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Vietnam: New Circular on foreign borrowing and loan repayment of the enterprise

In this update: 1) New Circular on foreign borrowing and loan repayment of the enterprise, and 2) Amending the relevant regulations of the Law on Chemicals.

Cambodia: Accreditation of Real Estate Valuation Services in Trust Sector

Cambodia: Displaying Tax Certificates

EY Vietnam Tax Updates - November 2022

In this update: 1) Key points of Decree 91/2022/ND-CP which amends and supplements some articles of Decree 126/2020/ND-CP, and 2) Some notes in relation to obligations of complying with the transfer pricing regulations for the fiscal year 2022 in accordance with Decree 132/2020/ND-CP.

United Kingdom and Vietnam positive moves in bilateral trade and investment after one year of free trade

The United Kingdom and Vietnam have made positive moves in bilateral trade and investment after one year of enforcement of a special free trade deal. Kenneth Atkinson, chairman of the British Chamber of Commerce Vietnam, talked to VIR’s Bich Thuy about what could lay ahead.

The Law On Public - Private Partnerships

The Law on Public-Private Partnership was enacted in November 2021 and abrogates and replaces the Law on Concessions (2007). The PPP law is intended to attract private investment into infrastructure projects by using state-offered financial assistance. guarantees, and/or investment incentives to facilitate agreements between the state and one or more private partners.

Hong Kong's New Inspection Regime Updating on the implementation of Phase 2 on October 24th, 2022

Hong Kong: A New Inspection Regime for person information on the Company Register issued by the Hong Kong Companies Registry, being implemented in three phases from 2021 to 2023.

BVI Update – Major changes in 2022 of the BVI Business Companies Act

The British Virgin Islands (BVI) authorities enacted a certain number of amendments to the BVI Business Companies Act, 2004. These amendments will take effect on January 1st, 2023 with the following significant changes, and include Annual Return filing, and director's names being publicly available.

Doing Business in Vietnam 2022

This guide will bring helpful information to foreign investors, particularly those who consider starting their business in Vietnam. The guide mainly consists of the latest insights on a brief overview of Vietnam’s economy, key sectors for investment, compliance matters in terms of entity formation, accounting, tax, and labour perspectives in Vietnam.

Cambodia: Official Exchange Rate Update

The Cambodia General Department of Taxation has set out instructions with respect to the application of the official exchange rate to ensure that self-assessment taxpayers can accurately declare and pay their taxes and issue invoices.

Cambodia: Clarification on Administrative Fines for Enterprises Employing Foreign Employees without Work Permits

On 9 September 2022, the Cambodian Ministry of Labour and Vocational Training issued Guideline 3005 on Administrative Fines for Owners or Directors of Factories, Enterprises or Establishments that Employ Foreign Employees without Work Permits and Employment Cards.

Myanmar: New Organization Registration Law Enacted

On 28 October 2022, the State Administration Council (“SAC”) enacted the Organization Registration Law (“ORL”) via Notification No.46/2022 as per the Section 419 of the Constitution of the Republic of the Union of Myanmar

Obligations of a Vietnamese company satisfying public company requirements pending an SSC registration

A Vietnamese company which satisfies public company requirements but which has not registered its public company status with the State Securities Commission (SSC) may arguably not need to comply with various obligations of a public company under Vietnamese law.

The case for a new law for offshore wind development in Vietnam

To realize the potential of offshore wind development in Vietnam, the National Assembly of Vietnam will likely need to issue a new law which provides for a more comprehensive and consistent legal framework supporting an offshore wind project.

Supreme Court’s Precedent 55/2022 recognising validity of an un-notarised contract for transfer of land use right

In October 2022, the Supreme Court issued Precedent 55/2022 which recognises the validity of an un-notarised contract for transfer of land use right on the basis that two thirds of the contract have been performed and accordingly the contract becomes valid in accordance with Article 129 of the Civil Code 2015.

Vietnam: Certain Questions Regarding Refinancing Of Onshore And Offshore Loans

Is it permitted for an onshore loan to be refinanced by another onshore loan?

Decree 91/2022 which amends Decree 126/2020 guiding the implementation of the Law on tax administration 2019

Decree 91/2022 took effect on the signing date, i.e. 30 October 2022. One of the notable points under Decree 91/2022 is the change of the rule for provisional corporate income tax (“CIT”) payments.

Decree 91/2022 which amends Decree 126/2020 guiding the implementation of the Law on tax administration 2019

Decree 91/2022 took effect on the signing date, i.e. 30 October 2022. One of the notable points under Decree 91/2022 is the change of the rule for provisional corporate income tax (“CIT”) payments.

Papua New Guinea: Changes to the Companies Act certified

The Companies (Amendment) Act 2022 requires that every company incorporated, or registered as an overseas company, under the Companies Act will be required to re-register under it and to comply with more detailed record-keeping requirements in relation to share ownership.

Increase in Minimum Wage for 2023 for the Garments, Textiles, Footwear, Travel Products and Bags Sectors

On 21 September 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Prakas 247/22 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear (“GTF”), Travel Product and Bag Sectors (“Prakas 247”), to set a new minimum wage for 2023, which will be effective from 1 January 2023.