Game-Changer: Stronger Economic Ties for Malaysia & Singapore with Special Economic Zone

Game-Changer: Stronger Economic Ties for Malaysia & Singapore with Special Economic Zone

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Game-Changer: Stronger Economic Ties for Malaysia & Singapore with Special Economic Zone

Welcome to the Year of the Snake, a year that symbolises dynamic transformation, adaptability and strategic growth. We look forward to working closely with you to navigate the evolving economic landscape and embrace the innovative advancements in the Year of Snake!

We’re happy to kick off 2025 with the first issue of Asia Tax Insights featuring a transformative economic opportunity: the Johor-Singapore Special Economic Zone (JS-SEZ).

This game-changing initiative elevates economic connectivity between Malaysia and Singapore, opening the door to fresh possibilities in cross-border trade, investment, and innovation. With its robust tax incentives, cutting-edge infrastructure, and strengthened collaboration between the two nations, the JS-SEZ is poised to become a dynamic engine for economic growth in Southeast Asia.

Take an in-depth look at the establishment of the JS-SEZ to uncover its vast potential benefits for businesses and how it can provide a road map for companies to seize this exciting opportunity across Malaysia, Singapore, and beyond – all this and more in our report.

 
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Navigating Tax & Accounting Changes with Confidence: Reflecting on 2024 & Preparing for 2025

Navigating Tax & Accounting Changes with Confidence: Reflecting on 2024 & Preparing for 2025

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Navigating Tax & Accounting Changes with Confidence: Reflecting on 2024 & Preparing for 2025

As we approach the festive season and the end of a dynamic 2024, we are pleased to share our year-end newsletter that highlights key tax and accounting developments from 2024, while providing practical insights to help businesses navigate the evolving landscape in 2025 with confidence. From global tax reforms to digital compliance initiatives, the past year has been marked by significant shifts, presenting both challenges and opportunities.

The key Tax and Accounting highlights include:

  • Adhering to OECD Pillar Two and updated transfer pricing guidelines
  • Navigating global VAT compliance and maximising tax credits
  • Embracing automation in accounting for efficiency and accuracy
  • Preparing for year-end audits and ensuring XBRL compliance


As we enter the festive season, we would like to take this opportunity to wish you a Merry Christmas and a Happy New Year. May the year ahead bring you growth, success and the confidence to navigate the opportunities and challenges 2025 holds.

 
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Unlocking Innovation: Maximising Tax Deductions Through The EIS

Unlocking Innovation: Maximising Tax Deductions Through The EIS

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Unlocking Innovation: Maximising Tax Deductions Through The Enterprise Innovation Scheme (EIS)

Welcome to another Issue of BoardRoom's Asia Tax Insights!

In today's fast-paced business environment, organisations are constantly seeking new ways to drive innovation while reducing their tax liabilities. The Enterprise Innovation Scheme (EIS), effective from YA 2024 to YA 2028, is designed to help with just that incentivise businesses in Singapore to invest in research, development, and capability-building activities through enhanced tax deductions.

If you need a little hand with the process, BoardRoom, in partnership with FI Group, is here to guide you through the EIS application. From identifying eligible expenses to managing the entire submission process, our expert team ensures compliance while helping you maximise tax savings. 

Free up your internal resources, focus on business growth, and let us handle the complexities.

Read our report to learn how you can fully benefit from the EIS and drive innovation in your business.

 
DISCOVER THE BENEFITS
 

 
 
 

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The Digital Revolution of Invoicing: Unlocking Business Potential in APAC

The Digital Revolution of Invoicing: Unlocking Business Potential in APAC

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The Digital Revolution of Invoicing: Unlocking Business Potential in APAC

Welcome to the August Issue of BoardRoom's Asia Tax Insights!

As the digitalisation of tax compliance gains momentum, we take a deep dive into the evolution of e-Invoicing and its impact on businesses across China, Malaysia and Singapore.

In this edition, we present the details of e-invoicing implementation in these key markets, offering insights on how businesses can effectively prepare for this transition. We also discussed the opportunities that this digital shift presents, enabling businesses to streamline their operations and enhance efficiency.

 
 
 
 

 
 
 

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Tax Strategies for Every Stage: Navigating the Business Lifecycle from Inception to Growth and Exit

Tax Strategies for Every Stage: Navigating the Business Lifecycle from Inception to Growth and Exit

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Tax Strategies for Every Stage: Navigating the Business Lifecycle from Inception to Growth and Exit

Welcome to this month's Asia Tax Insights. In this issue, we explore key tax strategies for each stage of the business cycle, i.e. from setting up an optimal tax structure at inception to leveraging tax incentives for growth and planning for a tax-efficient exit. We hope you find this edition both informative and practical as you steer your business through its various business cycles. 

To learn how strategic tax planning can propel your business forward, download our comprehensive report and discover how efficient tax planning can help enhance your business growth and profitability.

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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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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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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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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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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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