Dear Valued Customers,

Welcome to Our December Newsletter 2024

It’s hard to believe how quickly this year has gone by! Here we are again at the final newsletter of the year and once again, 3E Accounting is closing the year out with achievements we can all be proud of.

3E Accounting Singapore Honoured with Airwallex Outstanding Partner Award 2024

3E Accounting is honoured to be the recipient of the prestigious Airwallex Outstanding Partner Award 2024. The award is an accolade that underscores our commitment to excellence and innovation within the global business ecosystem. We’re proud to be celebrated alongside other exceptional contributors who have played a pivotal role in advancing Airwallex’s transformative vision in the fintech landscape.

For us here at 3E Accounting, receiving the Airwallex Outstanding Partner Award 2024 is a profound honor for 3E Accounting. This award exemplifies our unwavering commitment to fostering innovation, delivering exceptional value to our clients, and strengthening collaborative partnerships that drive growth across the business landscape.

Malaysia’s New Investment Framework to Boost Foreign Investment

Malaysia’s recent Budget 2025 rolled out a new investment incentive framework that is aimed at encouraging high-value projects. The Government announced that they will implement the new framework in the third quarter of 2025. Under the framework, tax breaks will be offered for exports of integrated circuit (IC) design operations as one of its recommendations.

The government is set to implement new tax breaks for three consecutive years for multinational enterprises (MNE), spending over RM2 million in manufacturing expenses. The new investment incentive framework will be supported through an inclusive investment facility to stimulate balanced economic growth across the country, establishing strategic investment funds worth RM1 billion to improve local talent and support high-value activities within the country.

Hong Kong Recognised As A Top Place for Business By the World Bank

In the first of its kind Business Ready 2024 Report by the World Bank Group (WBG), Hong Kong was recognised among the top ten places in the world for business. The report covered 50 economies. Hong Kong was applauded for its transparent business entry laws and stable, efficient utility structure.

There were ten topics and three pillars as areas of concern relating to the overall economic performance of business environments. For Hong Kong, the three highest-scoring topics are “International Trade” (90.77 points), “Business Entry” (85.49 points), and “Utility Services” (77.71 points). Hong Kong ranks fifth among the three “Operational Efficiency” pillars with 78.52 points.

2025 Growth Forecast for Indonesia

Indonesia’s Government is putting multiple key initiatives in motion that will be supported by a green economy and energy policies. The initiatives are aimed at helping the country achieve its desired economic growth in 2025. The Indonesian government is aiming for better economic growth in 2025, with rates being between 5.1% and 5.5%. For the first quarter of 2024, the economic growth stood at 5.11% — this number was below what the government had forecasted, which was expected to be at least 5.17%. Nevertheless, the Indonesian government is expecting to achieve its target of 5.2% for the 2024 GDP growth before year-end.

The 2025 State Budget (APBN) sets out a blueprint to make sure Indonesia’s economy ranks in the top five of the world by 2045. The Budget is said to focus on key priority areas such as social protection, education, and health. A large portion of the budget will be supplemented for these priority areas by the government. As a result, it will be utilised to combat the poverty issue, expand access to healthcare, and support and raise the standard of education.

That’s a wrap from us at 3E Accounting, until next year with more exciting milestones to achieve. Wishing everyone a Merry Christmas and Happy New Year.

Thank you.

Abigail Yu
Director, 3E Accounting Group