Updates
British VI: Update - Virtual Assets Service Providers Act, 2022
- Grant Thornton Vietnam
The Virtual Asset Service Provider Act, 2022 came into force on 1 February 2023. The VASP Act describes the activities that require registration through the definitions of key terms such as virtual assets, virtual assets service and VASPs.
Vietnam Tax Updates | May 2023
- EY Vietnam
In this update: 1) Declaration of adjustment/replacement invoices, 2) Value added tax (VAT) rates applicable to returned goods, trade discounts and on adjustment invoices for goods which were eligible for the VAT reduction and were invoiced for prior to 31 December 2022, 3) Corporate income tax (CIT) incentives applicable to new investment projects with changes in investment registration information, and other updates.
Vietnam: New Land-Related Regulations - How the Government Gets to Grips With Difficulties in Implementation of the Law on Land
- RHTLaw Vietnam
Following the Vietnamese Government’s policy on relieving regulatory obstacles in implementing the current Law on Land, Decree No. 10/2023/ND-CP (“Decree 10”) issued recently on 3rd April 2023 will bring variant changes of land-related regulations from its effective date on 20th May 2023.
Cambodia: Law on Management of Clean Water Supply Dated 11 March 2023
- DFDL Cambodia
On 11 March 2023, the Law on Clean Water Supply Management was promulgated to regulate clean water supply business within Cambodia). This new law is aimed to ensure the quality, safety, sustainability and affordability of clean water supply. The scope of this law applies to commercial supply of clean water in Cambodia.
Myanmar: IRD Rolls-Out e-Tax Registration Starting 23 May 2023
- DFDL Myanmar
The Internal Revenue Department has recently issued an announcement informing newly-registered companies, entities, and individuals to register for tax using the e-Registration Management System starting 23 May 2023.
Vietnam: Customs and Global Trade Updates | February 2023
- EY Vietnam
In this update: Decrees promulgating preferential export tariffs and import tariffs to implement a number of FTAs, New regulations on the importation of used equipment, Duty exemption applicable for materials and components imported for the production of IT products, digital content and software, Circular on the rules of origin under the ASEAN –Japan Comprehensive Economic Partnership (AJCEP), and other updates.
Vietnam: Customs and Global Trade updates | March & April 2023
- EY Vietnam
In this update: 1) Application of official anti-dumping measures on tables and chairs imported from China, 2) Enterprises based in HCMC must register warehouse information before taking goods into a storage warehouse, 3) Rules of Origin under the ASEAN Trade in Goods Agreement (ATIGA) and other updates.
Vietnam: Newly enacted Resolution 33: boosting and regulating real estate market for sustainability
- Indochine Counsel
Recently, the Government issued Resolution No. 33/NQ-CP on 11 March 2023, which aims to provide solutions to dismantle and promote the real estate market in a safe, healthy, and sustainable manner.
Vietnam: Draft Circular to tighten controls for offshore loans in Vietnam
- Indochine Counsel
On 11 April 2022, the State Bank of Vietnam (the “SBV”) released a draft circular on conditions for foreign loans not guaranteed by the government, including loans to credit institutions and loans to local enterprises (the “Draft Circular”), and is expected to replace the current Circular No. 12/2014/TT-NHNN (“Circular No. 12”).
Vietnam: Power Plan VIII officially approved
- ADK Lawyers
After a long period of adjustment and improvement, the Prime Minister issued Decision No. 500/QD-TTg on 15 May 2023, approving the national electricity development planning of 2021 - 2030 and the vision for 2050.
Myanmar: Offshore Repatriation of Foreign Currency by DICA Companies
- DFDL Myanmar
The Directorate of Investment and Company Administration has issued an undated notice where it has listed the documents that all DICA registered companies are required to submit to DICA to obtain its approval to repatriate foreign currencies out of Myanmar.
Vietnam: Legal Alert on Decree 13 on Personal Data Protection
- KPMG Vietnam
On 17 April 2023, the Government issued Decree 13 on Personal Data Protection. With the Law on Cybersecurity (before 4/2018/QH14) dated 12 June 2018 and its first implementing Decree 53 dated August 2022, Decree 13 forms the third legal document to strengthen the legal framework governing cyberspace.
Vietnam: Proposed Amendments to Vietnam's Advertising Law
- Indochine Counsel
On 7 February 2023, the National Assembly published a draft Law on Amending and Supplementing the Advertising Law (the “Draft Law”) for public comments. The Draft Law proposes amendments and supplements to the Advertising Law in four policy areas, as discussed in this article.
Cambodia: Promulgation of the New Law on Taxation
- DFDL Cambodia
On the 16th of May 2023, the New Law on Taxation was promulgated. The New Taxation Law abrogates the Law on Taxation, dated February 24, 1997, and the Law on Amendment to the Law on Taxation, dated March 31, 2003.
Cambodia: Trust Inspection: Formalities and Procedures
- DFDL Cambodia
The Law on Trusts promulgated on 2 January 2019 provides the legal framework for the creation, registration and inspection of trusts in Cambodia. To facilitate the implementation of the Trust Law, the Trust Regulator on 3 November 2022 issued Prakas 051 on the Formalities and Procedure for Inspection of Trusts.
Myanmar: MOPF Issues New Tax Procedures on Foreign Currency Transfers
- DFDL Myanmar
On 25 April 2023, the Ministry of Planning and Finance (“MOPF”) issued a new Standard Operating Procedure (“SOP”) outlining the additional tax requirements when remitting foreign currency payments from Myanmar to overseas.
Vietnam's PDP VIII: Ushering in a Renewable Energy Investment Era
- Indochine Counsel
Vietnam's long-awaited Power Development Plan VIII ("PDP8") has finally been approved by the Government. This strategic blueprint, steering Vietnam's energy sector for the next decade, offers significant opportunities for investors, particularly in the renewable energy field
Vietnam: Offshore indirect investment procedures – List of 19 frequently asked questions and answers
- BLawyers Vietnam
BLawyers Vietnam provides an overview of offshore indirect investment in this FAQ article. We present the conditions and principles for transferring capital for offshore indirect investment, and profit remittance when carrying out an offshore indirect investment pursuant to the prevailing law of Vietnam.
Vietnam: Three notes on installing and advertising business on LED screens outside buildings
- BLawyers Vietnam
Currently, buildings have a trend of installing LED screens outside for advertisement service business. In this article, BLawyers Vietnam will point out three notes regarding installation and advertising business on outdoor LED screens.
Vietnam: How are enterprises fined for violating regulations concerning payment of health insurance premiums for employees in Vietnam?
- BLawyers Vietnam
Enterprises violating regulations on payment of health insurance premiums for employees is an act occurring in several places in Vietnam. BLawyers Vietnam points out some regulations and notes regarding this matter.
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