Water & Shark’s Post

As a business owner in Singapore, keeping up with corporate tax obligations is a critical part of running a compliant and successful company. 📝 One of the key requirements is filing your Estimated Chargeable Income (ECI), a tax filing process that every Singapore company must fulfill within three months from the end of their financial year. If your company’s financial year ended in June, this filing deadline is fast approaching. In this guide, we’ll walk you through everything you need to know about corporate income tax (CIT) in Singapore, including the ECI filing process, tax rates, and how to ensure your business meets the upcoming tax deadlines. Whether you’re a startup or an established company, understanding your corporate tax Singapore obligations can help you manage your financial health and avoid penalties. 👉 Read the full article here: https://lnkd.in/gygtDExJ ATHR simplifies business registration, governance, accounting, and tax compliance in Singapore. 🌐 Visit us: www.athr.io ✉️ Email: victoria.tran@athr.io 📞 Phone: +84 902041679 #ATHR #EntrepreneurshipSG #SMEGrowth #TaxfillingServices #SingaporeTaxes

📢 Regulatory Update: Thailand Implements New Corporate Tax Exemptions for Special Development Zones The Thai Revenue Department has published an announcement in the Royal Gazette offering corporate tax exemptions that cover 100% of expenses on specific business assets in Special Development Zones. This exemption is available for investments made between January 1, 2024, and December 31, 2026. 📝  What’s Covered: -Machinery and equipment -Software programs -Registered vehicles (with exceptions) -Permanent buildings (excluding land and residential buildings) 📆 Exemption Period: -5 years for most assets -3 years for software -Up to 20 years for permanent buildings The right to tax exemption begins from the accounting period in which the investment is made and is contingent upon the proper reporting and adherence to the specified guidelines. Businesses that apply for the corporate tax exemptions must ensure detailed record-keeping and adhere to the guidelines set by the Revenue Department to qualify. For more information on taxation and bookkeeping standards in Thailand, contact us at contact@bizwings.co #ThailandInvestment #CorporateTaxExemptions #BusinessCompliance #AccountingAdvisory #InvestmentGuidance #BizWings

Stay Ahead with the Latest (2024) Tax Incentives for Businesses in Singapore. Amidst global uncertainties, Singapore remains a beacon of stability and growth in 2024. The newly unveiled tax incentives promise a prosperous environment for businesses to flourish. Whether you're an established operator or eyeing Singapore for your next venture, it's crucial to stay updated on the latest tax benefits. Empower your business to thrive in Singapore's dynamic landscape by seizing these opportunities. Let's navigate through the details together!  Read More: https://lnkd.in/gPe8-zPd For ACRA XBRL Preparation Services, contact DataTracks visit www.datatracks.com/sg/ or call +6531582850 or email at enquiry@datatracks.com.sg #ACRAXBRL #XBRL #XBRLTagging #XBRLPreparation #DormantCompanies #CompaniesAct #Audit #FinancialReporting #RegulatoryCompliance #DataTracks #Singapore #SingaporeTax #SingaporeBusiness #TaxIncentives2024 #Opportunities

Start, Grow, Succeed: Tax Incentives Power Businesses in Singapore Looking to maximize your business's profits? Singapore offers a plethora of corporate tax benefits that can propel your enterprise to new heights. Here's why savvy businesses choose Singapore: ✅ Favourable Corporate Tax Rate: Enjoy a competitive flat corporate tax rate of just 17%, one of the lowest in the world. ✅Startups Tax Exemption Scheme: Newly incorporated companies can now benefit from an exceptionally low tax rate, potentially as low as 4.5% during their initial years of operation. Don't miss out on this opportunity to fuel your start-up’s success! ✅Introducing the Partial Tax Exemption Scheme: Established Companies also enjoy a tax exemption on their chargeable income, empowerment to existing businesses. ✅One-Tier Tax System: Say goodbye to double taxation! Singapore's one-tier tax system ensures that dividends distributed to shareholders are tax-exempt, fostering an attractive investment climate. ✅Tax Incentives for Specific sectors: Singapore offers a range of targeted tax incentives in form of tax deductions, grants, and concessionary tax rates. for specific industries and activities, including research and development (R&D), financial services, and global trading. ✅Extensive Tax Treaties: Singapore boasts a vast network of double taxation avoidance agreements (DTAs) with over 80 countries, ensuring that your international business activities are taxed fairly and transparently. ✅Stable and Transparent Regulations: Rest easy knowing Singapore's regulatory framework is stable, transparent, and business-friendly, providing certainty for your tax planning strategies. Ready to harness the power of Singapore's corporate tax benefits? Take the first step towards financial success by reaching out to us today at  https://lnkd.in/g8R6EMSn Let's navigate your path to prosperity together! #Singapore #EaseofdoingBusiness

The role of Tax Institutions in fostering innovation in Indonesia is often perceived as less effective compared to other countries for several reasons. These challenges limit the ability of Tax Institutions to fully stimulate innovation and support economic development While Indonesia’s Tax Institutions have introduced various policies to promote innovation, several challenges hinder their effectiveness. These include complex regulations, limited awareness, inadequate digitalization, and a narrow focus on large corporations over startups and SMEs. Addressing these challenges will require more streamlined tax administration, greater support for small businesses, enhanced public-private collaboration, and increased efforts to align tax policies with the nation’s long-term innovation goals. Strengthening the role of tax institutions in fostering innovation is crucial for Indonesia’s competitiveness and economic growth in the global economy. https://lnkd.in/gaiJiB_q

