Updates
Singapore: Income Tax (Amendment) Rules 2024 and The 7th Edition Singapore Transfer Pricing Guidelines
- DFDL Singapore
The Singapore Ministry of Finance recently announced amendments to the Singaporean transfer pricing rules as part of its ongoing initiative to simplify the overall compliance process for taxpayers. The Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 came into effect on 10 June 2024.
Vietnam's Draft Data Law: An Overview and Implications
- KPMG Law Limited
This article provides an overview of the Draft Law's key provisions and their potential implications for businesses and individuals. Unlike personal data legislation, this Draft Law's broad coverage encompasses not only personal data but also other organizational and business data.
Vietnam: Draft Corporate Income Tax Law for public consultation
- KPMG Vietnam
On 11 June 2024, the Vietnam Ministry of Finance ("MoF") released a Draft Corporate Income Tax Law for public consultation ("New Draft Law"). Among the key changes proposed in the New Draft Law is the application of 2% CIT on proceeds from the transfer of capital invested by foreign corporations directly or indirectly in non-public joint stock companies or limited liability companies in Vietnam.
Cambodia: Update on Measures to Ease the Use of Khmer Language in Accounting Records and Supporting Documentation
- DFDL Cambodia
Notification 031/24 AAR (Notification 031/24) was issued by the Accounting and Auditing Regulator (ACAR) on the 15th of May 2024 to clarify the implementation of Circular no. 009 MEF dated 01 September 2021 on the Use of Language and Currency in Accounting Records and Financial Statements.
IP Protection in Myanmar
- BNG Legal
The creation of a legal framework that prioritizes the protection of intellectual property rights, through stringent protection and enforcement measures, not only attracts increased foreign investment while enhancing nation's standing and fostering a thriving economic future.
Vietnam: Stay up-to-date on bidding forms for drug supply contracts!
- LNT & Partners
According to the Law on Bidding 2023 (effective from 1 January 2024), Decree 24/2024/ND-CP (effective from 27 February 2024), and Circular 07/2024/TT-BYT (effective from May 17, 2024), the selection of drug supply contractors can be carried out through various forms.
Vietnam: What Are Suggestions for Amending The Pharmaceutical Law?
- LNT & Partners
Following the publication of points by the Deputy Director of Drug Administrative of Vietnam, new points of the draft Pharmaceutical Law (amendment) are discussed in this update.
Vietnam Technical Update: June 2024
- KPMG Vietnam
This update covers: Repealing circular No. 83/2014/TT-BTC on import VAT, Continuous enforcement measures towards VAT refund management, PIT obligations re the transfer of capital contributed in real estate, enforcement of tax management using Form 01/TNDN, and guidance on exit ban to legal representatives of businesses recorded with tax debt.
Vietnam: The right for foreign-invested economic organisations to access and use land in Vietnam under the Land Law 2024
- Global Vietnam Lawyers
On the basis of inheritance from and development of the regulations in previous land laws, the Land Law 2024 regulates the right for FI economic organisations to access and use land in a manner more expanded and equally accessible as to domestic economic organisations, ensuring the potential of the land is exploited the most in the market economy.
Vietnam's Renewable Energy Landscape Post-New Policy Implementation
- Global Vietnam Lawyers
The National Power Development Plan for the period 2021-2030, with a vision towards 2050 (PDP8), was officially announced by the Prime Minister of Vietnam on May 15, 2023. This significant development is expected to drive new waves of investment and growth in Vietnam's power market, particularly in the renewable energy sector, in the upcoming phase.
Vietnam: Decree on Cybersecurity Administrative Sanctions To Be Released Next Month
- LNT & Partners
The Government unveiled the appraisal dossier for the draft Decree on Cybersecurity Administrative Sanctions, which will impose administrative penalties for violations in cyberspace, including personal data breaches. This legal alert provides key highlights of the CAS Decree, especially on personal data breaches.
Myanmar: Annual Tax Compliance Reminder for FY 2023-2024
- DFDL Myanmar
Our Tax Team would like to remind you that the deadline for filing your corporate tax returns for the fiscal year ended on 31 March 2024 (“FY 2023-2024”) is approaching soon.
Vietnam: Over 600 drugs and 4 medical devices are eligible for price negotiation under Circular 05
- LNT & Partners
As of May 14, 2024, the Ministry of Health has implemented Circular 05/2024/TT-BYT outlining the catalog of drugs, medical tools, and testing equipment acquired through price negotiation. This follows the enactment of the 2023 Law on Tendering, effective since January 2024.
Myanmar: Barter Transaction Arrangement (BTA) Procedure
- DFDL Myanmar
On 2 May 2024, the Department of Trade under the Ministry of Commerce of the State Administration Council introduced a new procedure for Barter Transaction Arrangements.
Vietnam’s PDP8 Implementation Plan
- DFDL Vietnam
On 1 April 2024, the Prime Minister of Vietnam issued Decision No. 262/QD-TTg on approving the plan to implement the National Power Development Plan for the period of 2021 – 2030, with a vision to 2050, with immediate effect.
Myanmar: FDA’s New Requirements for Food Product Code Registration
- DFDL Myanmar
On 9 May 2024, the Department of Food and Drug Administration under the Ministry of Health announced a “Food Product Notification” following the 2022 “Labelling Order for Pre-packaged Foods” (“Order“). The Announcement aims to ensure proper food registration and assign food product codes to labels.
Myanmar: The New Minimum Reserve Ratio and Interest Rate on Average Excess Reserves Set by the CBM
- DFDL Myanmar
On 30 April 2024, the Central Bank of Myanmar issued a new directive which primarily focuses on two aspects: the minimum reserve ratio that banks must maintain in Myanmar Kyat and the interest rate that the CBM must pay on average excess reserves maintained by the banks with the CBM.
Cambodia: Cambodia Concludes Agreement with Philippines on Double Taxation
- DFDL Cambodia
Cambodia and the Philippines have recently finalized the Double Tax Agreement between the two nations, aimed at improving trade and simplifying investment mechanisms.
Vietnam: Twin Transition in Vietnam's Financial Sector - Green and Digital Transitions
- LNT & Partners
Vietnam's financial institutions are increasingly feeling the impact of environmental, social, and governance (ESG) factors on their risk assessment, capital allocation, and governance structures. This update discusses the policies steps that could be taken.
Vietnam: Update on the implementation of the Law on electronic transactions regarding digital signatures
- KPMG Vietnam
In this update: Decree No. 48/2024/ND-CP issued by the Government on amending and supplementing certain provisions of Decree No. 130/2018/ND-CP dated 27 September 2018 detailing the implementation of the Law on electronic transactions regarding digital signatures and digital signature authentication services.
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