Updates
Myanmar: Significant Updates on Foreign Currency Tax Payments - New Procedures for Import/Export Taxes and Personal Income Tax in Myanmar
- DFDL Myanmar
In December 2024, the Ministry of Planning and Finance and the Internal Revenue Department introduced two significant updates concerning foreign currency tax payments. These updates pertain to the use of Market Trading Rate for Import/Export Customs Duties and Tax Payments starting 1 January 2025, and the tax payment currency for individuals receiving salaries in Myanmar Kyats (“MMK”) under foreign currency contracts.
Vietnam: New Amendments to Law on Investment
- DFDL Vietnam
On November 29, 2024, the National Assembly enacted the Law amending several articles of the Law on Planning, the Law on Investment, the Law on Investment under the Public-Private Partnership Model, and the Law on Bidding.
Vietnam: New Regulations on Environmental Protection Fees on Exhaust Gas Emissions have been Promulgated
- DFDL Vietnam
Decree No. 153/2024/ND-CP, which governs the environmental protection fees on exhaust gas emissions, was issued by the Government of Vietnam on November 21, 2024. This new regulation will take effect from January 5, 2025. Emission-discharging facilities in all parts of Vietnam will be impacted by this law.
Vietnam: Decree 180 On Reduction Of % Value-Added Tax In The First Half of 2025
- KPMG Law Limited
On 30 November 2024, the National Assembly has passed Resolution No. 174/2024/QH15, covering in which the provision on continuing to reduce the value-added tax rate by 2% for groups of goods and services specified in Resolution No. 43/2022/QH15 during the period from 1 January 2025 to 30 June 2025.
Vietnam: The board’s role within merger and acquisition goals
- Grant Thornton Vietnam
Vietnam’s M&A market recorded a deal value of $3.2 billion in the first nine months of 2024, representing less than 50 per cent of the total for 2023. However, it's too early to conclude a decline for the full year 2024. Compared to the same period in 2023, this figure marks a 45 per cent increase, signaling a potential for dealmakers to drive momentum in the fourth quarter.
Vietnam: Implementation Plan for the National Power Development Plan VIII of Vietnam
- Lexcomm Vietnam LLC
Following the issuance of the National Power Development Plan VIII (PDP8) on 15 May 2023, the Vietnam Prime Minister, on 01 April 2024, approved Decision No. 262/QD-TTg with immediate effect, laying down the Implementation Plan for the PDP8 (Implementation Plan). This is the first in the 2-plan proposal from MOIT to the Prime Minister for PDP8
Myanmar: The Role of Consumer Protection and Competition in Myanmar
- DFDL Myanmar
The introduction of the Competition Law in 2015 and the Consumer Protection Law in 2019, along with their supporting rules and notifications, has laid the foundation for a more structured and fair business environment. This article provides an analysis of the key developments in both laws and regulations.
Cambodia: Updated Tax on Transportation Means for 2025
- DFDL Cambodia
The Ministry of Economy and Finance issued Prakas 738, detailing the rules and procedures for collecting the tax on means of transportation, which will take effect from 1 January 2025. This new Prakas supersedes the earlier Prakas 531 issued in 2018.
Vietnam: More Requirements on Internet Service and Online Information
- DFDL Vietnam
The Government of Vietnam has officially issued Decree No. 147/2024/ND-CP on the management, provision, and use of internet services and online information. This new regulation, dated 9 November 2024, will take effect on 25 December 2024, replacing the earlier Decree No. 72/2013/ND-CP.
Vietnam: New Draft Law Aiming At Unifying Data Protection Legislations In Vietnam
- RHTLaw Vietnam
The draft Law on Personal Data Protection (PDPL) has been made available for public consultation, introducing a more thorough legal regime regulating the data collection and process by individuals and organizations throughout various industries such as marketing, advertisement, AI, banking, finance and insurance.
