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Supporting Your Business During the COVID-19 Outbreak
DFDL, March 2020

As the Novel Coronavirus (COVID-19) continues to spread across the world, we would like to reassure you that DFDL takes the needs and well-being of our clients, our people and local communities seriously. We have enacted plans across our offices to deliver uninterrupted service to our clients and we are monitoring the situation on a daily basis. All members of DFDL remain ready to serve client needs and DFDL offices remain open, when allowed by local authorities...

Cambodia Update: Relief Provided for Businesses Affected by COVID-19 and EBA
DFDL, February 2020

In response to the impact of COVID-19 and the partial withdrawal of EBA benefits – see our update here – the Cambodian government have issued a number of regulations which are intended to provide some relief to affected businesses in Cambodia. We outline these updates below:  Letter 1313 MEF – dated 25 February 2020 Notification no...

Cambodia Tax & Real Estate Alert: 2019 Property Tax Deadline - 30 September
DFDL, September 2019

On the 21st of August 2019 Notification dated 21 August 2019 the General Department of Taxation (“GDT“) issued Notification 17517 GDT on the Second Reminder of the Payment of the Property Tax reminding owners of immovable property to file their annual Property Tax declaration before the deadline of 30 September 2019...

Vietnam Tax Update: New Law on Tax Administration – Key Takeaways
DFDL, September 2019

The new Law on Tax Administration No. 38/2019/QH14 (“LTA” or “new Law”) was passed by the National Assembly in June 2019 will become effective from 1 July 2020. New provisions relating to electronic invoices and electronic documents take effect from 1 July 2022. We summarize below some of the salient features of the new Law...

Cambodia Legal Update: New National Fire Safety Systems Code Launched in Cambodia
DFDL, September 2019

The Association of Fire Prevention Enterprises of Cambodia (“AFPE”) in conjunction with the National Quality Inspection Centre for fire Safety Systems (“NICS”) hosted a seminar on 9 September 2019 on the introduction of the National Standard Book on Fire Safety Systems – Building Design Code...

Cambodia Tax Update: Tax Treaty with Malaysia Signed
DFDL, September 2019

Cambodia has signed a Double Taxation Agreement (“DTA“) with Malaysia on the 3rd of September 2019 during the visit of Malaysian Prime Minister Tun Dr Mahathir Mohamad to Phnom Penh. Under the DTA, double taxation will be avoided in that any tax paid in Cambodia by Malaysian companies in accordance with the DTA will be allowed as a credit against the tax payable in Malaysia on the same income, subject to the provisions of the tax laws of Malaysia...

Cambodia Legal Update: 2020 Foreign Employee Quota Application Window to Open Shortly
DFDL, August 2019

By way of advance notice, please note that the window to apply for the 2020 foreign employee quota will open in September 2019.   Organizations employing or intending to employ foreign employees in 2020 are required to apply for a foreign employee quota from the Ministry of Labour and Vocational Training (“MLVT”)...

Cambodia Tax Update : VAT Update – Refund Process Updated
DFDL, July 2018

It is fair to say that one of most consistent complaints we hear from taxpayers regards the issues associated with applying and obtaining a Value Added Tax (VAT) refund in Cambodia. Until now the VAT refund process was a very lengthy process – sometimes taking years – and often subject to uncertainty and delays...

Land Development from the Ministry of Land Management, Urban Planning and Construction- Cambodia
DFDL, July 2018

The Prakas No 087 essentially defines the terms of land development, conditions and procedures to obtain and issue approvals on land development, the competent authority, rights and obligations of land development, conditions on state land development, land development complaints and penalties for conducting land development without required approvals...

ASEAN Employment Legal Update 2018 Q.2
DFDL, July 2018

Regional Legal Update on Labor and Employment Law Issues DFDL’s Employment Practice Group is dedicated to advising clients on employment and labor issues and preparing human resources documentation that is compliant with local laws. Our employment team’s in-depth knowledge of the law and practices in the countries where we operate allows us to provide specialized, tailored, and practical advice on issues that arise in employment relationships...

Myanmar Legal Update: Companies’ Re – registration, Formation, and Corporate Compliance filing under the Myanmar Companies (Electronic Registry System and Miscellaneous Matters) Regulations 2018
DFDL, July 2018

A new electronic registry system called Myanmar Companies Online (“MyCo”) is to be launched with the coming into force of the new Myanmar Companies Law 2017 (“MCL”) on the 1st of August. The Directorate of Investment and Company Administration (“DICA”) is introducing MyCo with the purpose of streamlining company filings and making the process more transparent...

Myanmar Tax Alert: Ministry of Planning and Finance Amends the Withholding Tax Rules in Myanmar
DFDL, July 2018

The Ministry of Planning and Finance issued Notification 47/2018, outlining the new withholding tax (“WHT”) rules that now apply on payments to resident and non-resident taxpayers in Myanmar. This Notification is effective from earlier this year and will supersede the current WHT Notification 51/2017 that was issued last year...

