Navigating the recent tax changes in Singapore, Malaysia, Hong Kong, & China

Navigating Tax Changes in the Year of the Dragon

Happy Lunar New Year! As we step into the Year of the Dragon, we are pleased to share key insights into Asia's tax landscape. This month, we take a closer look at the various tax changes across the region, and help you navigate your way through each of them.

Our Regional Tax Team is committed to assist you in navigating these changes, to ensure your business is well-positioned for success throughout the Year of the Dragon and beyond.

Thinking About Starting a Business in Singapore? Here's what you need to know

Singapore's economic stability makes it a magnet for businesses. There are endless opportunities for entrepreneurs, regardless of the industry. Our latest article,Startup companies in Singapore: where are the opportunities?, sheds light on the key insights for a successful set-up and discover how BoardRoom's expertise can help your company soar.

Singapore

Fundamental Shift in Tax Landscape: Introduction of Section 10L in Singapore
Singapore has recently enacted Section 10L in the Income Tax Act, marking a fundamental shift in the tax landscape. Effective from 1 January 2024, gains from the sale of foreign assets will be treated as taxable income if the entity lacks adequate economic substance in Singapore or if the gains arise from the disposal of a foreign Intellectual Property Right (IPR).

This move is a clear signal of Singapore's commitment to prevent international tax avoidance risks and attract substantial economic activities. We share more on this in our report.

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Malaysia

Capital Gains Tax: Unlocking Opportunities in Malaysia
Our spotlight shines on Malaysia's tax landscape, specifically the notable exemption on gains from the disposal of shares in unlisted Malaysian-incorporated companies.

This tax exemption is a strategic move to encourage investment in unlisted Malaysian companies, potentially boosting capital inflows, supporting local businesses, and promoting economic growth in the Malaysian market. Find out what this means for you in our report.

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Hong Kong

Pillar Two of BEPS 2.0 Implementation: Hong Kong's Proactive Approach
The Hong Kong government is taking active steps towards aligning with global efforts to ensure multinational enterprises contribute their fair share of taxes. In line with Pillar Two of BEPS 2.0 framework, Hong Kong plans to adopt the global minimum tax rate of 15% and introduce a domestic minimum top-up tax starting from 2025.

As part of a collaborative approach, a consultation process is currently underway to gather feedback on the proposed implementation, and the legislative amendments are expected to be introduced in the second half of 2024. Our report takes a closer look at what this will mean for businesses operating in the region.

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China

Foreign Trade and Investment: Navigating Policy Changes in China
As China remains a key player in the global economy, it is crucial to stay updated on all the various policy changes that will impact foreign trade and investments. With all the measures that China has made on their foreign-trade policies to help encourage investments, take a deep dive in our report to see how these policies will affect your business.

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