Philippines: Over 170 Infrastructure Projects in the Philippine Government’s PPP Procurement Pipeline
- DFDL Philippines
The PPP Center of the Philippines disclosed that a total of one hundred seventy-three (173) infrastructure projects with a total cost of Php 3.17 trillion (˜USD 56 billion), are and will be procured under Republic Act No. 11966, otherwise known as the “Public-Private Partnership (PPP) Code of the Philippines” (“PPP Code”). These projects cover national and local projects which are at various stages of development from conceptualization, evaluation, approval, all the way to procurement.
Vietnam: Proposed resolution for extending the 2% VAT Rate reduction for the first half of 2025
- PwC Legal Vietnam
On November 12, 2024, the Government issued Resolution 218/NQ-CP. Pursuant to the directives of Resolution 218/NQ-CP, the Ministry of Finance has prepared a draft Resolution proposing a 2% reduction in Value Added Tax (VAT) for the first half of 2025, which is to be submitted to the National Assembly during its 8th Session.
Vietnam: Import duty treatment of Vietnamese goods exported to bonded warehouses and re-imported into the domestic market
- PwC Legal Vietnam
On 24 October, the General Department of Customs issued official letter no. 5177/TCHQ-GSQL guiding provincial customs departments on the requirements for assessing special preferential import duty rates within the framework of Free Trade Agreements of which Vietnam is a member, for Vietnamese goods exported to bonded warehouses and then re-imported into the domestic market.
Vietnam: Simplifying Foreign and Domestic Investment in the Education Sector
- KPMG Law Limited
On 5 October, the Vietnamese Government, issued Decree 124/2024/ND-CP and Decree 125/2024/ND-CP. Effective from the 20 November 2024, these decrees bring significant updates to regulations governing both foreign and domestic investments in Vietnam's education sector.
Cambodia: Launch of the CDC Investment Project Management (cdcIPM) and other updates - November 2024
- RHTLaw Cambodia
In this update: Official Announcement No. 2336/24 on the Launch of the CDC Investment Project Management (cdcIPM), Notification dated 1 November 2024 on the Opening of KHR Bank Account for All Business Duly Registered in Cambodia, and Instruction No. 154/24 dated 01 November 2024 on the Reconciliation of Labour Dispute.
Registration for stock mortgage at the Vietnam securities depository and clearing corporation
- Apolat Legal
In the context of an increasingly advanced financial market, the mortgage of stocks by shareholders of joint-stock companies has become a crucial tool for capital raising and financial management. This article will examine the concept of stock mortgage and the regulations for registering mortgages of stocks at the Vietnam Securities Depository and Clearing Corporation.
A resale fixed price agreement between a supplier and its distributors considered an anti-competitive agreement prohibited by law
- Apolat Legal
Certain agreements between suppliers and distributors regarding pricing may negatively impact market prices and consumer rights, potentially violating competition laws. This article will analyse the provision of law related to the prohibited agreement on resale fixed price between suppliers and distributors, as well as the respective penalties.
Vietnam: More Favourable Conditions for Foreign Investors in the Vietnamese Stock Exchange – Opening and Using Vietnam Dong Accounts
- DFDL Vietnam
The State Bank of Vietnam (SBV) has recently released a draft Circular outlining proposed regulations for the opening and use of Vietnam Dong bank accounts by foreign investors engaging in indirect investment activities (“Draft Circular”). This initiative aims to streamline and standardize the management of foreign indirect investment in Vietnam.
Vietnam: New regulations on bank guarantees for off-plan housing, Circular 49/2024/TT-NHNN
- Global Vietnam Lawyers
This newsletter provides an update on bank guarantees for off-plan housing; information disclosure regime of bond-issuing enterprises; and Voluntary occupational accident insurance regime for employees working without a labour contract.
Vietnam: Draft Law On Personal Data Protection – Key Updates Compared To Decree No. 13/2023/ND-CP
- LNT & Partners
Te Government has recently introduced the Draft Law on Personal Data Protection, aiming to establish a comprehensive legal framework to address the limitations of Decree No. 13/2023/ND-CP, effective as of 1 July 2023, and respond to practical requirements for personal data management.
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