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Companies (Amendment) Act 2024 Updates: Reporting Framework for Beneficial Ownership

Companies (Amendment) Act 2024 Updates: Reporting Framework for Beneficial Ownership

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Recently, the Companies (Amendment) Act 2024 ("CA 2024") had a round of developments that saw revisions to the Beneficial Ownership Reporting Framework. It received the Royal Assent on 24 January 2024 and was gazetted on 2 February 2024. 

As of now, no enforcement has been taken for non-compliance. However, from 1 July 2024 onwards, there will be enforcement for non-compliance.

The revised provisions encompass key aspects such as the expanded criteria for identifying beneficial owners, mandatory maintenance of the registration of beneficial owners at the registered office, and the obligation for companies to collect beneficial ownership information and submit to the Companies Commission of Malaysia via the Electronic Beneficial Ownership System. 

Learn more about the changes to the Beneficial Ownership Reporting Framework in our report.
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Please reach out to your respective client managers in BoardRoom or email us at [email protected] should you require further clarification. 

                
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Expanding Horizons: International Success Through Global Mobility Tax Solutions

Expanding Horizons: International Success Through Global Mobility Tax Solutions

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In recent times, we are seeing an upward trend of businesses shifting their operations beyond their shores. Operations are moving globally through employee relocations, international assignments and other factors that all work towards serving a global audience. 
 
While global mobility offers numerous benefits for both employers and employees, it also poses significant challenges, particularly in navigating the complex tax landscapes of multiple jurisdictions. Tax laws and regulations vary widely from country to country, leading to potential compliance issues, double taxation, and financial penalties if not properly addressed. Additionally, tax treaties and agreements between countries add another layer of complexity to the tax planning process.

Download our report and uncover everything you need to know about taking your business globally, and how you can thrive while doing it. 

 
 
 

 
 

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Low-Carbon and Sustainable Future: How Governments are helping APAC Businesses Transition

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Low-Carbon and Sustainable Future: How Governments are helping APAC Businesses Transition

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With businesses encouraged to shift to a more sustainable model, the adoption rate is still relatively low. To tackle this, the governments in Singapore, Malaysia, Hong Kong, and Australia are actively supporting businesses in their transition to a low-carbon and sustainable future by introducing initiatives in the form of ESG grants and incentives. 

While the specific offerings vary by country, these measures aim to foster a culture of sustainability among businesses and contribute to long-term environmental and social progress. Businesses operating in these regions are encouraged to leverage available resources and support to enhance their sustainability efforts and ESG reporting capabilities.

Our report this month details the essential grants and incentives that APAC businesses can leverage to enhance cost savings as they initiate their ESG journey.

 
 
 
 
 
 

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Recent SG and HK Budgets Commentaries, MY’s Recent SST Rate Increase, & CN’s Tax Filing Season for Individuals

Recent SG and HK Budgets Commentaries, MY’s Recent SST Rate Increase, & CN’s Tax Filing Season for Individuals

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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.
 

 
 

Singapore

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.
 

 
 

Hong Kong

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.
 

 
 

China

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.
 

 
 

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Sustainable Finance & ESG Reporting: Transformative Steps Taken in APAC

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Sustainable Finance & ESG Reporting: Transformative Steps Taken in APAC

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In recent years, countries across the Asia-Pacific (APAC) region have made significant strides towards integrating sustainability into their corporate landscape through mandatory reporting initiatives. Recognising the urgent need to address Environmental, Social, and Governance (ESG) concerns, governments in the APAC region have implemented regulations requiring businesses to disclose their sustainability practices and performance. 

These transformative steps aim to enhance transparency, accountability, and responsible business practices, ultimately fostering a more sustainable future for the region and beyond.

What are some of the key transformative steps in sustainability reporting introduced in APAC? We share more on what Singapore, Malaysia, and Australia have implemented in our report.

 
 
 
 
 
 

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Environmental, social, governance: why it’s essential for SMEs

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Environmental, social, governance: why it’s essential for SMEs

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Environmental, social and governance (ESG) issues are taking centre stage in Singapore’s business landscape, propelled by a global push towards climate change mitigation, with governments worldwide committing to net-zero targets. This shift has placed increased pressure on businesses to adopt responsible practices, emphasising social equity, transparency and accountability. Furthermore, evolving regulations aimed at enhancing safety and legitimacy within the business environment underscore the critical importance of ESG engagement for companies of all sizes.

It’s not just large corporations that are expected to embed ESG principles in their business operations. In Singapore, small and medium-sized enterprises contribute to 48 per cent of Singapore’s GDP and employ 71 per cent of the workforce, highlighting the role SMEs have in driving sustainable and ethical business practices that contribute positively to the overall health of the economy. As such, SME owners and business leaders are pivotal in shaping a more sustainable, equitable and responsible business future.

