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Cambodia: Changes to Tax on Income and Tax on Salary Tables

Following the enactment of Sub-Decree No. 196 (“Sub-Decree 196”) on the 28th of September 2022 by the Royal Government of Cambodia (click here ) the Ministry of Economy and Finance (MEF) issued Instruction 017 on the 27th of December 2022 on the Implementation of the new rates of Tax on Salary.

Cambodia: Foreign Employee Work Permit Application Deadline is Approaching

The deadline to apply for 2023 foreign employee work permits from the Ministry of Labour and Vocational Training, is 31 March 2023. This obligation applies to every employer in Cambodia employing foreign employees, including representative offices, branches, limited companies, NGOs and associations.

Central Bank of Myanmar Exempt Foreign Companies From Mandatory Forex Conversion

On 30 December 2022, the Central Bank of Myanmar issued letter No. FE-1/2861(Ka) concerning the Foreign Exchange Supervisory Committee Meeting Resolution No. (78/2022), where Paragraph 1 (d) states that foreign currencies of companies with more than 35% of foreign shareholding do not need to be mandatorily converted into Myanmar Kyat.

Vietnam: Management of environmental risks in credit granting activities of credit institutions, and foreign bank branches

In this newsletter: 1) Management of environmental risks in credit granting activities of credit institutions, and foreign bank branches, 2) Regulations on connection, sharing, and exploitation of information between the National Population Database with the national database, specialized databases, and other information systems

Cambodia: Transfer Pricing Requirements

This year marks the fifth anniversary of the introduction of the transfer pricing regime in Cambodia. Recent changes in local transfer pricing regulations, tax audit practices, and documentation mean that increased attention to tax audit risks associated with related party transactions is required.

Cambodia: Seniority Indemnity Under Cambodian Labour Law

With the amendment to the Labour Law in 2018, seniority indemnity was introduced as a replacement for the previous regime of dismissal indemnity. Seniority Indemnity is the financial entitlement of workers under Undetermined Duration Contracts.

Cambodia: Commercial Advertisements and Legal Procedures to Obtain Compliance Certificates

In November, Sub-Decree 232 on the Management of Commercial Advertisements of Goods and Services was enacted, followed by Prakas 249 on Procedures. Sub-Decree 232 provides the legal framework for the management of commercial advertising of goods and services for all types, forms and means in Cambodia.

Central Bank digital currency (“CBDC”): Advantages and challenges for policy development in Vietnam

Central Bank digital currency (“CBDC”): Advantages and challenges for policy development in Vietnam Increases in the price of Bitcoin has led to the emergence of many cryptocurrencies, however, most current digital currencies are not official, they are published by civil organizations, not guaranteed by governments.

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.