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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.

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