In this article, we explore what environmental, social and governance is and why implementing robust ESG practices and processes is not just critical but a strategic advantage for SMEs. We also uncover related opportunities for organisations and provide insights on where business owners and leaders can find the necessary support to implement these ESG practices and policies.

Understanding environmental, social and governance and its relevance to SMEs

Environmental, social and governance is a set of practices adopted by companies to guide how they should conduct business ethically and sustainably. At a broad level, ESG covers the following elements:

  • Environmental responsibility focuses on a company’s impact on nature. For example, a small enterprise could adopt energy-efficient operations, reducing both environmental impact and operational costs.
  • Social accountability measures how a company manages relationships with employees, communities and suppliers. For SMEs, this could involve creating inclusive workplace policies, engaging in community development projects or ensuring fair trade practices with suppliers.
  • Governance concerns practices around a company’s leadership, ethics and transparency. Good governance in SMEs could include developing transparent reporting systems to build stakeholder trust.

Recognising that there is no ‘one size fits all’ approach to integrating ESG practices into business strategy and operations is crucial, as implementation will vary significantly across industries. For example, professional services firms may find greater leverage and opportunities for impact within social and governance, while a consumer goods manufacturer may prioritise environmental and social aspects more heavily.

Why do ESG and sustainability matter?

ESG is a response to a range of concerns, including climate change, rising social inequality and the changing nature of economies.

Investors and stakeholders are increasingly taking ESG into account in their decision-making. Society, customers and clients also expect the companies they interact with to be environmentally and socially responsible. Companies that have robust ESG strategies to manage risks can meet these expectations and compete successfully and strongly in the market.

In Singapore, implementing robust ESG practices offers SMEs the opportunity to differentiate themselves from their competition, attracting more investment, appealing to a larger customer base and ensuring long-term success.

For SMEs eyeing European markets, showcasing solid ESG practices is vital. Europe’s strict corporate social responsibility and sustainability regulations dictate that businesses adopt and visibly demonstrate their ESG commitment.

The Singapore Stock Exchange weighs in

In compliance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, the Singapore Exchange (SGX) requires all issuers, including the many SMEs listed, to incorporate climate-related reporting in their sustainability reports. This requirement means companies will have to report on their social and environmental impacts and performance.

The date from which companies have to comply with this mandatory reporting depends on the relevant industry. For example, those in financial services, energy and agriculture are required to report under the TCFD framework from the financial year 2023. Building and transport industries will be required to report from 2024.

The Singapore Stock Exchange weighs in

Challenges and opportunities of ESG adoption

There’s no doubt that ESG is a priority for growing businesses and SMEs of all sizes, but implementing new policies and procedures into business operations can also increase pressure on owners, managers and staff. For small businesses particularly, implementing sustainability practices can be expensive. Busy small business owners, absorbed in the day-to-day running of their business, may not have the time to gain the knowledge needed to implement new practices effectively and give their employees the skills they need to focus on ESG issues.

Although ESG strategies can potentially yield long-term financial benefits, the immediate challenge for many SMEs lies in maintaining profitability in the short term. Balancing ESG objectives with business growth can be daunting, especially when faced with limited access to technical know-how, which stops many SMEs from even trying.

However, integrating ESG into everyday business practices does not have to be overwhelming. Beginning with small, manageable actions can set the foundation and lead to effective long-term change.

Some examples include:

  • Adopting energy-efficient practices, starting with something as simple as switching to energy-efficient light bulbs.
  • Seeking financial support from government bodies and initiatives designed to support businesses implementing ESG practices.
  • Forming partnerships with multinational companies, other SMEs and non-profit organisations to increase ESG knowledge and understanding through collaborative forums.
  • Engaging with a service provider experienced in facilitating ESG integration, to guide and support your business along this path.

Tina Thomas, Head of Environmental, Social, and Governance (ESG) at BoardRoom Group, highlighted, “Small and medium-sized enterprises often lack the comprehensive knowledge required for initiating and executing effective ESG strategies. Additionally, they may encounter significant resource limitations. Nevertheless, this is precisely the juncture at which our expertise becomes invaluable. The ESG team at BoardRoom is adept at managing these processes efficiently and in a cost-effective manner, offering a seamless solution for businesses aiming to enhance their sustainability practices.”

The benefits of a robust ESG strategy

The benefits of a robust ESG strategy

These challenges shouldn’t stop SMEs from exploring the benefits of ESG adoption for cost savings, improved efficiency and risk reduction.

Here, we take a look at some of the benefits:

  • increased cost savings from ESG policies, such as a reduction in water and energy usage;
  • ESG risks and opportunities can be easily identified if supply chain processes are streamlined;
  • reduction in waste and the costs associated with waste management;
  • reduction in the risk of regulatory fines due to non-compliance;
  • an increase in shareholder value and attracting increased investment;
  • appealing to a broader range of potential customers;
  • an increase in employee morale, efficiency and health and safety outcomes as a result of prioritising employee wellbeing;
  • an ability to attract and retain talent and build a stronger employee brand;
  • access to new markets;
  • access to tax incentives and government grants; and
  • differentiation, which can offer many SMEs a competitive advantage.

