Category: Tax Insights

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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Our mailing address is: [email protected]

 

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]

 

Latest tax updates on SG’s Foreign-Sourced Disposable Gains Tax, HK’s Onshore Equity Disposable Gains, and more!

Latest tax updates on SG’s Foreign-Sourced Disposable Gains Tax, HK’s Onshore Equity Disposable Gains, and more!

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18 January 2024


All the Latest Tax Policies and Amendments from Around the Region

Welcome to the first issue of BoardRoom’s Tax Insights for 2024. With the recent tax changes in Malaysia, our Tax team will be conducting a complimentary webinar to help employers and directors navigate these updates. This issue will also cover Singapore’s recently announced Foreign-Sourced Disposal Gains Tax Regime and Hong Kong’s Tax Certainty Enhancement Scheme for Onshore Equity Disposal Gains.
 

 
 

Take Workplace Performance to The Next Level with Employee Share Option Plans

In a recent report, it was found that over 80% of companies in Asia use employee share plans as a strategy for growth. BoardRoom explores the potential benefits and drawbacks of employee share options plans (ESOPs) for your business as a strategy for growth. Discover their possible pros and cons here.

 
 

Malaysia

Complimentary Tax Webinar on 31 January
With all the changes in the tax landscape in Malaysia, the obligation to stay abreast falls on the company's officers and directors. How will these changes affect the directors and the company in general?

Join us in our upcoming complimentary webinar with our team of experts as they share more on the different tax obligations that employers cannot overlook, to the tax changes announced during the recent Budget that may impact your organisation’s bottom line. Register now to secure your spot. 

Date: 31 January 2024
Time: 2p.m – 3.30p.m
 

 
 

Singapore

Foreign-Sourced Disposal Gains Tax Regime
On 8 December 2023, the IRAS has issued a new e-Tax Guide for Tax Treatment of Gains or Losses from the Sale of Foreign Assets. Currently, gains from the sale of foreign assets that are capital in nature are not taxable. In a move to address international tax avoidance risks relating to non-taxation of disposal gains in the absence of real economic activities, Singapore has recently amended their foreign-sourced income regime to subject foreign-sourced disposal gains to tax under specific circumstances.

The e-guide explains the income tax treatment of gains or losses from the sale or disposal of movable or immovable property that are situated outside of Singapore. Learn more about it in our report.
 

 
 

Hong Kong

Hong Kong Implements Tax Certainty Enhancement Scheme for Onshore Equity Disposal Gains
Hong Kong enacted the Inland Revenue (Amendment) (Disposal Gain by Holder of Qualifying Equity Interests) Ordinance 2023 on 15 December 2023. The ordinance introduces the tax certainty enhancement scheme for onshore equity disposal gains which includes details of the tax treatment of gains from the disposal of equity interests. Under the scheme, gains on equity interests held for at least 24 months and constituting no less than 15% of the investee entity's total equity interests will be deemed non-taxable and certain exclusions will apply.

The scheme will be applicable to the gains where the disposal occurs on or after 1 January 2024 and will position Hong Kong as an international business and investment centre. Read all about it in our report. 
 

 

Country

Event

Date

Registration

MalaysiaWebinar
Navigating Recent Tax Changes in Malaysia: A Guide for Employers and Directors		31/01/2024 at 2p.mRegistration closed
MalaysiaWebinar
Malaysia’s E-Invoicing Initiative: Accelerating Your Organisation's Readiness		06/02/2024 at 2p.mRegistration closed


 

 

 
 

Copyright © 2024 Boardroom Pte Ltd.
All rights reserved.

Our mailing address is: [email protected]