Category: E Newsletters

Time for Transparency: Examining Your Supply Chain

ESG Time for Transparency

Time for Transparency: Examining Your Supply Chain

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Welcome to the July issue of Boardroom’s Think ESG Newsletter. This month, we share more on the recently adopted EU's Corporate Sustainability Due Diligence Directive ("CSDDD") and its impact on Singapore companies.

We will shed light on the intricacies of the directive, identifying which Singaporean companies fall within its scope, and provide an analysis of current performance and areas for improvement.

Additionally, we will share more on why Singaporean companies not affected by this directive should comply with the regulation and consider mapping their supply chain in accordance. All this and also actionable insights for implementing an efficient process to manage supply chain ESG risks in this month’s report.

 
 
 

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ESG in Focus: What SG Companies Need to Know About ESG Reporting

ESG in Focus: What SG Companies Need to Know About ESG Reporting

ESG in Focus: What SG Companies Need to Know About ESG Reporting

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Welcome to the June issue of BoardRoom's Think ESG Newsletter. This month we look at the evolving global ESG reporting landscape and what implications it has on Singaporean Companies.
 

Navigating the Evolving Global ESG Reporting Landscape

As the global focus on Environmental, Social, and Governance (ESG) reporting intensifies, companies worldwide are adapting to new and emerging standards. This trend is driven by major frameworks such as:

  1. the International Sustainability Standards Board (ISSB) Integrated Framework
  2. the US Securities and Exchange Commission (SEC) regulations, and 
  3. the European Union's Corporate Sustainability Reporting Directive (CSRD)

These frameworks aim to create a unified approach to ESG reporting, ensuring that companies sustainability efforts are consistent, transparent, and comparable across different regions.

In Singapore, this evolving landscape poses both challenges and opportunities. The Singapore Exchange (SGX) has introduced mandatory climate-related reporting for listed companies, and the Monetary Authority of Singapore (MAS) has provided guidelines to help companies align with international standards. 

Companies must now navigate these local requirements while also considering global frameworks like the ISSB to ensure compliance and competitiveness.

 

 

Quality & Consistency of ESG Data

One of the primary challenges for Singaporean companies is managing the quality and consistency of their ESG data. Often, data related to sustainability is fragmented across various departments, making it difficult to gather accurate and comprehensive insights.

To address this issue, companies need to deploy advanced data management platforms that can consolidate information from multiple sources. Additionally, engaging with external ESG consultants can help companies standardise their reporting practices and meet diverse regulatory requirements.
 

 

Be Future-ready with a Strong ESG Reporting Plan

The recent survey results highlight a significant gap in ESG readiness among Singaporean executives. A striking 68% of CEOs in Singapore believe their current ESG progress is insufficient to withstand stakeholder scrutiny, while only 8% feel they have the necessary capability to meet new reporting standards.

This underscores the urgent need for companies to build their internal capacities and capabilities in ESG reporting. The survey also revealed that higher costs and difficulties in raising finance are major concerns for companies that fail to meet stakeholder expectations regarding ESG performance.

From the investor's perspective, the integration of sustainability information into fundamental analyses has grown substantially, with 83% of investors now incorporating such data. This trend reflects a broader recognition of the importance of ESG factors in assessing long-term corporate value and risk. Regulatory measures are expected to further enhance investor confidence by addressing current data challenges, thereby fostering a more reliable and transparent sustainability reporting environment.

 

Disclosures at the Core of Your Business

Singapore's regulatory landscape for ESG reporting is becoming increasingly stringent. Climate-related disclosures will be phased in for listed issuers, starting with high-risk industries such as financial services, agriculture, energy, materials, and transportation.

By 2025, these requirements will align with the ISSB standards, reflecting a commitment to international best practices. This phased approach allows companies to gradually build their reporting capabilities while adhering to global standards.

The European Union's CSRD, in conjunction with the EU Taxonomy and Sustainable Finance Disclosure Regulation (SFDR), represents a comprehensive framework for sustainability reporting. The CSRD introduces rigorous reporting requirements and mandates double materiality assessments, compelling companies to disclose not only the financial impact of sustainability risks but also their broader impact on people and the planet.

This directive has significant implications for EU-based companies and their non-EU subsidiaries, including those in Singapore, which will need to comply with these stringent standards.