Clients, customers, investors and regulators now expect businesses of all sizes to reduce their harmful impacts on the environment and people while increasing their resilience to the effects of climate change.

SMEs with ESG cost-saving and other strategies in place that align with their business purpose are much better placed to adapt and meet the challenges of the future while capitalising on opportunities today.

Practical steps towards ESG integration

Practical steps towards ESG integration

Integrating ESG into business practices, strategies and goals can be straightforward and varied based on the individual business. A business could initially take several broad steps; however, it’s crucial to define your company’s ESG goals from the outset clearly. This involves engaging stakeholders and establishing regular monitoring to identify areas for improvement.

Tina adds that a good way to start weaving ESG into day-to-day operations is by collecting and analysing data on the performance of the business. She says, “Step one is making sure there’s a process in place where you collect data on a regular basis, perhaps quarterly. Then, assess the data to expose trends, and set ESG KPIs against the data.”

Other key steps to consider include the following:

Adopting more environmentally friendly practices
Switching to renewable and more energy-efficient sources, reducing waste and implementing robust recycling programs. For instance, your business could replace conventional lighting with LED bulbs to reduce energy consumption.
Encouraging a culture of fairness, inclusion and diversity
Implementing diversity training and adopting equal opportunity hiring practices is a step towards creating a workplace culture that values diversity and fairness.
Innovating through technology
Being open to innovation and leveraging available technology to streamline processes, reduce waste and save costs. A simple example could be switching to cloud-based software to reduce paper usage and streamline operations.
Investing in employee development
Offering employee skills training and wellbeing programs such as mental health support services and professional development workshops.
Community engagement
Engaging with and supporting community groups and charities through staff volunteer initiatives or partnerships.
Establishing ethical policies
Creating well-defined policies and procedures such as a supplier code of conduct and data protection and privacy policies as standard.
Maintaining transparency
Keep business operations transparent. Your business could achieve this by publishing regular sustainability reports and ensuring clear communication with investors and stakeholders.
Managing ESG risks
Introducing organisational and managerial frameworks that identify and manage ESG risks, such as conducting regular environmental audits or ethical supply chain assessments.
Aligning with suppliers
Partner with suppliers who share your business’ goals and ESG values, like sourcing materials from sustainable providers.
Government support and partnerships
Take advantage of government support and incentives for sustainable practices and collaborate with skilled and knowledgeable consultants for ESG transition strategies.

Where to find support

The Government of Singapore offers a range of incentives and grants to help SMEs adopt ESG best practices. If you’re looking for ESG grants in Singapore or need guidance on where to start, here are some helpful resources:

  • Enterprise Singapore’s Enterprise Development Grant (EDG) helps SMEs develop projects to upgrade and innovate their businesses, explore opportunities for growth and expand internationally. Additionally, SMEs can engage with a Registered Management Consultant like Tina for support with integrating sustainability into their business.
  • The Enterprise Sustainability Programme (ESP) supports companies in Singapore to learn about and adopt sustainable, green practices.
  • The Productivity Solutions Grant (PSG) gives SMEs a financial boost to adopt technical solutions to improve their productivity.
  • The Energy Efficiency Fund consists of five grants to support businesses in improving energy efficiency in their industrial facilities.
Discover the opportunities of ESG today

Discover the opportunities of ESG today

There’s no doubt that environmental, social and governance (ESG) issues are becoming increasingly important for Singapore’s businesses to address. SMEs have a large role to play, and if they don’t already have ESG policies and practices in place, there is mounting pressure to do so.

Implementing ESG offers more than compliance for SMEs. It unlocks innovation, sustainability, and market leadership by fostering long-term business resilience and distinguishing your brand in today’s eco-conscious market. With Singapore’s supportive incentives and leveraging the expertise of business consultants, SMEs can seamlessly integrate ESG now more than ever before.

With a dedicated team of experienced ESG consultants in Singapore, BoardRoom can help your business maximise its positive impact and make the most of opportunities with ESG Access. BoardRoom also offers a range of other services, including company incorporation and corporate secretarial. Contact us to find out more today.

Contact BoardRoom for more information:

Tina Thomas_profile

Tina Thomas

Head of Environmental, Social and Governance

E: [email protected]

T: +65 6536 5355

Related Business Insights

Navigating the Forward Singapore Agenda: Insights into Budget 2024

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Navigating the Forward Singapore Agenda: Insights into Budget 2024

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In our commitment to keeping you abreast of pivotal developments, we are pleased to present our commentary of Singapore’s Budget 2024, unveiled by Deputy Prime Minister and Finance Minister Lawrence Wong on 16 February 2024, themed “Building Our Shared Future Together”.