A quick guide to navigating tax clearance in Malaysia, outlining key steps to settle liabilities before leaving or closing a business. Read more: https://lnkd.in/gDTThAdz Contact us for a FREE consultation! Email: info@premiatnc.com #taxation #malaysia

🇸🇬 Singapore's 17% Corporate Tax Rate: Among the World's Lowest! Everyone talks about the low SG corporate rate, but nobody shares about the SG taxation scheme. That's what I'm sharing today — Here's a concise guide to Singapore's inviting tax schemes – a blend of opportunity and compliance, each catering to different industries and sizes of companies. - Partial Tax Exemption (PTE): A benefit for start-ups and small businesses. Companies can enjoy a partial tax exemption on the first S$300,000 chargeable income. It's a great push for early growth! - Foreign Sourced Income Exemption (FSIE):  Singapore's FSIE scheme could exempt certain types of income earned outside of Singapore from local taxation, subject to qualifying conditions. A significant advantage for global businesses! - Development and Expansion Incentive (DEI): Tailored for companies advancing innovation or expanding their operations in Singapore. This incentive offers reduced tax rates for qualifying activities, fostering innovation and growth. - Productivity and Innovation Credit (PIC) Scheme: Until recently, PIC encouraged businesses to invest in productivity and innovation through significant tax deductions and allowances. While the scheme has ended, it's a testament to Singapore's commitment to business innovation. - Double Tax Deduction for Internationalization (DTDi): Aiding businesses to venture abroad, DTDi allows for a 200% tax deduction on eligible expenses for international market expansion and investment development activities. Singapore's tax system is designed to support and encourage business growth across various industries and company sizes, making it an attractive destination for incorporation. What are your thoughts on these schemes? ---- ⚠️ Please note that the incentive eligibility criteria may have additional conditions, so I recommend you refer to the latest guidelines on the Inland Revenue Authority of Singapore (IRAS) website for further information. 👉 Once on the IRAS website, you can navigate to the relevant section, such as "Businesses" or "Tax Incentives," to find detailed information on each incentive, including all the application procedures and eligibility requirements. #singapore #singaporefinance #tax #apac

𝐑𝐞𝐦𝐚𝐫𝐤𝐚𝐛𝐥𝐞 𝐓𝐚𝐱 𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐟𝐫𝐨𝐦 1 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 2024 As we embark on the Year of the Dragon in 2024, it's worth highlighting some notable Vietnamese tax policies that came into effect (or would be potentially enacted) in this auspicious year. 🌀 The implementation of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”) in Vietnam According to Article 35a of the MLI, the earliest effective date for the application of MLI provisions with respect to withholding taxes between Vietnam and its Contracting Jurisdictions is 1 January 2024. Therefore, starting from this year, it is advisable to carefully review the relevant MLI provisions before implementing any DTA provisions related to withholding taxes. 🌀 The introduction of the Global Minimum Tax in Vietnam from 2024 Vietnam introduced the implementation of QDMTT and IIR under Resolution No. 107 on 29 November 2023, which came into effect on 1 January 2024. Under this framework, Vietnam has adopted a “skeleton legislation and detailed regulations” approach by outlining key provisions in Resolution No. 107 and minutely prescribing these rules through the Government’s Guiding Decree. The issuance of this Decree is anticipated in October 2024. 🌀 CIT and PIT exemption for startup enterprises and scientific and technological organizations in Ho Chi Minh City From 1 August 2023, enterprises located in Ho Chi Minh City, such as creative startup enterprises, scientific and technological organizations, innovation and creativity centers, and supporting organizations, are eligible for the following incentives, provided they meet certain conditions: ➡ 100% CIT exemption for a period of 5 years from the year incurring tax liabilities; ➡ 100% PIT and CIT exemption for income derived from the transfer of shares in creative startup enterprises; ➡ 100% PIT exemption for a period of 5 years for employment income earned by individuals working at these enterprises. 🌀 VAT reduction from 10% to 8% for certain goods and services To facilitate the recovery and advancement of socio-economic conditions post-Covid-19 pandemic, the Parliament has extended the VAT reduction from 10% to 8% for selected goods and services, effective from 1 January 2024, until 30 June 2024 🌀 The establishment of the Vietnam Investment Support Fund The Ministry of Planning and Investment has released the draft Decree on the Vietnam Investment Support Fund, aiming to bolster FDI inflows from high-tech industries. Broadly speaking, enterprises meeting specified criteria regarding investment capital and disbursement will be eligible to apply for cash grants covering actual expenses incurred in specific categories. This Decree is expected to be finalized within 2024. *An AI-generated Photo for Taxes in the Dragon year 2024 #vietnamesetaxes #pillar2 #taxpolicies

Came across this interesting article from Colliers.It talks about the proposed amendments to the CREATE Law, which aim to lower corporate income taxes, extend VAT and duty exemptions, and provide more incentives for high-value projects. One of the most notable changes is the allowance for more flexible work arrangements for IT-BPM companies in ecozones and freeports. This could have a huge impact on the industry and the economy. What are your thoughts on the CREATE MORE Bill? Do you think it will create more opportunities for businesses and investors in the Philippines?

The existing research and development (R&D) tax incentive for South African companies will be extended for 10 years from January 2024 and will be refined to make it simpler and more effective, Finance Minister Enoch Godongwana announced earlier this year. This provides local businesses with both opportunity and time to derive optimal benefits from this incentive, which offers both a rebate of 150% of R&D expenditure and accelerated depreciation of R&D equipment. In this article, we unpack what the incentive aims to achieve and what it offers, how businesses can determine whether this research and development tax incentive applies to them, what the terms and conditions entail, and how to ensure your business can benefit while meeting all the requirements.