Updates
Vietnam: Refinancing in Vietnam at a Glance
- DFDL Vietnam
In 2023, there were noticeable changes in the regulatory framework governing refinancing in Vietnam. This year, 2024, the State Bank of Vietnam is also expected to continue issuing amendments to Circular 39/2016/TT-NHNN regarding lending activities of credit institutions and branches of foreign banks.
DFDL Vietnam Legal Alert: Legal Update on the Hydrogen Energy Development Strategy of Vietnam
- DFDL Vietnam
On 7 February 2024, the Prime Minister of Vietnam issued Decision No. 165/QD-TTg on approving Vietnam's Hydrogen energy development strategy until 2030, with a vision to 2050, with immediate effect. Decision 165 outlines key policies for the development of hydrogen energy, ensuring consistency with the National Energy Development Strategy and Decision No. 500/QD-TTG on approving the National Power Development Plan.
Malaysia: Relaxation of Regulatory and Operational Requirements for Labuan International Commodity Trading Companies and Labuan Digital Banks
- DFDL Malaysia (Robyn Lynn & Lee)
The Labuan Financial Services Authority (“LFSA”) issued a circular on 22 November 2023, announcing an extension of regulatory reliefs for Labuan international commodity trading companies, Labuan digital banks, and Labuan protected cell companies until 31 December 2023.
Vietnam: The Ministry of Public Security proposes the development of a Law on Personal Data Protection
- Apolat Legal
The Ministry of Public Security proposes the development of a Law on Personal Data Protection to meet the requirements of protecting personal data rights. This update reviews the intended provisions of the law.
Vietnam: Finalising the legal framework for virtual assets and virtual asset service providers by May 2025
- Apolat Legal
The Government has just issued a National Action Plan with 17 specific actions to implement Vietnam’s commitments on anti-money laundering, combating terrorist financing, and financing of proliferation of weapons of mass destruction with the Financial Action Task Force (FATF).
Vietnam: The Ministry of Information and Communications is drafting a Decree on electronic signatures and trusted services
- Apolat Legal
The Law on Electronic Transactions will take effect on July 3, 2024. To amend and supplement regulations in the Law and Decree 130/2018/ND-CP, a new Decree is being drafted on electronic signatures and trusted services to create a legal basis for the implementation of the Law in practice, and to ensure the effectiveness and efficiency of the Law.
Vietnam: Revocation of Certificate of Food Safety Compliance for Establishments
- Apolat Legal
The Ministry of Health issued Circular 31/2023/TT-BYT which took effect on February 15, 2024, regulating the authority to revoke certificates of eligibility for food safety conditions under the Ministry of Health’s management.
Cambodia: New Work Permit Requirements for Foreign Patent Tax Holders
- DFDL Cambodia
On 28 December 2023, the Ministry of Labour and Vocational Training (“MLVT”) issued Instruction 110/23 on the Provision of Foreign Work Permit for Foreign National Employers (“Instruction”) to clarify the on-going issue as to whether in certain circumstances foreign nationals need to apply for work permits.
Lao: Presidential Decree on the Adjustment of VAT Rate from 7% to 10%
- DFDL Lao PDR
The President of the Lao PDR has issued Presidential Decree, No. 003/PS, on the Adjustment of the VAT rate from 7% to 10%. The Presidential Decree states that it will become effective from the date of signature, 19 March 2024.
Vietnam: New Law on Credit Institutions - Remarkable Changes
- RHTLaw Vietnam
The National Assembly of Vietnam adopted the new Law on Credit Institutions in January 2024 which is scheduled to come into effect on 1 July 2024. This legislative update aims at preserving stability, transparency, and public confidence in the Vietnamese financial system.
Vietnam: Tax and Transfer Pricing Aspects of Providing Intragroup Management Services
- DFDL Vietnam
Intra-group management services are a controversial and highly debated tax issue in Vietnam. This article discusses Vietnam’s Benefits Test, pricing for intragroup services, relief under tax treaties, deductibility of intra-group management service fees, and practical tips and recommendations for taxpayers to manage Vietnamese tax risks.
Cambodia: Ten Years of Cambodia's Geographical Indications Law
- Abacus IP
In January 2014, Cambodia made a historic move to protect and celebrate its rich cultural and agricultural heritage by enacting the Law on Geographical Indications. As we commemorate the ten-year anniversary of this significant legislation, we'll consider the benefits of geographical indications, the registration procedures, and the products already registered, as well as those currently under consideration.
Cambodia: Changes to Patent Annuity Payments
- Abacus IP
Important changes to the annuity system for patents in Cambodia were recently announced, which will require patent applicants and owners to properly and timely make payments in order to maintain their rights. The new rules also apply to utility models and plant variety protection.
Myanmar Industrial Design Law: A Comprehensive Guide
- DFDL Myanmar
Myanmar has made significant progress in updating its intellectual property regime. This article is from a series of articles on IP laws in Myanmar focusing on Industrial Design laws and regulations, and provides a an overview on the registration process and the legal implications of industrial design infringement.
Myanmar: The Issuance of the Agent Banking Services Directive
- DFDL Myanmar
On 6 February 2024, the Central Bank of Myanmar issued a directive on agent banking services to provide comprehensive access to financial services to people who do not have access to banking services and to increase overall participation in the financial system.
Laos Issues Guidance on VAT Obligations for Digital Goods and Services, Digital Platforms, and E-commerce
- DFDL Lao PDR
On 14th February 2024, the Ministry of Finance in Laos released a new instruction numbered 0558/MOF. This instruction deals with the VAT obligations for foreign suppliers of digital goods and services, digital platforms, and e-commerce to users in Laos. The new rules will apply to transactions starting from 1st August 2024.
Myanmar-India Border Trade Rupee Vostro Account Guidelines
- DFDL Myanmar
As of 25 January 2024, the Central Bank of Myanmar issued detailed guidelines for a new payment mechanism for India-Myanmar border trade. This mechanism utilizes the Special Rupee Vostro Account and these Guidelines are framed within the legal framework of the Foreign Exchange Management Law.
Cambodia: Accreditation of the Environmental Impact Assessment Consultant Companies in Cambodia
- DFDL Cambodia
Following the promulgation of the Environmental and Natural Resources Code dated 29 June 2023 and the requirements of the Ministry of Environment, the MOE issued Prakas 08 on 02 February 2024 outlining the Conditions and Procedures regarding Accreditation of the Environmental Impact Assessment Consultant Companies.
Myanmar: Notification Establishing Service Fees for Copyright Registration
- DFDL Myanmar
On 13 February 2024 the Ministry of Commerce, having issued a comprehensive list of copyright application forms followed up with specific service fees based on the categories of services for the registration of copyrights and other related rights. Please refer to the table herein for detailed information.
Malaysia Transfer Pricing Guidelines
- DFDL Malaysia (Robyn Lynn & Lee)
Recent Malaysian tax information: 1) When does a Malaysian taxpayer need to prepare TP documentation? 2) What to include in the TP documentation? 3) How do you determine arm’s length price?
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