving license from a reciprocal country. Required documents include an identity card or passport, a valid driving license from the reciprocal country, health examination and physical fitness test results, and two recent 2-inch photos. The fee is NT$150.
💵 Vietnam | Proposal to Extend 2% VAT Reduction for the First Half of 2025
The National Assembly has resolved to reduce VAT rates by 2% for goods and services currently subject to a 10% VAT rate, excluding certain sectors like telecommunications, IT, finance, banking, and others. This reduction aims to help businesses lower production costs, increase profits, and stimulate demand, ultimately reducing consumer prices and promoting job creation. The Ministry of Finance is proposing a draft resolution to extend this VAT reduction from January 1, 2025, to June 30, 2025.
📄 Malaysia | Understanding Audited Financial Statements [Issue 2 of 2]
Adhering to statutory deadlines for submitting audited financial statements is crucial for corporate governance in Malaysia, as enforced by the Companies Commission of Malaysia (SSM). Non-compliance incurs tiered penalties: late submissions can cost RM50 to RM200, preparation failures may lead to fines up to RM500,000 or imprisonment, and circulation or lodgement delays can result in fines up to RM50,000 with additional daily fines for ongoing non-compliance. These measures ensure companies prioritize timely compliance to avoid significant financial and reputational risks.
🗓️ Dubai | Grace Period for Tax Registration Updates Until March 2025
The UAE’s Federal Tax Authority (FTA) has introduced a grace period from January 1, 2024, to March 31, 2025, allowing businesses to update their tax registration details without penalties. This includes changes to name, address, email, commercial license activities, legal form, partnership agreements, and articles of association. Businesses that have already paid penalties for failing to update their records during this period are eligible for refunds under Cabinet Decision No. 105 of 2021. The FTA encourages registered taxpayers to promptly review and update their tax records to ensure compliance and avoid future penalties, reflecting the UAE’s commitment to a transparent and business-friendly tax environment. For detailed guidance, refer to the FTA’s public clarification on their official website.
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 Promotion!
🌟 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 Taiwan Webinar
Requirements For Taiwan Employment Gold Card
Gather all the crucial information regarding the requirements for Taiwan employment gold cards!
Attend our webinar on December 24, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into the key requirements set for a Taiwan employment gold card. Secure your booking today!
<Singapore>
<Taiwan>
Date: Tuesday, December 24, 2024, 10:00 AM-11:00 AM
Target companies: Employers looking for additional information on the requirements for Taiwan employment gold cards.
Presenter: Anita
Premia TNC November News
Stay Ahead with Our Latest Updates!
Get curated content delivered straight to your inbox, tailored to your interests and preferences. Subscribe to our newsletter today and never miss a beat in your industry.
🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice
How was the e-newsletter this week?
Feel free to share your thoughts!
Good 😃 l Not So Good 😕
We look forward to welcoming you next week with insights into emerging business trends.
Kindly consider introducing Premia TNC to your network.
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]
