Updates
Vietnam: Decree 13/2023/ND-CP on Personal Data Protection
- PwC Legal Vietnam
On 17 April the Government issued a Decree on Personal Data Protection which will come into force on 1 July 2023. Prior to that date all businesses (with the exception of some small and medium entities) should perform a gap analysis between the current state of the data protection measures and the new requirements.
Vietnam: Official regulations on privacy data protection
- Apolat Legal
Decree No. 13/2023/ND-CP on the protection of personal data will help create a legal framework so that the competent authorities can manage and review compliance with regulations on personal data protection, and increase the rights of data subjects and other provisions detailed in the Decree.
Vietnam: Decree No. 12/2023/ND-CP extending deadline for tax payments and land rental fees in 2023
- Mazars Vietnam
On 14 April 2023, the Government released Decree No. 12/2023/ND-CP regarding the extension of value added tax (“VAT”), corporate income tax, personal income tax and land rental fee applicable for the 2023 tax year. The Decree is effective from the releasing date to 31 December 2023 with notable points as follows.
Vietnam: Official regulations on granting certificates of ownership in Condotel construction
- Apolat Legal
The Government has just issued Decree 10/2023/ND-CP amending and supplementing several articles to guide the implementation of articles of the Land Code, especially the official regulations on certificates ownership of the Condotel project, will take effect from 20 May 2023, including specific changes.
Cambodia: ACAR Cracks Down on Non-Compliant Enterprises
- DFDL Cambodia
On the 5th of April 2023 the Accounting and Auditing Regulator (“ACAR”) issued Notification 0013/23. ACAR/N reminding enterprise owners and directors of non-profit organisations of their obligation to submit, via the ACAR e-filing system, their annual financial statements for the 2022 financial year to the ACAR by the required due date.
Vietnam: Decision on new ceiling electricity price mechanism for transitional renewable energy projects
- Lexcomm Vietnam LLC
On 07 January 2023, the Ministry of Industry and Trade (MOIT) issued Decision No. 21/2023/QD-BCT (Decision 21) on the official power price framework for the transitional renewable energy (RE) projects. In this legal update, we will highlight several remarkable information for the power project investors about the new power price framework.
Vietnam: Decree 12/2023 extending deadline for tax payments and land rental fee in 2023
- PwC Tax & Advisory Vietnam
On 14 April 2023, the Government released Decree 12 regarding the extension of deadlines for payments of taxes and land rental fee applicable for the 2023 tax year. The Decree took effect from the signing date to 31 December 2023.
Cambodia: Capital Gains Tax Implementation Further Delayed
- DFDL Cambodia
In a press release issued on the 12 of April 2023 the Economic and Financial Policy Committee (the Committee) of the Royal Government of Cambodia provided the following updates with respect to the support of Borey Real Estate Developers in Cambodia.
Cambodia: Food Hygiene in Factories, Enterprises and Handicrafts and Restaurants
- DFDL Cambodia
On 21 November 2022, the Ministry of Industry, Science, Technology and Innovation (“MISTI”) issued Prakas 252 on the Implementation of General Principles of Food Hygiene in Factories, Enterprises and Handicrafts (“Prakas 252”) to establish standard requirements for food factories, enterprises and handicrafts in Cambodia.
Vietnam signed the MAAC – key milestone in international cooperation
- PwC Tax & Advisory Vietnam
On 22 March, Vietnam signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 147th country to join the Convention. The Convention needs to be ratified before coming into force.
Myanmar: Further Extension of the Amended Formula for Calculating Liquidity Ratio
- DFDL Myanmar
The Central Bank of Myanmar published Directive No. 8/2023 on 24 March 2023 regarding further extension of the amended formula for calculating the liquidity ratio of banks in Myanmar.
Corporate Sustainability Reporting Directive (CSRD) - a changing EU regulation
- Grant Thornton Vietnam
The Corporate Sustainability Reporting Directive (“CSRD”) entered into force on 5 January 2023 which revises the 2014 Non-Financial Reporting Directive (NFRD). Non-EU companies that operate in the EU may also fall under the CSRD scope, regardless of whether they are listed or not.
Vietnam: Duty-Driven Duties
- DFDL Vietnam
The Vietnamese Government issued the first-ever comprehensive legal framework on personal data for the country in the form of Decree No. 13/2023/ND-CP dated 17 April 2023, on personal data protection (“DPD”).
Vietnam: Some proposed changes to the CIT law
- PwC Legal Vietnam
In March, the Ministry of Finance released a proposal to revise the Corporate Income Tax (“CIT”) law and has sought public comments in this respect.
Vietnam: Renewable Energy Policy Framework in Vietnam
- LNT & Partners
The Vietnamese government has first demonstrated its commitment to national energy security and sustainable development through its strategic orientation for sustainable energy development through 2030 and vision to 2045,as outlined in Decision No. 2068/QD-TTg dated November 25, 2015.
Vietnam: Amending and Supplementing Some Articles of Decrees Guiding The Implementation of the Law on Land 2013
- LNT & Partners
On April 03, the Vietnamese Government issued Decree No. 10/2023/ND-CP, amending and supplementing some articles of decrees guiding the implementation of the Law on Land. Decree 10 will address certain difficulties and obstacles for localities, people, and businesses.
Myanmar: To Enforce "First to File" Trademark Registration System on 1 April 2023
- BNG Legal
On 28 August 2020, MOC issued Order No. 63/2020, which aims to implement a transition from the "first to use" to "first to file" system. Myanmar's trademark law will go into effect on 1 April 2023.
Vietnam: New Restrictions on One-Way Money Transfer Abroad
- Venture North Law Firm
On 30 December 2022, the State Bank of Vietnam (SBV) issued Circular 20 guiding activities of one-way money transfer from Vietnam to abroad and payment, money transfer for other current transactions of institutional residents and individual residents (Circular 20/2022), which took effect from 15 February 2023.
Vietnam: Some proposed changes to the VAT law
- PwC Tax & Advisory Vietnam
In late February, the Ministry of Finance released a proposal to revise the Value Added Tax (“VAT”) law and has sought public comments in this respect.
Vietnam: Potential Issues for Vietnamese Bondholders When Bond Issuer Are In Default
- Venture North Law Firm
Bond issuers, who wish to recover the principal and coupons and to enforce their rights, could face significant legal issues. In this post, we will discuss some of these issues.
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