Dear Valued Customers,
Welcome to the June Newsletter 2022
Halfway through 2022 and we’ve made some remarkable progress in the first half of the year here in Singapore, Malaysia, Hong Kong, and Indonesia.
3E Accounting has been recognised as the Best Corporate Service Provider in Singapore by Singapore’s Finest
3E Accounting Singapore has collected yet another award to add to its profile. This time, we have been recognised by Singapore’s Finest as the best corporate service provider in the republic. An accomplish we are proud of for sure, because this only further expands our reputation as a company that goes above and beyond. The satisfaction of our clients is our number one priority, and this is evidently reflected in our service.
Being the number one one-stop solution provider can be challenging at times, but we love a good challenge any day. As a service, we aim to deliver across various departments, hence the one-stop title. The secret to our success is simple. We believe business owners should spend their valuable time developing their business rather than worrying about corporate tasks. We make this possible for you by ensuring all our client’s needs are catered for, including registration, accounting, secretarial, taxation, immigration and more.
This award has only inspired us to persevere with our commitment to do even better than what we offer our clients now. The mark of a good company is how well it listens to its clients. We’re always listening to what our clients need from us, and we make it our goal to deliver.
1 May Sees the Coming of A New Minimum Wage in Malaysia
As of 1 May, Malaysia’s Government is implementing a new monthly minimum wage standard. The Government has carried on with this commitment despite the current situation in the country. The new minimum wage has been set at RM1,500. However, some employment sectors will get some leeway to defer the implementation. This includes companies that have less than five employees and informal employment sectors.
The implementation of this new wage standard is to show appreciation for the employees in Malaysia. It is in accordance with the National Wage Consultative Council Act 2011.
Tenant Protection Act Creates Buffer for Hong Kong Businesses
Good news for Hong Kong businesses, because the Government is providing a three-month protection period. This comes via the Tenant Protection Act. Starting from 1 May 2022, Temporary Protection Measures for Business Tenants (COVID-19 Pandemic) Ordinance commenced in Hong Kong. This is set to go on until 31 July 2022.
Businesses will be protected from any action landlords may try to enforce under this protection act. However, business should be aware that this does not preclude liability completely. All arrears will still be due upon the expiry of the protection period. If a tenant defaults on rental payments during this period, they will have a short respite to recoup.
VAT Rate Increases to 11% in Indonesia Effective 1 April 2022
Beginning 1 April 2022, the VAT rate in Indonesia increased to 11%. This increase is in accordance with the Harmonisation of Tax Regulations, Law Number 7. In doing so, the aim is to bring the State’s expenditures and budget deficits to a maximum of 3% by 2023. The Government has received public support on the matter, reflecting the cooperative spirit of the nation to help restore the national economy.
Director, 3E Accounting Group
Read More in our E-Newsletter June 2022.