Reflecting on the fiscal year 2023, Singapore exceeded revenue expectations, primarily driven by higher Corporate Income Tax collections.

Against this positive backdrop, Budget 2024 is strategically positioned to propel the Forward Singapore agenda. Our detailed Singapore Budget 2024 Commentary delves into the key tax measures affecting both businesses and individuals.

Key tax measures for businesses

  • Singapore’s Implementation of Pillar Two of Base Erosion and Profit Shifting (BEPS) 2.0 initiative
  • Introduction of the Refundable Investment Credit (RIC) Scheme
  • Introduction of Corporate Income Tax (CIT) Rebate and CIT Rebate Cash Grant
  • Enhancement of Tax Deduction for Renovation or Refurbishment (R&R) Expenditure
  • Extension and Revision of Tax Incentive Schemes for Qualifying Funds
  • Introduction of Alternative Basis of Tax for Three Maritime Sector Incentive (MSI) Sub-schemes
  • Introduction of Additional Concessionary Tax Rate (CTR) Tiers

Key tax measures for individuals

  • Introduction of Personal Income Tax Rebate
  • Increasing Annual Income Threshold for Dependent-Related Relief
  • Impending Lapse of Course Fees Relief (CFR)
  • Removal of Tax Relief for CPF top up qualifying for Matched Retirement Saving Scheme (MRSS)

Other key tax measures

  • Introduction of Overseas Emergency Humanitarian Assistance Tax Deduction Scheme (OHAS)
  • Withdrawal of Income Tax Concession on Royalty Income

As we collectively navigate the Forward Singapore agenda, understanding these fiscal changes becomes paramount. Download our commentary now to stay informed and ahead.

Download Singapore Budget 2024 Commentary

Should you have any questions on how to maximise your tax position with this latest announcement, please email our tax team at [email protected].

Related Business Insights

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

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

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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. 
 

 
 

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. 
 

 
 

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.
 

 
 

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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Our mailing address is: [email protected]

 

Beyond Compliance: How ESG Factors Impact Corporate Sustainability

Beyond Compliance: How ESG Factors Impact Corporate Sustainability

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2024, the year where future-ready companies will position sustainability at the core of their business strategies. ESG, once a complex and unfamiliar scape is now increasingly the focus of companies worldwide. The days where a company's performance is assessed by its financial bottom line is long gone. In today's world, investors and stakeholders place equal importance to how a company navigates environmental, social, and governance (ESG) factors, alongside traditional financial metrics.

But what factors affect your company's corporate sustainability initiatives and in turn, impacts profitability? We share more in our latest report.

 
 
 
 
 
 

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Malaysia’s Companies (Amendment) Bill 2024 and Accelerated Transfer Process from ACE to Main Market

Malaysia’s Companies (Amendment) Bill 2024 and Accelerated Transfer Process from ACE to Main Market

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Dear {{Recipient.FirstName}},

As 2023 wrapped, the Malaysian business world saw some significant updates that were designed to benefit the companies that they affect. We take a closer look at these developments and share what you need to know about:

  1. Dewan Negara passing the Companies (Amendment) Bill 2023 on 13 December 2023 and, 
  2. The introduction of the accelerated transfer process by the Securities Commission Malaysia (SC).
 
 

Companies (Amendment) Bill 2023 passed by Dewan Negara on 13 December 2023

The Companies (Amendment) Bill 2023 was passed by Dewan Rakyat on 28 November 2023 and by Dewan Negara on 13 December 2023. Some key amendments to the Companies Act 2016 include the establishment of a framework for reporting the beneficial ownership of companies and the enhancement of existing provisions regarding the restructuring and corporate rescue mechanisms of companies. Learn about all the changes in our report.

 
 
 

Transfer of ACE Market Listed Corporation to the Main Market via the Accelerated Transfer Process

Aimed to enhance the stock market vibrancy, and reduce market friction, the Securities Commission Malaysia (SC) has recently introduced an accelerated transfer process for eligible ACE Market-listed companies. This move will facilitate the transition of ACE Market-listed companies to the Main Market of Bursa Malaysia.

In order to qualify, these companies must fulfil the profit requirements set for the Main Market listing. The regulatory framework governing this initiative came into effect on 1 January 2024, following amendments to the Equity Guidelines, as announced by the SC.

The introduction of the streamlined and expedited transfer process is designed to encourage ACE Market-listed companies to continually enhance their corporate values, fostering sustainable growth for shareholders. We share more on these changes in our report.
 

 
 
Please reach out to your respective client managers in BoardRoom or email us at [email protected] should you require further clarification. 
 

 
 
   

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All rights reserved.

Our mailing address is: [email protected]