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IFRS Alert: Updates on IAS 16 - Property, Plant and Equipment

The amendment to IAS 16 could have a significant impact on entities that construct material items of PP&E. Industries that are expected to be significantly impacted are mining and industrial product manufacturers. The amendment is effective for annual reporting periods beginning on or after 1 January 2022.

Three practical notes on the procedure of obtaining Work permits in Vietnam after Covid-19 period

Since the beginning of 2020 until now, Vietnam has been affected greatly by the Covid-19 epidemic. When the epidemic was out of control, the entry of foreign investors, experts, and workers was strictly checked and could only be allowed in a few highly necessary cases. Currently, Vietnam has controlled the epidemic and removed restrictions on foreign workers. However, the procedure for applying for Work Permits (“WP”) for foreign workers still has some notable problems. Accordingly, BLawyers Vietnam will update some practical notes on this topic.

Vietnam: Amending and supplementing new provisions of the Intellectual Property Law 2005

In this update: 1) Amending and supplementing new provisions of the Intellectual Property Law 2005 and 2) New regulations on insurance business

Vietnam: Customs and Global Trade Updates | December 2022

In this update: 1) Decision 2400 on Anti-dumping measures to certain plastic products, 2) Notice 257 allowing Certificate of Origin (C/O) to be printed on A4 paper, 3) Most-Favoured-Nation import duty rate proposed to be applied on certain imported automotive parts, and other items.

Cambodia: Deadline for 2023 Foreign Employee Quota Applications Extended to 31 January 2023

On 5 December 2022, the Ministry of Labour and Vocational Training issued Notification 045/22 on Extending the Deadline for the 2023 Foreign Employee Quota Application. Through the Notification, the MLVT has delayed the submission deadline for 2023 foreign employee quota applications until 31 January 2023.

ASEAN Mobility Spotlight | October 2022

In this edition of the ASEAN Mobility Spotlight, we address the topic of employers’ responsibility in ASEAN jurisdictions on complying with tax withholding or annual tax filing obligations of employees’ remuneration.

Vietnam: The Ministry of industry and trade is drafting a new Decree on rice export business

Việt Nam: Bộ Công Thương dự thảo Nghị định mới về kinh doanh xuất khẩu gạo.

Although the implementation process of Decree 107/2018/ND-CP has promoted its effectiveness and contributed to completing the legal framework on rice export control, some points still need to be changed to match reality. For example, regulations on export entrustment and checking conditions.

The draft Law on Telecommunications (amended) will add new regulations on the business of Data Centers and cloud computing

Dự thảo Luật Viễn thông (sửa đổi) bổ sung quy định về kinh doanh Trung tâm dữ liệu và điện toán đám mây.

The Law on Telecommunications was promulgated in 2009 and has numerous inadequacies. Therefore, the Law on Telecommunications (amended) is expected to be discussed at the National Assembly session in May 2023 and submitted to the National Assembly for approval in October 2023.

Notable Changes in Foreign Loan Borrowing and Repayment Regulations

On 30 September 2022 the State Bank of Vietnam issued Circular 12/2022/TT-NHNN guiding the management of foreign exchange in respect of the borrowing and repayment of foreign loans by enterprises which replaced Circular 03/2016/TT-NHNN from 15 November 2022 (as amended).

The Crime of Fraud And Misuse of Bond Issuance Proceeds in Vietnam

Article 174 of the Penal Code 2015 imposes criminal liability to an individual who appropriates others’ properties by fraudulent means. To prove that an individual commits a crime of fraud, the authorities would need to produce substantial evidence to support their cases. This update discusses a recent case.

General Obligations of A Foreign Company Conducting Business in Vietnam’s Cyberspace

Only a limited subset of foreign companies providing services in Vietnam’s cyberspace are subject to data localisation requirements in Vietnam under the recent Decree 53/2022. However, any foreign company providing services in Vietnam’s cyberspace will need to comply other obligations under the Law on Cybersecurity 2018 and its implementing regulations.

Myanmar: SAC Gives Tax Exemptions for Electric Vehicles, Increases Income Tax for Upstream Oil and Gas

On 17 November 2022, the State Administration Council (“SAC”) enacted the Law Amending the 2022 Union Tax Law (“2022 UTL Amendment”). This law provides tax exemptions for Battery Electric Vehicles (“BEVs”) and increases the corporate income tax rate of companies engaged in the oil and gas exploration and production sector in Myanmar.

Myanmar: Business Implications of FATF Blacklisting of Myanmar

The global Financial Action Task Force (“FATF”) on 21 October 2022 placed Myanmar in the category of “High-Risk Jurisdictions Subject to a Call for Action,” commonly referred to as the “blacklist,” due to its failure to implement its action plan that expired in September 2021.

Myanmar: IRD Issues Important Public Ruling on Tax Avoidance and Evasion

On 16 November 2022, the Myanmar Internal Revenue Department issued Public Ruling 3/2022, which clarifies how the tax authorities will interpret tax avoidance, underpayment, false or misleading tax information, and tax evasion as provided under Myanmar’s Tax Administration Law.

Philippines: DOE Amends RE Act Implementing Rules and Regulations to Allow Full Foreign Equity in RE Projects

On 15 November 2022, the Secretary of the Department of Energy signed a DOE Department Circular amending the Implementing Rules and Regulations of Republic Act No. 9513 (the Renewable Energy Act of 2008), removing the nationality restrictions on the exploration, development, and use of renewable energy.

Vietnam: Customs and Global Trade Updates | November 2022

In this update: The special preferential tariff rate under the EU – Vietnam Free Trade Agreement (EVFTA), Second review on the application of anti- dumping measures for certain aluminium products, Draft Circular providing guidance on goods manufactured in Vietnam, and others.

Thailand: Merger Decisions Provide Important Guidance

In January 2022, Thailand’s Trade Competition Commission issued three merger decisions that provide important guidance on the application of Thailand’s merger regime.

Thailand: Thai SEC Enacts New Advertising Rules for Digital Asset Operators

On 1 September 2020, the Thai Securities and Exchange Commission (“SEC”)’s new regulations regarding the advertisements of digital asset business operators became effective. Further, the SEC has issued the new regulations as follows: SEC No. GorThor. 19/2565, SEC No. SorThor. 22/2565 and SEC No. NorPor 5/2565.

Philippines: Department of Justice Rules: Solar, Wind, Hydro and Ocean or Tidal Energy should NOT be Subject to Forty Percent (40%) Foreign Equity Restrictions

In an opinion addressed to the Department of Energy, the Department of Justice stated that the exploration, development, and utilization of solar, wind, hydro and ocean or tidal energy should not be subject to forty percent (40%) foreign equity limitation under Section of 2 Article XII of the Constitution.

Strengthening the tax administration on e-commerce for domestic and overseas suppliers

On 14 November 2022, the General Department of Taxation issued Official Letter No. 4205/ TCT-DNNCN on guiding owners of e-commerce trading platforms to provide information as prescribed in Paragraph 7 Article 1 Decree 91/2022/ND-CP dated 30 October 2022.