[Premia TNC] Weekly Newsletter 2025 Vol.61
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 | Recovery Efforts by the IRD
To avoid penalties and recovery actions, pay your tax on or before the due date as stipulated in the notice of assessment. If unpaid, a 5% surcharge is imposed on the total amount in default, including the second installment, and an additional 10% after six months. The IRD may issue recovery notices to third parties like employers or bankers, who must pay the amount due or face personal liability. The IRD can also initiate civil action in the District Court, leading to additional fees and interest, and may pursue bankruptcy or liquidation proceedings if necessary. To prevent departure from Hong Kong, the IRD can apply for a Departure Prevention Direction. Taxpayers should pay on time, even if objecting or appealing, make tax clearance before leaving Hong Kong for over a month, and apply for installment payments if facing financial difficulties.
🏦 Singapore | IRAS Corporate Income Tax Rebate and Cash Grant for YA 2025
In Budget 2025, the Singapore government maintained the Corporate Income Tax (CIT) rate at 17% for all companies but introduced a CIT Rebate and CIT Rebate Cash Grant to support cash flow. The CIT Rebate is 50% of the tax payable for YA 2025, with a combined rebate and cash grant benefit of up to $40,000. Companies eligible for the CIT Rebate Cash Grant will receive a minimum $2,000 rebate if the rebate exceeds $2,000. To qualify for the cash grant, companies must be active and have made CPF contributions for at least one local employee in 2024. The grant is non-taxable and will be disbursed automatically by Q2 2025. The CIT Rebate applies to income taxed at a concessionary rate and is calculated based on the company’s ECI or tax returns.
💰 Taiwan | Recognizing Expired Payables as Other Income
Under Taiwan’s tax regulations, businesses must reclassify unpaid expenses or liabilities that remain unsettled beyond the statute of limitations as other income. The expiration period varies: general claims expire after 15 years, specific claims like rental fees or wages after 5 years, and short-term claims like hotel bills after 2 years. Regular financial reviews are essential for compliance, and any later settled obligations can be recorded as non-operating expenses.
📈 Vietnam | Vietnam Emerges as Singapore’s Ninth Largest Trade Partner
In January, the total import-export turnover between Vietnam and Singapore reached 3.39 billion SGD, a nearly 17% increase from the same period in 2024. Vietnam’s exports to Singapore were 794 million SGD, while imports from Singapore were about 2.6 billion SGD, both increasing by nearly 17%. Goods originating from Singapore accounted for 759.19 million SGD, a 47.89% increase, and third-country goods through Singapore to Vietnam were 1.84 billion SGD, a 7.46% increase. Vietnam’s trade surplus with Singapore was about 34.8 million SGD. Key export products from Vietnam to Singapore saw significant growth: machinery and equipment (46.02%), reactors and boilers (47%), and glass products (58.91%). Major imports from Singapore to Vietnam also grew: machinery and equipment (9.33%), petroleum products (107.87%), and reactors and boilers (2.75%). Vietnam ranks 15th among Singapore’s largest import partners and 8th as an export market. To maintain growth, industry associations and businesses are advised to monitor regional developments, innovate management, and enhance trade promotion.
🧾 Malaysia | The Future of Payroll Management for Employers with e-PCB Plus
Lembaga Hasil Dalam Negara (LHDN) has introduced e-PCB Plus, a new system to replace the old PCB for managing employee monthly tax deductions. This platform automates tax calculations, deductions, and payments, ensuring accuracy and timely compliance. Employers register employees by inputting salary, tax exemptions, and allowances, with the system calculating taxes based on LHDN guidelines. During payroll cycles, the system computes tax deductions for employer approval and processes payments directly. At month’s end, e-PCB Plus generates and submits tax forms (CP39) to LHDN. Employers must transition to e-PCB Plus to avoid disruptions, with LHDN providing training and support. Registration on the LHDN portal is required to start using e-PCB Plus.
📈 Dubai | Study Reveals 91% Business Confidence Among UAE SMEs for 2025
A recent Mastercard study reveals that 91% of SMEs in the UAE are optimistic about their 2025 prospects, driven by a strong economic environment, digital transformation, and government support. SMEs plan to expand operations, invest in technology, and enhance digital payment solutions, with e-commerce, fintech, and AI innovations boosting optimism. Government initiatives, including funding, regulatory reforms, and incentives, further bolster confidence, positioning SMEs as key contributors to the UAE’s long-term economic vision.
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Premia TNC March Holiday Notice
Hello, March! 🌸 A month of new beginnings and boundless possibilities—may this season bring you growth, joy, and fresh inspiration to bloom in every way. ✨🍃
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🗞️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]
