Updates
Cambodia: Special Tax Audit Unit
- Legal Centrix
Sub-decree 160 was issued by the Royal Government of Cambodia on the 16 of July 2024 to establish a Special Tax Audit Unit (“STAU”) which has a status equivalent to a department with in the General Department of Taxation. The stated objective behind the creation of the STAU is to provide a mechanism to promote and expedite there solution of taxpayer problems relating to the conduct of tax audits to improve the overall business environment and encourage investment into Cambodia.
Vietnam: Enforcing Denial of Benefits Under FTAs to Tackle Nationality Planning - Challenges & Prospects
- LNT & Partners
Vietnam is now a member of around 16 free trade agreements (FTAs).[1] As market openness generally increases over time, foreign investors may enjoy varying levels of market access depending on the specific FTAs to which their home countries are parties alongside Vietnam.
Vietnam: The Amended Law on Protection of Consumers' Rights Takes Effect Today
- LNT & Partners
The amended Law on Protection of Consumers' Rights takes effect today, July 1, 2024. This article reveal key aspects of the new legislation on consumer information protection, emphasizing its impact on both businesses and consumers.
Vietnam: Key Updates in Vietnam's 2024 Law on Credit Institutions
- LNT & Partners
The 2024 Law on Credit Institutions in Vietnam includes several noteworthy updates to enhance transparency, reduce risks, and promote fairness within the banking sector. Key highlights are described in this article.
Myanmar: Overview of the Patent Law and Regulations in Myanmar
- DFDL Myanmar
Myanmar has made significant strides in enhancing its intellectual property framework with the introduction of the Patent Law in 2019, marking a major milestone. Enacted on 1 June 2024, by the State Administration Council, this comprehensive legislation was soon followed by the release of the Patent Rules on 4 June 2024.
Vietnam: Legal framework on cosmetic management activities in Vietnam
- Apolat Legal
This update covers: 1) Definition of cosmetics and important terms, 2) Regulations of cosmetic product proclamation, 3) Changes to published content, 4) The effect time of the receipt number of cosmetic product proclamation report, 5) Confiscating the cosmetic product proclamation receipt number, 6) Suspending the cosmetic circulation and confiscation
Vietnam: How to protect the author – right of musical work in the digital age
- Apolat Legal
TikTok is an indispensable app for the young generation. This is a playground for the user to be creative with the short video, otherwise, it is also the cause for the author–right infringement. “How the user protect their author – right in the digital space?”, this essay is going to clarify this issue.
Vietnam: Chinese investor establishes a beverage factory in Vietnam
- Apolat Legal
According to a report from the Department of Investment, 2023 is the year that attracts the most projects from Chinese investors. These data show that Vietnam has always created favorable conditions for Chinese investors to invest in Vietnam, and Vietnam is also a potential market where investors aim to implement production projects.
Thailand Tax Update - July 2024
- DFDL Thailand
DFDL Thailand Tax Update: 1) On 4 June 2024, the Thai Cabinet approved a special measure providing corporations and individuals with a special tax deduction for certain expenses in secondary provinces, 2) Update on taxation of foreign income in Thailand.
Vietnam: Japanese investors operating in cosmetics retail in Vietnam
- Apolat Legal
Currently, Vietnam is a popular destination for Japan Investors in cosmetic retail. However, in order to be allowed to conduct cosmetics retail in the Vietnamese market, Japanese investors need to pay attention to the several issues discussed in this article.
Vietnam: Proposed Change In Tax Law Likely Affecting M&A Transactions In Vietnam
- LNT & Partners
Vietnamese tax law has recently introduced a proposed amendment that may affect M&A deal makers in Vietnam especially those with plan for exit/ restructuring M&A transactions. The Vietnam Ministry of Finance has just released the Draft Law on Corporate Income Tax (CIT) for public consultation (the Draft Law).
Electricity Price Range For LNG Power Plants In 2024
- Venture North Law Firm
On 27 May 2024, the Ministry of Industry and Trade (MOIT) issued Decision 1260 approving the electricity generation price (EGP) range for the year 2024 applicable to LNG combined-cycle gas turbine (CCGT) thermal power plant.
New Decree on Non-Cash Payment in Vietnam
- Venture North Law Firm
On 15 May 2024, a new Decree on non-cash payments has been passed by the Government (Decree 52/2024) to replace the old Decree 101/ND-CP of the Government on non-cash payment dated 22 November 2012 (Decree 101/2012) from 1 July 2024. In this post, we will introduce certain key changes of Decree 52/2024.
Issues Relating To Private Bonds Marked As “Cancelled” On Hanoi Stock Exchange Website
- Venture North Law Firm
Since 2019, Hanoi Stock Exchange (HNX) has operated a website to publish information on private corporate bonds (Private Bond Information Website). Currently, on the Private Bond Information Website, several outstanding private bonds issued under Decree 153/2020, which have reached maturity but have not been repaid by the relevant issuers, are marked as “cancelled”.
How the new Law Electronic Transactions 2023 could affect the signing of contracts by exchanging pdf copies in Vietnam?
- Venture North Law Firm
From 1 July 2024, several new provisions under the Law on Electronic Transaction 2023 (LET 2023) could affect how the parties could sign a contract via the creation and exchange of pdf copies of the agreed contract.
Cambodia: Update on Measures to Ease the Use of Khmer Language in Accounting Records and Supporting Documentation
- DFDL Cambodia
Notification 031/24 AAR (Notification 031/24) was issued by the Accounting and Auditing Regulator (ACAR) on the 15th of May 2024 to clarify the implementation of Circular no. 009 MEF dated 01 September 2021 on the Use of Language and Currency in Accounting Records and Financial Statements.
Myanmar: Supreme Court Clarifies IP Court’s Patent Jurisdiction
- DFDL Myanmar
On 1 June 2024, the State Administration Council (“SAC”) enforced the Patent Law 2019 (“PL”). Subsequently, on 3 June 2024, the Supreme Court of the Union issued several notifications defining the jurisdiction of the Intellectual Property (“IP”) Courts and the procedures for adjudicating lawsuits under the PL.
Myanmar: The Central Bank of Myanmar Updates Digital Payment Limits
- DFDL Myanmar
On 12 June 2024, the Central Bank of Myanmar (“CBM“) issued a letter “Amending the Allowed Amounts for Carrying Out Digital Payments and Transactions”. This initiative is part of the CBM’s ongoing effort to support the government’s shift to a digital economy by updating policies and promoting non-cash payments.
Myanmar – Tax Pocket Guide 2024 Edition
- DFDL Myanmar
DFDL is delighted to announce the release of the 2024 edition of the Myanmar Tax Guide. This guide is a comprehensive and practical resource for anyone who wants to learn more about Myanmar’s tax system, the latest tax developments, and the tax implications of doing business in various sectors.
Singapore: Income Tax (Amendment) Rules 2024 and The 7th Edition Singapore Transfer Pricing Guidelines
- DFDL Singapore
The Singapore Ministry of Finance recently announced amendments to the Singaporean transfer pricing rules as part of its ongoing initiative to simplify the overall compliance process for taxpayers. The Income Tax (Transfer Pricing Documentation) (Amendment) Rules 2024 came into effect on 10 June 2024.
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