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Myanmar: Latest Trading Sector Developments

The Department of Trade has released a series of newsletters related to export and import activities. These newsletters cover topics such as import license issuance, the banking requirements for making trade payments at China's border, and the streamlined approval for Advance Telegraphic Transfer (TT) at the border trade area.

Bangladesh: Simplified Taxation Takes Center Stage with Implementation of New Law

On 22 June 22 2023, the Parliament of Bangladesh approved the Income Tax Act 2023. An official gazette has been published, and the new law will be in effect starting 01 July 2023. This Act replaces the previous Income Tax Ordinance of 1984.

KPMG Vietnam Customs Alert - July 2023

The General Department of Customs has recently proposed to abolish all regulations relating to the on-the-spot export and import procedures provided by Article 35 of Decree 08, which have been commonly used and play an important part in the processing trade models and manufacturing ecosystem.

Vietnam: Decree No.44/2023/ND-CP stipulates the tax reduction of VAT policy effective for the last 06 months of 2023

On 30 June 2023, the Government issued Decree 44 stipulating the VAT reduction policy according to Resolution No. 101/2023/QH15 dated 24 June 2023 which is effective from 01 July to 31 December 2023. Decree 44's main content is similar to the provision on VAT reduction in 2022 stipulated in Decree 15.

Vietnam: How can capital contributions made past the time limit prescribed by Vietnam laws be settled?

When establishing an enterprise in Vietnam, individuals or organizations need to follow procedures prescribed by law. This article presents the provisions of Vietnamese law that address the time limit for charter capital contributions and the settlements when contributions to charter capital are made beyond the prescribed time limit.

Vietnam: Extending the deadline for SCT payment for automobiles manufactured or assembled locally

On 21 June 2023, the Government issued Decree 36/2023 to extend the special consumption tax payment deadline for locally manufactured or assembled automobiles, applicable for the tax period from June to September 2023. The Decree takes effect from the signing date to 31 December 2023.

Vietnam Tax Newsletter | June 2023

In this newsletter: Decision No. 575/QD-TCT stipulating the Risk Management Process for assessing and identifying taxpayers having risk signs in management, Official Letter No. 1483/TCT-KK of the General Department of Taxation about payment of tax according to the payable identity code, and other updates.

Vietnam: Domain name registration and trademarks

Does registering a domain name protect a trademark with elements associated with the domain name?

Vietnam: Specialized clinics, goods trading activities, and requirement for trading permits and an outlet licence.

When are a specialized clinic’s goods trading activities required to have a trading permit and an outlet license at the same time?

Myanmar: IRD Clarifies Taxation of Housing and Medical Benefits Given to Employees

On 28 June 2023, the Internal Revenue Department issued Interpretation Statement No. 1/2023 clarifying the Personal Income Tax treatment of housing and medical benefits given to employees.

Vietnam Tax Alert - VAT Reduction

Following the Resolution No. 101/2023/QH15, on 30 June 2023, the Government issued Decree 44/2023/ND-CP on VAT reduction. Accordingly, the VAT for goods and services which are currently subject to the tax rate of 10% is reduced to 8%, with certain exceptions, applicable from 01 July 2023 until 31 December 2023.

Vietnam: State Bank to lower interest rates

The State Bank of Vietnam (SBV) has just issued decisions to adjust interest rates in order to contribute to controlling inflation, stabilizing the macro economy, and the money market to strive to reduce interest rates lending to businesses and people, supporting economic growth recovery.

Vietnam: Additional conditions for registration of multi-level selling activities

On April 28, 2023, the Government has just issued Decree No. 18/2023/ND-CP amending and supplementing a number of articles of Decree No. 40/2018/ND-CP dated March 12, 2018 on operation management business by multi-level method.

Vietnam: Recent Changes to Regulations Governing Corporate Bonds Issued in Vietnam

In response to the domestic market’s needs, Decree No. 08/2023/ND-CP aims to untie some knots for bond issuers with key changes governing corporate bonds, as discussed in this article.

Vietnam: KPMG Legal Update On Interest Rates, Reducing VAT, Reducing Land and Water Surface Rental

In this legal update: 1) Decisions regulating maximum short-term lending interest rate and interest rate for deposits in Vietnam Dong at credit institutions and foreign bank branches, Draft Decree on value added tax (VAT) reduction policy of 2%, and Draft Resolution on reducing land rental and water surface rental.

Cambodia: Bolar Provisions Under Cambodian Patent Law

Cambodian Patent Law contains no corollary to the concept of a "Bolar Provision" under US-Law. This is a limitation of patent rights that allows for certain uses of a patented invention, which otherwise would be infringing, for the sole purpose of generating information for seeking regulatory approval in a country.

Cambodia Adopts Implementing Regulation for the 2021 Investment Law – Part Two – QIP Incentives

Vietnam Introduces a Reduced VAT Rate from 1 July 2023

On 30 June 2023, the Government of Vietnam issued Decree No. 44/2023/ND-CP stipulating a reduction of the VAT rate by 2% (“Decree 44”). Decree 44 was issued to implement the VAT rate reduction policy passed by the National Assembly in accordance with Resolution No. 101/2023/QH15.

Cambodia: Trademarks When Starting a Business in Cambodia

When starting a business in Cambodia, it is essential to understand the trademark registration process to protect your brand identity and prevent others from using similar marks. This update covers some key points regarding trademark registration in Cambodia.

Cambodia Adopts Implementing Regulation for the 2021 Investment Law – Part One

On 26 June 2023, the Royal Government of Cambodia adopted Sub-Decree 139 (“Sub-Decree 139”) to establish a comprehensive legal framework for implementing the Investment Law dated 15 October 2021 (“2021 Investment Law”). The 2021 Investment Law introduces new regulatory framework to regulate investment projects and new investment incentives.