Weekly Newsletter 2025 Vol.81
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 | Holding Over of Provisional Profits Tax
To protect tax revenue, Hong Kong’s Inland Revenue Department may charge provisional profits tax based on current-year assessable profits. Taxpayers may apply to hold over this tax if their assessable profits are, or are likely to be, less than 90% of the previous year’s profits or the estimated amount used for the provisional tax. Valid grounds also include incorrect or omitted loss carryforwards. Applications must be in writing, submitted no later than 28 days before the tax due date or 14 days after the notice is issued, whichever is later, and must include signed draft accounts covering at least 8 months. If tax is payable in two installments and the first is paid on time, a holdover request for the second installment may still be made within the prescribed timeframe.
📝 Singapore | Dormant Companies and Their Tax Filing Requirements
A dormant company in Singapore is one that has not conducted any business and has had no income during the entire basis period (e.g., for the financial year ending 30 June 2024, it is dormant for YA 2025). Despite being inactive, it must still file its Corporate Income Tax Return (Form C-S/C-S Lite/C) by 30 November annually, unless granted a waiver by IRAS. Dormant companies may file simplified returns and are not required to submit financial statements. They can apply for a waiver if they meet specific criteria, such as having no income-generating investments and no plans to resume business within two years. While they cannot claim capital allowances or current expenses, they may carry forward unutilized trade losses from active years and claim approved donations, provided they file the appropriate tax forms.
📩 Taiwan | Businesses Must File Taxes on Time Despite Temporary Suspension
Under Taiwan’s Value-Added and Non-Value-Added Business Tax Act (Articles 35 and 49), business operators must file a bimonthly tax return within 15 days after each filing period, even if there are no sales or the business is suspended. Late filing incurs penalties, which include a fine of 1% of the payable tax every 2 days (minimum NTD1,200, maximum NTD12,000) or a 30% fine if over 30 days late (minimum NTD3,000, maximum NTD30,000). Fixed fines apply even when no tax is owed. For instance, a business that suspended operations on April 15, 2025, and had no sales in March–April but filed late on June 10, 2025, was fined NTD1,200.
🚢 Vietnam | Vietnam to Automate VAT Collection on Imports
Vietnam’s Customs Department has implemented Circular 29/2025 to automate VAT collection on imported goods valued under VND1 million via express delivery services. Previously exempt from both import tax and VAT, these shipments have been subject to VAT since February 18, 2025, while remaining exempt from import duties. Manual tax collection due to outdated systems caused inefficiencies, prompting the Ministry of Finance to introduce this regulation to modernize procedures, reduce administrative burdens, and ensure accurate tax compliance. A pilot phase ran from July 9 to 31, and full implementation begins August 1 across all express delivery modes.
🔒 Malaysia | Data and Compliance Report: Key Info [Issue 2 of 4]
The Data and Compliance Report (DCR), due by January 15, 2025, with no extensions, is a mandatory annual submission to Bank Negara Malaysia detailing firms’ compliance and risk management efforts. Before starting, firms must appoint a Compliance Officer (CO) to oversee the process and liaise with BNM. The DCR covers five key areas: institutional and business details, including CO and global affiliations; ML/TF/PF risk assessments across products, transactions, and payment methods; AML/CFT compliance programs, including CDD, staff training, and audits; sanctions screening practices and list sources; and client profiles with transaction breakdowns, especially in cash-heavy sectors. Stay tuned for our upcoming newsletter with more insights on the 2024 DCR submission.
🌐 Dubai | UAE’s Removal from EU High-Risk List Boosts Global Financial Trust
The UAE’s removal from the EU’s list of high-risk third countries for money laundering and terrorist financing marks a major milestone, reflecting international recognition of its strengthened financial integrity and compliance with global standards. Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini credited the achievement to coordinated national efforts led by H.H. Sheikh Abdullah bin Zayed Al Nahyan and emphasized that it enhances investor confidence, attracts foreign investment, and reinforces the UAE’s status as a transparent, trusted global financial hub.
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<Hong Kong>
Date: Wednesday, July 23, 2025, 4:00 PM – 5:00 PM
Target companies:
Entrepreneurs, investors, professionals, and families looking to relocate or expand to Hong Kong and seeking a simplified, strategic approach to securing the right visa.
Premia TNC July News
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Premia TNC July Holiday Notice
A month to bloom, grow, and celebrate how far we’ve come. The best is yet to come! 🌸🌞
🗞️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]