Singapore

Recap of Singapore Budget 2025 Commentary 

The 2025 Budget, announced by Singapore’s Prime Minister and Minister of Finance, Mr Lawrence Wong, on 18 February 2025, introduces new tax measures that are aligned with the Forward Singapore agenda.

These measures encourage collaboration among businesses, individuals, and the government, to drive sustainable economic growth, whilst addressing current challenges and building a more inclusive, shared future.  

Read our report to discover more on:

• Corporate Income Tax (CIT) rebate for new corporate listings and enhanced Concessionary Tax Rates (CTR) for fund manager listings
• Tax deductions for payments under approved cost-sharing agreements for innovative activities
• New CTR tiers under the Financial Sector Incentive (FSI) Scheme
• Extensions of withholding tax exemptions for ship and container lease payments to non-resident lessors
• GST remissions for Real Estate Investment Trusts (REITs) and Singapore-Listed Registered Business Trusts (RBTs)
• Enhancements to the Personal Income Tax Rebate as part of the SG60 package, and more
   

Hong Kong

Summary of Hong Kong 2025-26 Budget

On 26 February 2025, Financial Secretary Paul Chan presented Hong Kong’s 2025-26 Budget, focusing on “Accelerating Development through Reform and Innovation". 

The budget outlines a fiscal consolidation plan to address a projected HK$87.2 billion deficit by 2028-29, and introduces tax measures to boost resilience, support new industries, and enhance competitiveness.

Our Hong Kong 2025-26 Budget Commentary analyses key tax measures such as:

• Introducing Global Minimum Tax and expanding the tax treaty network
• Enhancing additional profits tax relief and targeted incentives for maritime services, family offices and intellectual property transactions
• Introducing one-off salaries tax relief
• Reducing stamp duties and extending rates concessions for property-related transactions, and more

Malaysia

Companies in Malaysia Get a 6-Month E-Invoicing Extension

Malaysia’s Finance Minister II, Datuk Seri Amir Hamzah Azizan, has recently announced a 6-month extension for companies with annual revenue between RM150,000 and RM500,000 to comply with mandatory e-invoicing. The new deadline is set for 1 January 2026, providing over 240,000 companies additional time to prepare for the transition. 

Quick recap of e-invoicing implementation phases:

• Phase 3 of e-invoicing implementation (for businesses with annual revenue exceeding RM500,000 and up to RM25 million) will start on 1 July 2025, following Phase 1 (for businesses with annual revenue exceeding RM100 million) and Phase 2 (for businesses with annual revenue exceeding RM25 million and up to RM100 million). Exemptions apply to businesses with annual revenue below RM150,000.
• The new extension till 1 January 2026 addresses concerns about readiness of businesses with annual revenue below RM 500,001.
   

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.
 

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.
 

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.