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Cambodia: Incentives for Voluntary Disclosures

The introduction of Prakas 217 MEF.P (“Prakas 217”), which was issued by the Ministry of Economy and Finance in March 2022, provides incentives to taxpayers who wish to make voluntary declarations with the GDT.

Vietnam: Can a foreign company retain a Vietnamese person as a service provider, not an employee?

Vietnamese law has no clear-cut distinction between an employment relationship and a commercial relationship, service agreement, thus individuals can be service providers.

Vietnam Updates From ADK - Vol. 38: Contractor shall purchase compulsory insurance for civil liability for third parties

In this update: 1) Guideline on Covid-19 prevention and control associated with entrants, 2) Visa waiver for citizens of 13 countries, and 3) A contractor shall purchase compulsory insurance for civil liability for third parties.

Use of digital signatures in e-financial transactions

Digital signatures have become an essential part of the digitisation strategy of the banking sector in Vietnam. Even though the legality of digital signatures has been recognised by Vietnamese law, some risks and obstacles still undermine their use.

Vietnam Weekly Update - 25 March 2022

Cập Nhật Hàng Tuần Việt Nam - 25 Thang 03 2022

In this update: 1) Amending, supplementing several regulations on compulsory insurance in construction investment activities, 2) Visa waiver for the foreign nationals; and 3) Summary of articles published in March 2022.

Vietnam Weekly Update - 14 March 2022

Cập Nhật Hàng Tuần Việt Nam - 14 Thang 03 2022

In this update: 1) Administrative procedures re foreign exchange operations performed at the one-stop service counter of the State Bank of Vietnam, 2) Amending and supplementing the guidance of the Law on Insurance Business and regulations on compulsory insurance of civil liability of motor vehicle owners.

Vietnam: Amendments and supplements for approving foreign loans under Circular No. 09/2022/TT-BTC

In this update: 1) Several amendments and supplements to conditions for approving foreign loans under Circular No. 09/2022/TT-BTC, 2) New regulations on the registration fee under Circular No. 13/2022/TT-BTC.

Republic Act No.11595 Reduces Required Paid-up Capital for Foreign Retail Enterprises to 25M Philippine Pesos

On 10 December 2021, President Rodrigo Duterte signed into law Republic Act No. 11595 which introduced important amendments to the Retail Trade Liberalization Act of 2000.

Some developments relating to the draft Personal Data Protection Decree

On 7 March, the Government issued Resolution 27/NQ-CP as an ‘approval-in-principle’ of key contents of the draft PDPD proposed by the MPS.

Philippines: Republic Act No. 11595 Reduces the Required Paid-up Capital for Foreign Retail Enterprises to Twenty-five Million Philippine Pesos

On 10 December 2021, the Republic Act No. 11595 was passed, introducing important amendments to the Retail Trade Liberalization Act of 2000 (“RTLA”).

Philippines: Amendments to the Foreign Investment Act

On 02 March 2022, the President of the Philippines signed into amendments to the Foreign Investments Act. Among the notable amendments are: 1. The creation of an Inter-Agency Investment Promotion Coordination Committee (“IIPCC”), 2. The introduction of the Foreign Investment Promotion and Marketing Plan (“FIPMP”), and 3. Reserving micro and small domestic market enterprises to Philippine nationals.

Vietnam added to the EU’s “grey list"

On 24th February 2022, the Council of the European Union (“EU Council”) added another 10 countries, including Vietnam, to its grey list, - its list of The grey list of countries deemed by the EU to be co-operative and have committed to reforming their tax rules.

Cambodia: Capital Gains Tax Officially Delayed to 2024

The General Department of Taxation issued Notification no. 4577 GDT on the 9th of March 2022 which delays the implementation of Prakas 346 on Capital Gains Tax to 1 January 2024.

Vietnam Updates From ADK - Vol. 37: Draft Circular on determining electricity generation prices and power purchase agreement value for solar and wind generation.

In this update: 1) Draft Circular on electricity generation price brackets, determining electricity generation price, and power purchase agreement value, 2) Guideline on determining the HS code for receiving 2% VAT reduction, and the Ministry of Health issued the Circular stipulating the latest maximum payment rates for testing services.

Accommodation Service Business Within An Industrial Zone

To satisfy the actual demand of those working in industrial zones (IZs), recently, more and more investors are exploring possibility to do the accommodation service business (e.g. hotel, condotel, officetel, …) (Accommodation Business) within IZs.

Vietnam Weekly Update - 28 February 2022

Cập Nhật Hàng Tuần Việt Nam - 28 Thang 02 2022

In this legal update: 1) Guidance on investment supervision and assessment for foreign investment activities in Vietnam; 2) National program on occupational safety and health for the period of 2021 -2025.

Vietnam Signed Social Insurance Agreement With Korea

Bản tin nhanh về pháp luật bảo hiểm

On 14th December 2021, the Social Insurance Agreement (“the SIA”) between Vietnam and Korea was signed by the Minister of Labour, War Invalids and Social Affairs (Vietnam) and the Minister of Health and Welfare (Korea) on behalf of the Governments of the two countries

Vietnam Updates From ADK - Vol. 36: Decree No. 17 on penalties in the following fields: Chemicals, energy, commerce, production and trade in counterfeit goods, consumer rights.

In this update: The Government has just issued Decree 17 on penalties for administrative violations in the field of chemicals, electricity, safety of hydroelectric dams, effective use of energy. commerce, production and trade in counterfeit and prohibited goods, and protection of consumer rights.

Cambodia: Annual Compliance Obligations

There have been some recent changes and updates with respect to the annual compliance obligations for most enterprises in Cambodia, including: Tax on income return, transfer pricing documentation, patent tax, annual certificate of compliance, annual declaration of commercial enterprise, submission of annual financial statements, foreign employee quota for 2023, foreign employee work permits for 2022, etc.

Future of Vietnam DTAs post-MLI

On 9 February, Vietnam signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“the Convention” or “the MLI”), becoming the 99th jurisdiction to join the Convention.