Updates
Hong Kong's New Inspection Regime Updating on the implementation of Phase 2 on October 24th, 2022
- Grant Thornton Vietnam
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
- Grant Thornton Vietnam
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
- Grant Thornton Vietnam
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
- DFDL Cambodia
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
- DFDL Cambodia
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
- DFDL Myanmar
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
Obligations of a Vietnamese company satisfying public company requirements pending an SSC registration
- Venture North Law Firm
A Vietnamese company which satisfies public company requirements but which has not registered its public company status with the State Securities Commission (SSC) may arguably not need to comply with various obligations of a public company under Vietnamese law.
The case for a new law for offshore wind development in Vietnam
- Venture North Law Firm
To realize the potential of offshore wind development in Vietnam, the National Assembly of Vietnam will likely need to issue a new law which provides for a more comprehensive and consistent legal framework supporting an offshore wind project.
Supreme Court’s Precedent 55/2022 recognising validity of an un-notarised contract for transfer of land use right
- Venture North Law Firm
In October 2022, the Supreme Court issued Precedent 55/2022 which recognises the validity of an un-notarised contract for transfer of land use right on the basis that two thirds of the contract have been performed and accordingly the contract becomes valid in accordance with Article 129 of the Civil Code 2015.
Vietnam: Certain Questions Regarding Refinancing Of Onshore And Offshore Loans
- Venture North Law Firm
Is it permitted for an onshore loan to be refinanced by another onshore loan?
Decree 91/2022 which amends Decree 126/2020 guiding the implementation of the Law on tax administration 2019
- PwC Legal Vietnam
Decree 91/2022 took effect on the signing date, i.e. 30 October 2022. One of the notable points under Decree 91/2022 is the change of the rule for provisional corporate income tax (“CIT”) payments.
Decree 91/2022 which amends Decree 126/2020 guiding the implementation of the Law on tax administration 2019
- PwC Legal Vietnam
Decree 91/2022 took effect on the signing date, i.e. 30 October 2022. One of the notable points under Decree 91/2022 is the change of the rule for provisional corporate income tax (“CIT”) payments.
Papua New Guinea: Changes to the Companies Act certified
- Allens PNG
The Companies (Amendment) Act 2022 requires that every company incorporated, or registered as an overseas company, under the Companies Act will be required to re-register under it and to comply with more detailed record-keeping requirements in relation to share ownership.
Increase in Minimum Wage for 2023 for the Garments, Textiles, Footwear, Travel Products and Bags Sectors
- DFDL Cambodia
On 21 September 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Prakas 247/22 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear (“GTF”), Travel Product and Bag Sectors (“Prakas 247”), to set a new minimum wage for 2023, which will be effective from 1 January 2023.
Vietnam: Promoting the foreign exchange administration in respect of taking and repaying foreign loans of enterprises
- ADK Lawyers
In this update: Promoting the foreign exchange administration in respect of taking and repaying foreign loans of enterprises.
Vietnam: Strengthening the enforcement of copyright protection for radio and television services
- ADK Lawyers
Decree 71/2022/ND-CP amends some articles of Decree 06/2016/ND-CP on the management, provision and use of radio and television services. In particular, the provisions on copyright for content on radio and television services have been supplemented.
Vietnam: End of support period for unemployment insurance contribution rate according to Resolution 116/NQ-CP
- ADK Lawyers
Previously, on 24 September 2021, the Government issued Resolution 116/NQ-CP on policies to support employers affected by the COVID-19 pandemic from the Unemployment Insurance Fund. The support period according to the Resolution has expired since 01 October 2022
Myanmar: Central Bank of Myanmar Allows Fuel Import Repayments in Chinese Yuan
- DFDL Myanmar
On 30 September 2022, the Foreign Exchange Supervisory Committee of the Central Bank of Myanmar (“CBM”) issued Letter No. FE-73 (23/2022), allowing fuel import entities to make repayments of financing agreements in Chinese yuan (“RMB”) in a bid to prevent delays in oil distribution to consumers in Myanmar.
Major changes to private issuance of corporate bonds in Vietnam
- Venture North Law Firm
In response to the recent Scandals of private issuance of corporate bonds, the Government has introduced several major changes to Decree 153/2020 on private issuance of corporate bonds in Vietnam.
Myanmar: Update on Taxation in Myanmar Following The Union Taxation Law 2022
- BNG Legal
This newsletter will provide an overview of the taxation system of Myanmar following the Union Taxation Law of 2022.
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