 

Be Up to Date on ESG Reporting in Singapore

For Singaporean businesses, the implications of these global and local regulations are profound. Companies must integrate environmental considerations into their strategic planning, ensuring that product designs are environmentally attentive.

Boards of directors are increasingly taking direct oversight of environmental pledges, key performance indicators (KPIs), and targets. Transparency and traceability in supply chains are also becoming critical, with companies required to monitor and mitigate the environmental impacts of their upstream suppliers.

To prepare for future reporting requirements, Singaporean companies should conduct thorough gap assessments to identify areas needing improvement. Standardising data collection and reporting practices according to international frameworks like the ISSB and TCFD will be crucial. Engaging stakeholders and verifying reports through external audits can further enhance credibility and compliance.

By adopting active measures, companies can showcase their sustainability achievements, build stakeholder trust, and set new goals for continuous improvement.

 

The evolving ESG reporting landscape presents a complex but essential journey for Singaporean companies. Embracing these changes will not only ensure regulatory compliance but also position businesses as leaders in sustainability, driving long-term value and resilience in an increasingly scrutinised corporate environment.

 
 
 
 
 
 

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Optimising Tax Compliance & Strategies in Asia: Transfer Pricing, E-Invoicing and Global Mobility

Optimising Tax Compliance & Strategies in Asia: Transfer Pricing, E-Invoicing and Global Mobility

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Optimising Tax Compliance & Strategies in Asia: Transfer Pricing, E-Invoicing and Global Mobility

As the tax landscape continues to evolve, staying ahead of the curve is essential for ensuring compliance and optimising your tax position. We are delighted to present our latest tax newsletter, highlighting the key tax issues and showcasing our regional team’s specialised tax services.

From transfer pricing strategies to Malaysia’s E-Invoicing implementation and global mobility tax services, our regional team of tax advisors is committed to assist you in navigating the ever-changing tax landscape across various countries, with particular focus on Singapore, Malaysia, Hong Kong, and China.

We look forward to partnering with you to achieve compliance, optimise your tax position, and drive business success.

 
 

Transfer Pricing Services


Navigating Transfer Pricing in Asia: Insights into Regulatory Compliance and Optimisation

Transfer pricing continues to be a critical area of focus for multinational enterprises across different countries, including Singapore, Malaysia, Hong Kong, and China. 

We offer transfer pricing solutions tailored to each client's specific corporate and business requirements, ensuring compliance with local regulations and alignment with global best practices. 

Our regional tax team provides guidance on transfer pricing documentation requirements, helping clients maintain transparent and defensible transfer pricing policies. With our extensive experience across various industries and jurisdictions, we assist clients in optimising their transfer pricing strategies to enhance tax efficiency and minimise compliance risks.
 

 
 

E-invoicing Services


Transitioning to E-Invoicing in Malaysia: Key Insights for Taxpayers

As Malaysia moves towards mandatory e-invoicing, our tax advisory and compliance services are aimed at assisting businesses and taxpayers in transitioning to e-invoicing, in compliance with the requirements of the Malaysian Inland Revenue Board (IRB). 

We offer a structured approach to the clients, starting from understanding the regulatory tax framework to implementing e-invoicing solution. We also offer tax training sessions and workshops to help businesses and taxpayers effectively transition to e-invoicing, ensuring a smooth and seamless process.
 

 
 

Global Mobility Tax Service


Expanding Horizons: International Success for Employers & Employees through Global Mobility Tax Solutions

With increasing globalisation, managing the tax implications of a mobile workforce has become more complex.

BoardRoom offers a range of global mobility tax services, including tax planning and compliance, to ensure that businesses and their employees are compliant with tax laws in different jurisdictions, including Singapore, Malaysia, Hong Kong, and China.

Our regional tax team is ready to help advice on tax equalisation and other relevant issues, helping clients manage the complexities of international assignments. We also offer advisory services on structuring global mobility arrangements to maximise tax efficiency and minimise compliance risks.
 

 
 
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Unlock the Power of Evidence-Based ESG Data with ESG Access

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Unlock the Power of Evidence-Based ESG Data with ESG Access

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Welcome to the May issue of BoardRoom's Think ESG Newsletter.

