Updates
Laos: FAQ on Injunction Orders for Civil Disputes
- DFDL Lao PDR
This FAQ on Injunctions for Dispute Resolution was designed to address the current global situation, notably for economies facing distress and possible downturn in the aftermath of the Covid-19 pandemic and those impacted by political instability by the conflict in Ukraine. The first of these FAQ editions covers Lao PDR, Myanmar, Thailand and Vietnam.
Myanmar: DOCA Issues New Guidelines for Product Recalls and Bans
- DFDL Myanmar
On 20 December 2022, the Department of Consumer Affairs (“DOCA”) issued a directive which established guidelines for the “recalling and the permanent/temporary ban on the sales and distribution of perilous goods and services” (“Directive”). The Directive provides DOCA with a process for recalling perilous goods and services – hereby referred to as “products” – and the procedures to be followed by the owners of products considered to be perilous.
Cambodia: ACAR Deadline for submission of Financial Statements
- DFDL Cambodia
On the 27th of December 2022 the Accounting and Auditing Regulator (“ACAR”) issued a reminder regarding the submission obligations relating to the 2022 financial statements of enterprises in Cambodia. In summary enterprises that are not required to obtain an external independent audit of their 2022 financial statements.
Cambodia: Key Processes for the Negotiated Trading Method of Securities
- DFDL Cambodia
As the stock exchange market in the country develops, in addition to the regular auction trading method, block trades or special crossings (via the NTM) are also permitted, whereby the buyer and seller of listed shares can directly negotiate and agree upon the conditions of their transaction.
Cambodia: Clarification on Advance Tax on Dividend Distribution
- DFDL Cambodia
Cambodian Advance Tax on Dividend Distribution (ATDD) is a mechanism under which Tax on Income (TOI) is calculated at the time when a Cambodian enterprise distributes pre-taxed earnings.
Cambodia: Investigation Procedures for Offenses under the Competition Law and Incentives for Reaching a Negotiated Settlement
- DFDL Cambodia
On 4 November 2022, the Ministry of Commerce of Cambodia issued two new regulations, namely, Prakas 226 on Formalities and Procedures of Inspection and Investigation under the Law on Competition and Prakas 227 on Negotiated Settlement under the Law on Competition.
Cambodia: Changes to Tax on Income and Tax on Salary Tables
- DFDL Cambodia
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
- DFDL Cambodia
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
- DFDL Myanmar
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
- BLawyers Vietnam
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
- DFDL Cambodia
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
- BNG Legal
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
- DFDL Cambodia
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
- BLawyers 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
- PwC Tax & Advisory Vietnam
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
- BLawyers Vietnam
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
- ADK Lawyers
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
- EY Vietnam
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
- DFDL Cambodia
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
- EY Vietnam
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.
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