Singapore Budget 2020

In Singapore’s 2020 Budget, the plan from 2018 to raise GST in the city state to 9% between 2021 to 2025 was confirmed not to take effect in 2021. GST in Singapore will remain at its current rate of 7%. A rebate of 25% on the corporate income taxes payable, capped at S$15,000 was announced for the Year of Assessment 2020.

New initiatives and extension of existing schemes to support transformation, growth, and innovation of the economy were announced in the Business and Household support measures amounting to S$5.6 billion. To help companies during the coronavirus outbreak with cash flow and retain workers, directly affected sector businesses in tourism, aviation, retain, food services and point-to-point transportation services are allocated additional funds.

Zetland Tax

Hong Kong Taxation: Understanding the Basics

Hong Kong's tax system is simple and straightforward, with a low tax rate and various incentives for businesses and individuals. However, navigating the tax landscape can still be a challenge, especially for those unfamiliar with the local laws a...

Unraveling the Complexities of Hong Kong Accounting Standards

Accurate and transparent financial reporting is essential for businesses operating in Hong Kong. Understanding and adhering to the local accounting standards is crucial to ensure compliance and provide stakeholders with reliable information. Let's...

What you need to know - Registration of Overseas Entities in the UK

The new Economic Crime (Transparency and Enforcement) Bill was passed by Parliament in March 2022 and the new Register of Overseas entities is enforced and and held by UK Companies House. This is to ensure that the disclosure requirements for both ...

Hong Kong plans for the substance requirements following EU grey listing

Pursuant to the HKSAR Government’s press release issued on October 5, 2021, Hong Kong has committed to amending its tax law by the end of year 2022 with new regulations taking effect on 1 January 2023, with no grandfathering arrangements.In its pre...

Act Soon to Claim missing Stimulus Payments issued by the IRS

In general, eligible individuals will get their Stimulus Payments (also known as Economic Impact Payments) automatically and won’t need to take additional action. The IRS uses available information to determine the eligibility and issue the payment...

Ready to Migrate

In general, moving overseas to work or live has become a norm as the world globalises. We have noticed recently that an increasing number of native Hong Kong persons holding a BN (O) passport planning to migrate overseas for a better quality of life...

UK Domicile, Non-domicile or Deemed Domiciled

April, 2021Author: Lily ChowA couple of HMRC enquiries (aka latest nudge campaigns) were issued to our clients to clarify their UK tax position. The targets of the campaigns include two specific categories of individuals: those whom HMRC consider ...

Maintenance is Important

January, 2021Author: Lily ChowA limited company incorporated in Hong Kong must comply with several duties annually, namely accounting, auditing, tax filing, annual return and renewal of employer’s return and business registration certificate to mai...

US Tax Obligations for Non-resident Property Owners

November, 2020Author: Lily ChowAny US tax obligations for purchasing/selling US real property for non-resident property owners?Foreign individuals and corporations are free to purchase or sell residential or commercial real properties in the United S...

Tax Issues to be Aware of Before Moving to the United Kingdom

September, 2020Author: Kevin LeiThe UK has a highly evolved system of taxation and planning helps to limit exposure and protect wealth. Two issues in particular should be considered before any move to the UK.Clean CapitalAny income or gains which hav...

US Tax Tips: Obtaining the Economic Impact Payment

Author: Lily Chow Our clients have recently raised queries on the Economic Impact Payment (EIP) pursuant to the COVID-19 relief issued by the IRS, such as: - Am I eligible for the economic impact payment? - &nbs...

Filing Hong Kong Tax Return

Many investors or businessmen are interested in investing in Hong Kong or have already set up limited liability companies in Hong Kong. Most have one question on their mind: ‘How do I pay less tax?’ Do I need to pay tax immediately after filing ...

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