Member Articles
Cambodia: VAT on Non-Resident E-Commerce Providers In an increasingly interconnected world facilitated by the rise of global digital commerce a number of gaps have been exposed in the tax systems of countries with perhaps one of the most significant issues being the difficulties in collecting tax from those providing digital goods and services without a physical presence in the jurisdiction where those goods and services are consumed... |
Cambodia: New Transaction Amounts - Know Your Customer Procedures for Financial Institutions and Payment Service Providers Pursuant to the Prakas on Launching the Use Rules and Procedures of Bakong System dated 26 June 2020 and the Prakas on Management of Payment Service Providers dated 14 June 2017, the National Bank of Cambodia (“NBC”) has determined transaction amounts and KYC procedures for financial institutions and payment service providers (“PSP”) in Cambodia... |
Cambodia: New Transaction Amounts & Know Your Customer Procedures for Financial Institutions & Payment Service Providers Pursuant to the Prakas on Launching the Use Rules and Procedures of Bakong System dated 26 June 2020 and the Prakas on Management of Payment Service Providers dated 14 June 2017, the National Bank of Cambodia (“NBC”) has determined transaction amounts and KYC procedures for financial institutions and payment service providers (“PSP”) in Cambodia... |
Key Considerations & Issues on COVID-19 Vaccine Rollouts Across Southeast Asia – Top 10 Q&A The opening year of this decade was sadly and tumultuously marked by the many public health challenges, travel restrictions, border closures, fears and economic hardship brought on by the coronavirus pandemic across the globe... |
Additional Measures to Support Private Sector Workers & Revive the Post-COVID-19 Economy (Round 8) On 25 March 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 8’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of COVID-19 vaccines and the fact that Cambodia has to date managed to effectively control COVID-19... |
Cambodia: Additional Measures to Support Private Sector Workers & Revive the Post-COVID-19 Economy (Round 8) On 25 March 2021, the Royal Government of Cambodia (“RGC”) implemented ‘Round 8’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of COVID-19 vaccines and the fact that Cambodia has to date managed to effectively control COVID-19... |
Cambodia: Deadline for Foreign Employee Work Permit Application Now Extended to 31 May 2021 On 26 March 2021, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 013/21 (“Notification”) on extending the deadline for foreign employee work permit applications in order to help foreign employees who face difficulties in returning to Cambodia in light of recent COVID-19 outbreak... |
Philippines: Schedule & Procedure for the Filing of Annual Financial Statements, General Information Sheet & Other Annual Reports On 08 March 2021, the Securities and Exchange Commissions (“SEC”) released SEC Memorandum Circular (“MC”) No. 3, series of 2021 to promulgate and provide guidelines on the filing of the audited financial statements (“AFS”), general information sheet (“GIS”), and other annual reports for the year 2021. In the said MC, the SEC announced the mandatory submission of these reports through the SEC’s Online Submission Tool (“OST”)... |
Corporate Insolvency Regime in the ASEAN Region – Focus on Bangladesh This publication is part of a DFDL series focusing on Corporate Insolvency Regime in consideration of the COVID-19 outbreak in Asia. DFDL published the previous editions in a series of tailor-made FAQs on restructuring and insolvency matters that businesses and stakeholders need to keep track of in Cambodia, Indonesia, the Lao PDR, Myanmar, the Philippines, Thailand and Vietnam... |
Philippines: The FIST Law On 16 February 2021, President Duterte signed into law Republic Act No. 11523, otherwise known as the “Financial Institutions Strategic Transfer (FIST) Act” (the “FIST Law”), which aims to reduce the non-performing loans (“NPL”) of banks due to the COVID-19 pandemic... |
Cambodia: Foreign Employee Work Permit Application Deadline is Approaching We wish to bring to your attention that the deadline for applying for foreign employee work permits for 2021 with the Ministry of Labour and Vocational Training (“MLVT”) is 31 March 2021. This obligation applies to every employer in Cambodia employing foreign employees, including representative offices, branches, private or public limited companies, non-governmental organizations and associations... |
Lao PDR: New Taxpayer Identification Numbers (“TIN”) for Individuals On 10 February 2021, the Ministry of Finance has issued a Notification (? 0831/MoF) regarding the issuance of Taxpayer Identification Numbers (“TIN“) for individuals... |
Cambodia: Flow Meters on Beer Production to Encourage Tax Compliance On 14 January 2021, the Ministry of Economy and Finance issued Prakas No. 010 on “the Local Manufacturers Obligation to place devices for measuring the volume of beer and non-alcoholic drinks” (“Prakas 010”). The purpose of Prakas 010 is to establish rules and procedures for managing the use of devices which measure the volume of beer, and/or non-alcoholic beverages that are produced locally... |