This edition, we shed light on the vital role that evidence-based Environmental, Social, and Governance (ESG) data plays in driving meaningful change. We'll share more on how having an ESG sustainability reporting software can make an impact to your ESG initiatives and take it to the next level.

By harnessing the power of BoardRoom's ESG Access intuitive features on data collection, reporting and analytics, you'll be able to make informed decisions that not only benefit your business but also contribute to a more sustainable and responsible future. So, let's dive in and discover the incredible opportunities that await!

 
 
 

 
 

Our ESG expert, Tina Thomas, was recently featured in the May edition of the Global Supply Chain Magazine. In it, she joins Nitish Jain, a professor at the London School of Economics, to share more on the impacts that the ESG regulations in EU have on the rest of the world, with a focus on Malaysia. 

 

Click HERE to read the entire magazine.

 
 
 
 
 

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Sustainability Reporting Revolution in APAC: Everything You Need to Know

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Sustainability Reporting Revolution in APAC: Everything You Need to Know

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Did you know that sustainability is rapidly gaining significance for consumers in the Asia Pacific (APAC) region? In fact, Nielsen's latest sustainability study reveals that 69% of global consumers consider sustainability more important than it was two years ago, with one in ten consumers actively prioritising eco-friendly brands.

With stricter regulations and growing consumer demands for accountability and transparency, it's crucial for companies to act now and adapt to the evolving sustainability landscape. This month we dive deep into the fascinating world of sustainability reporting across APAC, uncovering the adoption of International Sustainability Standards Board (ISSB) regulations and exploring all its implications. 

 
 
 
 
 
 

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We talk about the updates in MY’s CGT Regime, HK’s Patent Box Regime and more

We talk about the updates in MY’s CGT Regime, HK’s Patent Box Regime and more

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Updates on Malaysia’s Capital Gains Tax Regime and their e-Invoicing Guidelines, Hong Kong’s new Patent Box Regime and China’s VAT Additional Deduction Policy

We are pleased to present the April edition of our newsletter, where we explore the evolving tax landscapes of Malaysia, Hong Kong, and China. In this issue, we share the latest updates on Malaysia’s Capital Gains Tax Regime and break down their e-Invoicing guidelines before we discuss Hong Kong’s new Patent Box Regime and China’s VAT Additional Deduction Policy. 

Staying informed and engaging proactively with tax advisors are essential for taxpayers in Malaysia, Hong Kong, and China. These steps are crucial for taxpayers in navigating the intricacies of the tax landscape and positioning themselves for sustainable compliance and tax efficiency.

 
 

Malaysia

Malaysia’s New Capital Gains Tax (CGT) Regime

Effective from 1 January 2024, Malaysia has introduced a Capital Gains Tax (CGT) on gains from the disposal of capital assets, including gains from foreign capital assets received in Malaysia by residents. 

The Inland Revenue Board (IRB) issued guidelines to clarify the tax treatment for residents disposing of foreign capital assets. Taxpayers should review their investment strategies and seek professional advice to optimise their tax positions considering these changes.
 

 


Navigating Malaysia’s Updated E-Invoice Guidelines

The Malaysian Inland Revenue Board (IRB) recently published updated E-invoice Guidelines, a significant step towards enhancing efficiency in tax administration and compliance. 

These guidelines aim to streamline and standardise e-invoicing processes for all businesses in Malaysia. Our tax advisors share more on what these guidelines will mean to your business, in our report. 
 

 
 
 

Hong Kong

Driving Tax Competitiveness Through Hong Kong’s New Patent Box Regime

Hong Kong gazetted the Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Bill 2024, introducing the Patent Box regime.

This regime applies a 5% concessionary tax rate to eligible IP income sourced and developed in Hong Kong, aiming to incentivise R&D and IP commercialisation. Learn more on why businesses should assess their eligibility and engage with tax advisors so that they can maximise benefits in this innovation-driven environment.
 

 
 

China

Navigating China's VAT Landscape: Insights into the VAT Additional Deduction Policy

In China, the Value-Added Tax (VAT) Additional Deduction Policy has been pivotal since its introduction. As businesses seek to optimise their tax strategies in 2024, understanding the eligibility criteria, calculation methods, and treatment of special scenarios under this policy is crucial. 

Our report covers everything your business needs to navigate the VAT landscape, to ensure compliance and maximise benefits.
 

 
 

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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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