[Premia TNC] Weekly Newsletter 2024 Vol.50
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 | Expansion of Judiciary E-Services Announced
Starting Friday, the Judiciary’s online appointment services will expand to include personal bankruptcy filings and probate applications in the High Court, allowing individuals without lawyers to book appointments online. The “iAM Smart” app will facilitate this process by automatically filling in personal information, with plans to extend this feature to more services based on its success. Additionally, the Probate Registry’s online appointment service will now cover probate applications, enabling people to submit grant applications with a will. The Judiciary highlighted the positive reception of previous online services, noting their efficiency in reducing wait times for court users.
🌐 Singapore | Unveiling ChatGPT Web Search Capabilities
ChatGPT’s new web search feature provides quick, accurate answers with links to relevant sources, combining conversational AI with up-to-date data across various categories like sports scores, news, and financial updates. Accessible via ChatGPT.com on both desktop and mobile, it intelligently decides when to search the web or allows manual initiation. Currently available to ChatGPT Plus, Team, and SearchGPT waitlist users, with upcoming access for Enterprise and Education accounts, and a future rollout for free-tier users. This feature streamlines finding quality answers by gathering pertinent information and evolving responses with follow-up questions. Partnering with leading news and data providers, ChatGPT integrates visual designs for enriched search experiences and includes links to original content for deeper exploration.
📄 Taiwan | Businesses Must Issue Invoices and Pay Taxes Despite Offsetting Penalties
The Taipei National Taxation Bureau clarified that businesses must issue a Government Uniform Invoice (GUI) and report business tax based on the full project payment, even if penalties are deducted. Under the Value Added Tax Act, the sales amount includes all charges for goods or services, and invoices must be issued for each installment based on the contract price. For example, if Company A completes a project for Company B with a balance of NTD3.5 million but is fined NTD1 million for delays, Company A must still issue a GUI for NTD3.5 million. The Bureau urges businesses to review their invoicing and tax reporting to avoid penalties under Article 48-1 of the Tax Collection Act.
👨💻 Vietnam | Nvidia Announces Plans for Two New AI Centers in Vietnam
Vietnam is advancing its AI and technology sectors through strategic agreements and initiatives, such as the recent signing between Minister Nguyen Chi Dung and Nvidia’s Jay Puri. The VRDC and AI Data Centre will drive AI research, innovation, and job creation. With a young, tech-savvy workforce and supportive government policies, Vietnam is poised for significant AI development. The government has prioritized AI in its national strategy, established the NIC, and launched a scheme to train 50,000 semiconductor engineers by 2030, including 5,000 AI specialists.
💵 Malaysia | Budget 2025: Raising Wages, Promoting Inclusion, and Boosting Retirement Savings (Issue 1 of 2)
The Malaysian government will increase the minimum wage from RM1,500 to RM1,700 per month starting February 1, 2025, as part of Budget 2025, to improve workers’ quality of life and economic stability. Small businesses with fewer than five employees will have a six-month grace period, with the new wage taking effect on August 1, 2025. This policy aims to reduce income inequality, promote economic growth by boosting purchasing power, and enhance social stability by improving living standards.
💰 Dubai | UAE Introduces Corporate Tax for Multinational Enterprises and New Incentives
Starting January 1, 2025, the UAE will enforce a 15% corporate tax on multinational enterprises (MNEs) with global revenues exceeding €750 million in alignment with the OECD’s global minimum tax initiative while maintaining a 9% standard tax rate for other businesses. To boost competitiveness, the UAE plans new incentives, including 30%-50% R&D tax credits (effective 2026) and refundable tax credits for senior executive salaries tied to high-value activities (effective 2024), reinforcing its commitment to innovation and global economic appeal.
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🆕 Singapore | A Glance At Singapore Variable Capital Company Structure
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🌟 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.
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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!
<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 December News
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Premia TNC December Holiday Notice
Hello, December! ☃️ May this month bring warmth to your heart, joy to your days, and moments to cherish as the year comes to a close. ✨
→ Check Our Complete Schedule for Decmber
🗞️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]