Cambodia: Flow Meters on Beer Production to Encourage Tax Compliance On 14 January 2021, the Ministry of Economy and Finance issued Prakas No. 010 on “the Local Manufacturers Obligation to place devices for measuring the volume of beer and non-alcoholic drinks” (“Prakas 010”). The purpose of Prakas 010 is to establish rules and procedures for managing the use of devices which measure the volume of beer, and/or non-alcoholic beverages that are produced locally... |
Vietnam: New Decree 152 Outlines Key Changes on Foreign Employment and Recruitment Policies for Vietnamese Personnel Hired by Foreign Companies On 30 December 2020, the Government of Vietnam issued Decree No. 152/2020/ND-CP (“Decree 152”) which will take effect on 15 February 2021 and replace Decree No. 11/2016/ND-CP of the Government of Vietnam dated 3 February 2016 (“Decree 11”), Decree No. 75/2014/ND-CP of the Government of Vietnam dated 28 July 2014 (“Decree 75”) and its corresponding amendments and supplemental decrees... |
Myanmar: All You Need to Know About the Notification on the Establishment, Operation & Business Activities of Non-Banking Financial Institutions On 26 January 2021, the Central Bank of Myanmar (the “CBM”) issued Notification1/2021 (the “Notification”) outlining the requirements and specifications for the establishment, operation and business activities of non-bank financial institutions (“NBFIs”). This Notification is effective from 26 January 2021. 1... |
Cambodia: Revision of Taxpayer Classification On 12 January 2021, the Ministry of Economy and Finance issued Prakas N0. 009 on the Reclassification of Taxpayers under the Self-Assessment Taxpayer Regime (“Prakas 009”). The purpose of Prakas 009 is to amend the previous classification of taxpayers to ensure that the collection of taxes are carried out in a transparent and equitable manner which is in line with the growth of the Cambodian economy... |
Thailand: New Tax Relief Package for COVID-19 1. LAND AND BUILDING TAX On 26th January, the Cabinet approved legislation with measures to reduce the tax on land and buildings, and land registration fees for residential housing as a means of alleviating the ongoing impact of the COVID-19 situation in Thailand. The new measures include: A 90% reduction of the land and building tax for 2021 that will be implemented through the enactment of a royal decree pursuant to Section 55 of the Land and Building Tax Act 2019 (the “Act”)... |
Vietnam: Update on Rooftop Solar Power Policy (As of 22 January 2021) Decision No. 13/2020/QD-TTg issued by the Prime Minister of Vietnam on encouraging mechanisms for solar power development in Vietnam, dated 6 April 2020 (“Decision 13”) prescribed feed-in tariffs which expired on 31 December 2020... |
Vietnam: The New Thu Duc City – What Does it Mean to Investors? BACKGROUND The proposal to establish Thu Duc City was developed several years ago by the municipal government of Ho Chi Minh City... |
Cambodia: Latest Construction News – January 2021 New Sub-Decrees on Construction Permits, Conditions & Procedures on the Issuance, Suspension & Revocation of Certificate of Occupancy, and Conditions & Procedures on Construction Certification New Sub-Decree on Construction Permits Following adoption of the Law on Construction dated 2 November 2019 (“Construction Law”), the Royal Government of Cambodia issued new Sub-Decree No. 224 ANKr... |
Cambodia: Medical Check-Ups for Cambodian Employees The Ministry of Labour and Vocational Training (“MLVT”) issued Prakas 429/20 on 31 December 2020 concerning Medical Check-ups for Cambodian Employees (“Prakas 429”)... |
COVID-19 Government Initiatives & Support in Asia – December 2020 As this challenging year draws to a close, the COVID-19 pandemic has wrought unprecedented disruption, economic uncertainty, and ushered in never-before seen travel restrictions throughout the world... |
Cambodia: Additional Measures to Support Private Sector Workers & Revive the Post-COVID-19 Economy (Round 7) On 23 December 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out ‘Round 7’ of measures aimed at mitigating the impacts of COVID-19 on businesses and workers in Cambodia. The RGC in their press release noted the positive update with respect to the development of a COVID-19 vaccine and the fact that Cambodia has to date managed to effectively control COVID-19... |
Cambodia: Deadline for 2021 Foreign Employee Quota Applications Now Extended to 31 January 2021 On 9 December 2020, the Ministry of Labour and Vocational Training (“MLVT”) issued Notification 041/20 on Extending the Deadline for the 2021 Foreign Employee Quota Application (“Notification”). Through the Notification, the MLVT has delayed the submission deadline for 2021 foreign employee quota applications until 31 January 2021, being two months after the original deadline... |
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