Updates
Thai Revenue Department Issues Game Changing Personal Income Tax Instruction
- DFDL Thailand
On September 15, 2023, the Thai Revenue Department issued a departmental instruction that fundamentally changes personal income tax regarding offshore income. The new position is that any foreign source income will be subject to Thai personal income tax regardless of when it is remitted into Thailand.
Vietnam: KPMG Technical Update on New Bidding Law and New Consumer Rights Law
- KPMG Law Limited
This update will set out a number of key changes in the new Bidding Law (22/2023/QH15) and in the new Law on the Protection of Consumer Rights (19/2023/QH15).
Bangladesh: Tax Guide 2023- 2024
- DFDL Bangladesh
Introducing the second edition of the Bangladesh Tax Guide, updated to align with the amendments brought forth by the Finance Act 2023. This comprehensive guide serves as your compass through the complexities of income taxes, with holding taxes, value-added taxes, and customs duties, offering clarity on regulations and compliance essentials.
Vietnam: Stricter conditions for foreign loans by Vietnamese companies being non-credit institutions
- Venture North Law Firm
In June 2023, the State Bank of Vietnam (SBV) issued Circular 8/2023 which prescribes conditions for Vietnamese borrowers to borrow foreign loans without a Government guarantee. In this update, we discuss the borrowing conditions for a Vietnamese Company.
The Cambodian Pension Scheme
- BNG Legal
The National Social Security Fund focused on health insurance and now also includes pension provisions. Sub-Decree No. 32 on the Social Security Scheme of 04 March 2019 initiated this shift. This newsletter will explore the requirements of employers, the benefits of employees and the implementation of the law.
Vietnam: New Law On Consumer Protection
- Venture North Law Firm
On 20 June 2023, the National Assembly issued a new Law on Consumer Protection, which will replace the Law on Consumer Protection 2010 from 1 July 2024. In this post, we will discuss some key points of the Law on Consumer Protection 2023.
Vietnam: Term deposit in regard of foreign loans not guaranteed by the Government
- Mazars Vietnam
On 30 June 2023, the Governor of the State Bank of Vietnam promulgated Circular No. 08/2023/TT-NHNN on conditions on foreign borrowing not guaranteed by the Government, replacing Circular No. 12/2014/TT-NHNN and amending a number of provisions in Circular No. 12/2022/TT-NHNN.
Vietnam: SBV publishes new Circular on offshore loans without guarantee
- LNT & Partners
On 30 June 2023, the State Bank of Vietnam (SBV) issued Circular 08/2023/TT-NHNN (Circular 08), prescribing the eligibility requirements for foreign loans without the government's guarantee. This article provides a detailed look at Circular 08.
Vietnam: Draft Decision on procedures for approval of foreign lending and non-resident guarantee activities by economic organisations
- LNT & Partners
The Ordinance on Foreign Exchange Control allows economic organisations to extend outbound loans and furnish guarantees to non-residents, provided they secure permission. However, the absence of a comprehensive legal framework has led to a case-by-case approval system, causing challenges.
Vietnam: Notes on liability exemption in implementation of a commercial contract pursuant to Vietnamese laws
- BLawyers Vietnam
When entering a commercial contract, often a contractual party does not pay sufficient attention to liability exemption. The liability exemption is a provision protecting legitimate rights and interests of the breaching contractual party in specific cases while implementing the contract in practice. This legal update examines this issue. In this article, BLawyers Vietnam presents an overview of four notes on liability exemption when breaching a contract in the commercial field.
Vietnam: Which group of employees should an employer pay attention to when considering restructuring in Vietnam?
- BLawyers Vietnam
When an enterprise conducts a restructuring, it will affect the rights of employees. The enterprise needs to pay attention to certain groups of employees. This article provides information about the key labour groups when considering restructuring.
Vietnam: Tax & Customs Global Trade Alert | September 2023
- EY Vietnam
This Alert is to update the latest development on on-the-spot export and import transaction in Vietnam, and their potential tax and customs implications.
Cambodia: 2024 Foreign Employee Quota Application Window Now Open
- DFDL Cambodia
Enterprises employing or intending to employ foreign employees in 2024 are required to apply for a foreign employee quota from the Ministry of Labour and Vocational Training. Under the quota system, a maximum of 10% of an employer’s total local workforce may be foreign nationals. The 2024 Quota is now open.
Myanmar: DICA Announcement - Important Guidelines for MyCO System Users
- DFDL Myanmar
On 6 September 2023, the Directorate of Investment and Company Administration (DICA) made an important announcement regarding issues related to details of directors and shareholders of companies registered with the MyCo system. DICA guidelines are discussed in this update. guidelines:
Vietnam: Grant Thornton Tax Newsletter - August 2023
- Grant Thornton Vietnam
In this newsletter: 1. Circular 08/2023/TT-NHNN on eligibility requirements of foreign loans without government’s guarantee, 2. Circular 05/2023/TT-BKHDT on reporting form, implementation of quarterly report on investment activities, 3. Application of additional CIT in accordance with Global Anti-Base Erosion Model Rules (GloBE), and Others: 1995/BHXH-TCKT, 46974/CTHN-TTHT, and 8999/CTTPHCM-TTHT.
Vietnam: Software Exporters in Vietnam Should Plan to Maximize VAT Refund
- Grant Thornton Vietnam
In this article, we explore the value-added tax refund scheme for software production in Vietnam, discuss eligibility criteria, and outline the process and tax risks involved in claiming the refund to maximize the amount received.
Cambodia Adopts Implementing Regulations for Obtaining Merger Clearance
- DFDL Cambodia
On 14 June 2023, the Ministry of Commerce issued three new implementing regulations for obtaining merger clearance in Cambodia: Prakas 177 registration of business combinations, Prakas 178 on post-merger notifications and Prakas 179 on issuance of an advance ruling certificate.
Myanmar: Investment Commission Unveils New Application System
- DFDL Myanmar
On 28 August 2023, the Directorate of Investment and Company Administration's (DICA) website released an official announcement to the public: Part (2) of the investment supervisory system, to streamline the process of online applications for investors in obtaining permits under the Myanmar Investment Law and Rules.
Mazars in Vietnam Newsletter - Tax & Legal Update - Issue July 2023
- Mazars Vietnam
In this update: 1) Guidance on electronic invoices ("E-invoices"), 2) Guidance on personal income tax ("PIT"), and 3) Official Letter 2162/TCT-KK issued by the GDT dated 31 May 2023 guiding the change of tax registration information
Vietnam: Registering A Foreign-invested Company’s E-commerce Exchange Operation
- Apolat Legal
Vietnamese law has allowed foreign investors to operate E-commerce exchanges to attract foreign investment, but also carefully placed several necessary conditions that foreign investors must follow to safeguard domestic E-commerce exchange developers. A foreign-invested company registering to run an E-commerce exchange needs to perform the stages outlined in this article.
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Important Vietnamese legal terms can be looked up, with the corresponding term in the other language presented (Vietnamese <-> English). Very helpful resource for those professionals working in both languages
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