SINGAPORE: Bangladeshi national Abdus Salam thought he had snared a high-paying IT job in Cambodia in 2022, and his family mortgaged their land to pay the recruitment fees.
PETALING JAYA: More Japanese multinational corporations are choosing Malaysia and Thailand over Singapore as the place for their regional hub to reduce costs and take advantage of new perks, according to Nikkei Asia .
This takes advantage of a Budget 2024 global service hub tax incentive, in which companies that set up regional headquarters here will receive preferential income tax rates of 5% to 10% for up to a decade among other perks. Quoting Jetro Singapore office deputy managing director Keisuke Asakura, Nikkei said that this is because Thailand has a concentration of production sites, and there is activity to relocate sales functions away from Singapore and its small market.
Nikkei then added that Japanese companies are not alone in expressing concerns about Singapore's rising costs, citing a 2023 survey by the European Chamber of Commerce in Singapore.
Malaysia Thailand Regional Hub Corporations Japanese Companies Tax Incentives Opportunities Nikkei Asia
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