Recent Singapore and Hong Kong Budgets Commentaries, Malaysia’s Sales and Service Tax ("SST") Rate Increase, and China’s Tax Filing Season for Individuals
Welcome to another issue BoardRoom’s Asia Tax Insights. In this issue we explore the evolving financial climate in Malaysia, Singapore, and Hong Kong, and what to expect for the upcoming tax season in China.
First, we look at the recent increase in Malaysia’s Sales and Service Tax ("SST") rate from 6% to 8%. Next, we share our commentaries for Singapore and Hong Kong’s recently released Budget for 2024/ 25 and shed light on the introduction of new tax measures and the enhancement of existing ones. Finally, we list some important things to note when filing for individual tax in China’s upcoming tax season.
As the saying goes, "no winter lasts forever; no spring skips its turn,” and just as tax changes are not only inevitable, but it also presents opportunities for growth. BoardRoom is ready to help you navigate the evolving tax landscape.
Transfer Pricing in Malaysia: Your Guide to Navigating Them
Success in Malaysia’s corporate sphere requires a good understanding of transfer pricing best practices. We spoke with the Head of Tax Services for BoardRoom Malaysia, Woon Chee Cheong, in our recent article, as she shares her expert tips for ensuring smooth, compliant transfer pricing for your business.
Malaysia
Navigating the shifts in Sales and Service Tax
In response to the ever-evolving economic landscape, Malaysia has implemented significant changes to their Sales and Service Tax ("SST"), effective from 1 March 2024.
Notably, the SST rate for most taxable services has increased from 6% to 8%, accompanied by a broadening scope of taxable persons and services. We take a closer look at these changes in our report.
Recap of Singapore Budget 2024 Commentary
Singapore’s Budget 2024 introduces new tax measures to propel the Forward Singapore agenda amidst economic resilience and geopolitical risks. Aimed at supporting businesses and taxpayers, these changes are crucial for maintaining global competitiveness and building a shared future.
Our Budget commentary delves into these fiscal adjustments, providing valuable insights for navigating the evolving landscape.
Summary of HK Budget 2024 – 2025
On February 28, 2024, Hong Kong's Financial Secretary, Mr. Paul Chan, unveiled the 2024-25 Budget under the theme "Advance with Confidence, Seize Opportunities, Strive for High-quality Development". Despite challenges in the previous fiscal year, including slower economic growth and reduced revenue from land premium and stamp duty, adjustments were made.
Our Hong Kong Budget 2024-25 commentary analyses key tax measures aimed at attracting strategic enterprises, bolstering economic resilience, and encouraging capital and talent influx.
Navigating the Individual Income Tax Filing Season
On 31 January 2024, the China State Administration of Taxation (SAT) issued Announcement 2024 No. 2, along with relevant interpretations.
This marks the initiation of the China 2023 Annual Individual Income Tax Reconciliation Filing on Consolidated Income for the period from 1 March to 30 June 2024. We share more on how you can navigate the tax season, in our report.
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We
also share information about your use of our site with social media, advertising and analytics partners who
may combine it with other information that you've provided to them or that they've collected from your use of
their services. You consent to our cookies if you continue to use our website OK
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Your health & well-being, as well as that of our colleagues is of utmost importance to us. To mitigate the impact of COVID-19 we have implemented various health and safety measures throughout our offices, which has changed our way of working. Please click here to view full details.
