Weekly Newsletter 2025 Vol.88
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 | Revisions to HKFRS for Private Entities in 2025
In Hong Kong, private entities without public accountability may adopt the Hong Kong Financial Reporting Standard for Private Entities (HKFRS for PE), aligned with the International Financial Reporting Standard for SMEs (IFRS for SMEs), to reduce reporting burdens compared to full HKFRS. Following the IASB’s issuance of the third edition of IFRS for SMEs in February 2025, the Hong Kong Institute of Certified Public Accountants released the revised HKFRS for PE in April 2025, effective for periods beginning on or after January 1, 2027, with early adoption permitted. The revisions are extensive, aligning parts of the standard with IFRS 9 and IFRS 15, while retaining some existing requirements such as the “undue cost or effort” concept, the control presumption in consolidated financial statements, the incurred loss model for financial asset impairment, and the current lease treatment under Section 20. Entities must apply the revised standard retrospectively (with limited reliefs) and should assess the impact on accounting policies, disclosures, and systems, for example, by adopting the new five-step revenue model and preparing enhanced disclosures for financial instruments.
📂 Singapore | Changes to CPF Contribution Rates from 1 January 2026
Effective 1 January 2026, key updates to the CPF contribution system will take effect to boost retirement savings, particularly for older workers. The Ordinary Wage ceiling will increase from $7,400 to $8,000 (with the annual salary ceiling unchanged at $102,000), completing the phased adjustments that began in September 2023. Contribution rates for employees aged 55 to 65 will also rise: those aged above 55–60 will see total rates increase from 32.5% to 34%, and those above 60–65 from 23.5% to 25%, with both employer and employee shares raised accordingly. Rates for employees below 55 and above 65 remain unchanged. Additional contributions for those aged 55–65 will go into their Retirement Account up to the Full Retirement Sum, with excess channeled to the Ordinary Account. Employers must update payroll systems, while employees over 55 can look forward to stronger retirement savings.
🚘 Taiwan | Stay Compliant with Vehicle Inspection and Tax Payments
The Taichung City Local Tax Bureau reminds vehicle owners to complete periodic inspections and pay vehicle license taxes on time to avoid severe penalties. Vehicles overdue for inspection by more than six months will have their license plates canceled, and if found on public roads, owners face retroactive taxes and fines of up to twice the unpaid amount, even if the plate was already canceled. Driving vehicles with unpaid taxes, suspended, or deregistered status also leads to back tax collection and similar fines. To prevent financial and legal consequences, owners should schedule inspections before deadlines, pay taxes promptly, and avoid using unregistered vehicles.
🎉 Vietnam | Korean Investors Boost Long-Term Commitment in Hai Phong
In 2025, Hai Phong continues to affirm its position as a prime destination for Korean investors, with South Korea leading in total registered investment capital of about USD 16 billion across 186 projects. Major corporations like LG, SK, Hyosung, Posco, and Innox Holdings have established strong footholds in high-tech manufacturing, logistics, and finance, significantly contributing to exports, job creation, and city revenue. Recent projects, including Jeil Group’s USD 44.5 million logistics hub and Innox Ecom Vina’s USD 20 million silicon cathode material factory for EV batteries, highlight growing confidence in the city’s investment climate. With plans to expand economic zones and industrial parks, Hai Phong’s leadership remains committed to supporting businesses and views Korean enterprises as key partners in driving long-term growth and attracting new FDI.
📬 Malaysia | MBRS Enforcement and Reporting Transformation (Issue 3 of 4)
Adapting to MBRS presents challenges such as the technical complexity of formatting financial data in XBRL and the need for staff training, which can be time-consuming for businesses lacking expertise. However, technology offers effective solutions such as specialized software, AI, and automation to streamline data formatting, minimize errors, and enhance reporting accuracy. With the right resources, including training and expert guidance, companies can transition smoothly to MBRS compliance. Stay tuned for our upcoming newsletter, where we’ll share more on MBRS compulsory enforcement.
🛳️ Dubai | UAE–New Zealand Trade Pact Takes Effect
The UAE and New Zealand have officially activated their Comprehensive Economic Partnership Agreement (CEPA), signed in January 2025, marking a major step in strengthening trade and investment ties. The deal grants duty-free access to nearly all goods, reduces tariffs, and streamlines customs, with annual trade projected to grow from US$1.5 billion to over US$5 billion by 2032. Covering key sectors such as renewable energy, technology, education, and food production, the CEPA not only supports market expansion and cross-border partnerships but also aligns with the UAE’s broader trade strategy to reach US$1 trillion by 2031, reinforcing its role as a global business hub.
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<Malaysia>
Date: Thursday, September 25, 2025, 2:00 PM GMT+8
Target companies:
Businesspeople navigating Malaysia’s evolving e-invoicing requirements can now gain clarity on when and how to make the switch. Stay ahead of regulatory changes, avoid costly compliance mistakes, and discover how our accounting software ensures a smooth, stress-free transition in Malaysia’s fast-accelerating e-invoicing landscape.
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Premia TNC September Holiday Notice
Hello September! A new month, a fresh start. Let’s embrace the opportunities ahead and make it unforgettable! 🌿💫
🗞️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]