Comparison of doing business between Singapore & Hong Kong

 

Particulars	Singapore	Hong Kong
Corporate Tax rate	17%	16.5%.
Number of DTAA	102 countries	40 countries.
Capital gain tax	NO	YES
WHT on Dividend	NO	YES
Local Director	Min 1.	NO
Political Stability	Stable.	China factor is there.
IP Rights	In terms of international IP treaties, Singapore holds a distinct advantage over Hong Kong by being a member of a greater number of these agreements. This includes significant treaties such as the Brussels Convention, the Singapore Treaty on the Law of Trademarks, and the Hague Agreement Concerning the International Registration of Industrial Designs, among others
Bank Account Opening	No need for personal visit to branch	Directors require to visit bank for opening bank account.

CBDT extends due date for filing declaration under VSV 2, without payment of additional amount, to 31 January 2025

 This Tax Alert summarizes Circular No. 20/2024 dated 30 December 2024 (Circular) issued by the Central Board of Direct Taxes (CBDT) providing extension in due date for filing declaration under the Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2) from 31 December 2024 to 31 January 2025. The Circular provides that any declaration filed on or before 31 January 2025 will not require payment of additional amount under VSV 2. Consequently, declarations filed on or after 1 February 2025 till sunset date (to be notified) will require settlement under VSV 2 with payment of additional amount

TAX DUE DATE- JANUARY 2025

 

Sr No	Due Date	Related to	Compliance to be made
1	11.01.2025	GST	Filing of GSTR 1 for the month of December 2024
2	20.01.2025	GST	Payment of GST for the month of December 2024 Filing of GSTR 3B for the month of December 2024
4	07.01.2025	TDS/TCS (Income Tax)	Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of December 2024. Deposit TDS from Salaries deducted during the month of December 2024 • Deposit TCS for collections made under section 206C including sale of scrap during the month of December 2024, if any
5	31.01.2025	TDS/TCS	Filing of TDS/TCS quarterly return for Q3 (Oct to Dec-2024).