Lao PDR : Challenges and Opportunities for Solar Power Development
DFDL, July 2017

 The hydropower ambitions of the Lao PDR are well known. The aspiring “battery of Asia”, the Lao PDR has proven successful at attracting and maintaining hydropower investment in recent years...

DFDL Cambodia Tax Brief: Anticipated Tax Changes to Take Effect in 2017
DFDL, November 2016

The 2017 Law on Financial Management has yet to be formally enacted in Cambodia however its content has already been disseminated among most tax professionals and the press so with that in mind we have put together what we believe are the salient points of the draft Law on Financial Management (“the Draft Law”) for your reference. The Draft Law has been rubber stamped by the Council of Ministers and when enacted the changes should take effect from 1 January 2017...

Uncertainty Persists on VAT Refund, Import Duty and Tax Penalty Issues
DFDL, October 2016

By way of -providing guidelines for implementing the Tax Law No.106/2016/QH13 (Law 106) effective from 1 July 2016, the government has issued Decree 100/2016/ND-CP (Decree 100) on 1 July 2016 and the Ministry of Finance has issued Official Letter 10315/BTC-TCT dated 25 July 2016 (OL 10315) and Circular 130/2016/TT-BTC dated 12 August 2016 (Circular 130)...

Cambodia Investment Update for August 2016
DFDL, August 2016

TAXATION TAX ON IMMOVABLE PROPERTY PAYMENT FOR 2016 Notifications No. 12723 dated 5 August 2016 & No. 13466 dated 16 August 2016 Per Notification No. 12723, the General Department of Taxation (“GDT”) informs owners of immovable property (“Property”) which is subject to the Immovable Property Tax (“IPT”) to pay the IPT to the tax authorities by 30 September 2016. Late payment of IPT is subject to penalty...

Cambodia Property Tax Update
DFDL, August 2016

In the last few weeks, the General Department of Taxation (GDT) has issued two Notifications (No. 12723 & 13466) reminding owners of immovable property to file their annual Property Tax declaration and pay Property Tax before the deadline of 30 September 2016. Notification No...

Reassessment of Tax Incentives 2009-2013
DFDL, August 2016

Corporate income tax (CIT) incentives granted during the period 2009-2013 have increasingly been challenged by tax authorities and particularly by state auditors with an inclination towards reassessment of such incentives...

Cambodia Investment Update for July 2016
DFDL, August 2016

Implementation of Prakas on minimum registered capital of banking and financial institutions,Circular № B7-016-117 C.L, dated 16 June 2016This Circular, issued on 16 June 2016, aims at implementing Prakas №B7-016-117 on Minimum Registered Capital of Banking and Financial Institutions (“BFIs”), dated 22 March 2016 (“Prakas №B7-016-117”), in relation to procedures for increasing the minimum registered capital requirements of BFIs...

Legal Wheels Turn for Foreign Investors in Myanmar
DFDL, August 2016

While the initial rush of foreign investors to Myanmar slowed down in 2015, likely due to the November elections, 2016 is predicted to be a year of rapid growth. The almost complete transition of power to Aung San Suu Kyi’s National League for Democracy (NLD), formerly in opposition, represents an impressive step forward to stability for the nation, and to opening up to the world...

GDT to Visit All Businesses in Phnom Penh to Collect Data
DFDL, July 2016

As per Notification No. 039 issued by the Ministry of Economy and Finance (MEF) on 21 July 2016, a working group consisting of representatives from both the General Department of Taxation (GDT) and the Phnom Penh Municipality will begin to collect data from all enterprises in Phnom Penh from August 2016 onwards. Representatives of the working group will physically visit all enterprises in Phnom Penh for the purpose of: 1. Gathering the enterprise’s statistics; 2...

Important Tax Changes in Vietnam
DFDL, July 2016

Effective from 1 July 2016, Law No.106/2016/QH13 dated 6 April 2016 (Law No...

Permits for Trading Construction Materials to Be Granted to Joint-Venture Companies With a Foreign Partner
DFDL, July 2016

The Ministry of Commerce under the Government of the Republic of the Union of Myanmar issued Notification no. 56/2016 on 7 July 2016, announcing that permits for the trading of construction materials may be granted to joint-venture companies with a foreign partner. This means that foreign companies can now form a joint-venture company and import constructions materials– they could not do this in the past...

Delay in Implementation of New Penal Code
DFDL, July 2016

On 30 June 2016, Vietnam’s National Assembly voted to delay implementation of Penal Code No. 100/2015/QH13 dated 27 November 2015 (the “Penal Code”), which was to take effect on 1 July 2016. It is not clear at this time when the Penal Code will be implemented and we understand it will undergo significant revisions prior to being approved for implementation by the National Assembly...

Extension of Deadline for Online Company Re-Registration in Cambodia
DFDL, July 2016

Extension of Deadline for Online Company Re-Registration, Notification № 2338 (Ministry of Commerce) 01 July 2016According to Prakas 300, dated 29 December 2015, all companies, branches, and representative offices registered in Cambodia wererequired to complete a re-registration process through the Ministry of Commerce’s online registration portal which was launched in January 2016.The deadline for completing the re-registration process was previously extended from March to 30 June 2016...

 

 

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