Dear Valued Customers,
Welcome to the July Newsletter
Several eventful things have been happening at our 3E Accounting offices across Asia.
3E Accounting International Achieves 113 Countries Global Milestone
3E Accounting International, headquartered in Singapore, has achieved a remarkable global milestone. It has joined the ranks of the Top 20 Global Accounting Networks. It now boasts an international presence in more than 113 countries, 156 offices worldwide, and just over 1,800 staff.
As part of the Top 20, 3E Accounting’s reputation and credibility will only further set the firm apart from its competitors. This is an incredible achievement and a testament to the effectiveness of the company’s proactive strategy to support overseas expansion. 3E Accounting is now a formidable presence both in Singapore and on the international scene, and making the Top 20 list only confirms this.
Malaysia Lowers Middle-Income Tax, Boosts Economic Growth and Provides Relief for Taxpayers.
Middle-income earners in Malaysia can look forward to paying lower taxes as the Government revises the Budget 2023, lowering tax rates to two percent. With inflation on the rise, it is the lower and middle-income earners who have been feeling the pinch the most. This news will hopefully bring some much needed relief, improve purchasing power, and alleviate some financial burden.
Middle income earners in Malaysia earn between RM35,000-RM100,000 annually. At the moment, the way tax works in Malaysia is the more you earn, the higher the taxes you pay. The lower tax rate will be applicable from YA 2023.
Hong Kong Retains Its 4th Place Ranking In the Global Financial Centres Index 32 Report
Hong Kong retains its fourth place spot in the Global Financial Centres Index 32 Report. The improvement in rankings was based on business environment, reputation, financial sector development, and infrastructure. The rankings are a reflection of how strong Hong Kong is as a global financial centre.
Hong Kong’s Government has adopted proactive and vigorous measures to steadily improve the city’s competitiveness and it shows. For example, the city will continue to consolidate its status and strengthen its position as an international financial hub.The “one country, two systems” approach is an advantage and the Government will keep capitalising on that. The Government also plans to focus on connecting markets and investors abroad and in Mainland China to further strengthen its position.
Indonesia’s Forex Reserve Rise For a Better and More Stable Economy
Indonesia recently experienced an increase in its foreign exchange reserves, thanks to its economic growth. The rise in forex reserves was primarily thanks to the Government’s withdrawal of foreign loans and a significant increase in tax income.
Bank Indonesia, which is the country’s central bank, said forex reserves rose by $145.2 billion in March 2023 (an increase of $5 billion). Reserve levels were sufficient enough to maintain external resilience and were above international criteria, covering the financial requirements for 6.4 months of imports. Indonesia’s economy has grown over the past 20 years, leading to increased exports and foreign investment, which has helped boost the country’s foreign exchange reserves.
Until next time, stay safe, everyone.
Director, 3E Accounting Group
Read More in our E-Newsletter July 2023.