On 2 April 2025, the U.S. announced a sweeping shift in trade policy— “reciprocal tariffs”, including a baseline 10% tariff on imports, with certain goods subject to even higher rates.

This policy change is expected to have substantial ripple effects globally, especially in Asia’s trade-dependent economies like Singapore and Malaysia, reshaping the trade flows, supply chain arrangements and cross-border operations.

In this evolving landscape, businesses must remain agile, not just in their operations but also in their financial and tax strategies. The changing trade dynamics present both challenges and opportunities, prompting a need to reassess both indirect and direct tax considerations.

In this edition of our newsletter, we explore how businesses in Asia can respond proactively to these developments:

• Indirect tax considerations: Adapting to changing trade flows
• Direct tax considerations: Rethinking cross-border transfer pricing
• Proactive tax planning: Building long-term resilience

We are here to support you through these changes with tailored solutions to optimise both indirect and direct tax strategies.

You can CONTACT US and let us help you navigate these changes and turn challenges into growth opportunities.

Stay ahead of ACRA Deadlines and Compliance Requirements for Annual Returns and XBRL  

The annual filing season for Singapore-incorporated companies with a financial year ending 31 March 2025 is fast approaching. As a reminder, all Singapore-incorporated companies are required by law to file their Annual Returns (AR) with the Accounting and Corporate Regulatory Authority (ACRA) after holding their Annual General Meetings (AGM), if applicable.

Additionally, companies must file their financial statements in XBRL format, unless exempted.

To ensure compliance and avoid penalties, it is crucial to hold your AGM and submit your AR and financial statements early. Below are the key deadlines you should be aware of:

Navigating ACRA Compliance with Confidence: Engaging BoardRoom’s XBRL Services for ACRA Filing
 

Navigating ACRA’s compliance requirements and XBRL data conversion can be a complex task. At BoardRoom, we streamline this process for you by assisting in mapping your financial data to the precise XBRL format required for ACRA submission.

Click on the button below to learn more about the upcoming deadlines for your AGM and AR, and how we can support you with our XBRL data mapping, XBRL conversion, or any aspect of your ACRA filing. 

We are here to support you every step of the ACRA compliance journey so you can focus on what matters most — growing your business.

Alternatively, you can CONTACT US to find out how we can assist you with your ACRA compliance requirements.

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As the annual tax filing season approaches, please be reminded of the upcoming deadlines for filing both your Employer's Return and Profits Tax Return. While the Inland Revenue Department (IRD) has granted an extended filing deadline for Profits Tax Returns under the Block Extension Scheme for tax representatives, the deadline for filing the Employer's Return remains unchanged. 

Employer’s Return

The Employer’s Returns of Remuneration and Pensions (Form BIR56A) for the year ended 31 March 2025 will be issued on 1 April 2025. Please note that the Block Extension Scheme does not apply to Employer’s Returns.

Employers are required to complete and file the returns within one month from 1 April 2025, along with Form(s) IR56B to report remuneration paid to employees and directors for duties performed both inside and outside Hong Kong during the tax year (1 April 2024 to 31 March 2025).

Additionally, if you have any new hires or terminated employees, you must submit the relevant Form IR56E, Form IR56F or Form IR56G.
 

What happens if I miss the deadline?

Failure to submit the Employer’s Return within the specified timeframe may result in a fine of HK$10,000 (Level 3 fine), and the court may order additional penalties.

Profits Tax Return

The bulk issue of 2024/25 Profits Tax returns for corporations and partnerships will be sent out on 1 April 2025 for active cases and 2 April 2025 for inactive cases.

Please note that filing deadlines have been segregated and extended under the Block Extension Scheme according to the different accounting date codes for taxpayers who have appointed tax representatives.
 

What happens if I miss the deadline?

What happens if I miss the deadline? Failure to file a Profits Tax Return within the statutory time limit or the filing of an incorrect Profits Tax Return is an offence and is liable on conviction to a fine at level 3 (i.e. HK$10,000), and a further fine of treble the undercharged amount.

In addition, every company that has derived net assessable profits for any year of assessment must inform the IRD in writing that it is so chargeable, not later than four months after the end of the basis period for that year of assessment unless it has already been required to furnish a Profits Tax Return. A company that fails to notify chargeability without reasonable excuses shall be guilty of an offence and is liable on conviction to a fine of HK$10,000 (Level 3 fine), and a further fine of three times the undercharged amount.

The IRD may also issue estimated assessments and impose further penalties for late filing or any non-compliance.

​​​​​​Need help preparing the form?

If you need assistance with preparing or submitting the tax returns, our team is here to help! Simply reach out to your client manager or click the button below to contact us.
 

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In 2018, Malaysia introduced the Malaysian Business Reporting System (MBRS), simplifying the online submission of Financial Statements, Annual Returns, and Exemption Applications to Suruhanjaya Syarikat Malaysia (SSM).

Fast-forward to the last quarter of 2024 — MBRS 2.0 is about to roll out its final phases, bringing with it, a major shift. All companies must now submit final signed, audited, and unaudited financial statements in eXtensible Business Reporting Language (XBRL) format, setting a new standard for data accuracy and transparency in financial reporting.

As these changes take effect, understanding MBRS 2.0 is essential as non-compliance can lead to penalties and submission delays. Is your company prepared for this new reporting era?

Read our report to find out more about:

• Why MBRS 2.0 matters for businesses
• What you need to know about the big change
• How to be prepared for MBRS 2.0 with BoardRoom
• How BoardRoom can support your MBRS 2.0 transition

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