Reduction in Income Tax for Publicly Owned Companies The Ministry of Finance recently issued regulation No.238/PMK.03/2008 of 2008 regarding the Procedures for and Supervision of the Granting of Tariff Reductions to Local Entity Tax Payers which are Publicly Owned Companies ...
Canadian ratification of the Convention on International Interests in Mobile Equipment and of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment: This Bulletin is intended as a brief overview of the above-mentioned Convention and its Protocol and is not an in depth analysis of each of their provisions ...
Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry ...
The Canadian Securities Administrators (“CSA”) have announced that, on several fronts, they are implementing amendments to the disclosure requirements for venture issuers, including those listed on the TSX Venture Exchange. These amendments primarily address continuous disclosure and governance obligations, while also implementing changes to disclosure obligations for prospectuses and information circulars ...
Like most industries, tech startups have been deeply impacted by the COVID-19 pandemic. As they scramble to adapt to a rapidly changing climate, tech leaders are asking if, and to what extent, their businesses can benefit from the $2 trillion stimulus package known as the CARES Act ...
The 31st of March is already an auspicious date in the Cambodian tax calendar: It is the deadline for most taxpayers in Cambodia to submit their annual Income Tax return. This year, however, the last day of March is also the deadline for non-resident e-commerce providers to register for value-added tax (“VAT”) in Cambodia ...
September 2021 has seen the issuance of Circular 009 on the Usage of Khmer Language and Currency in Accounting Records and Financial Statements (“Circular 009”) and Notification No. 355 on Inspection Visits and Implementation of Interim Fines for Violations of Law on Accounting and Audit (“Notification 355”). We set out the salient points in Circular 009 and Notification 355 below for your reference ...
Overview The Law on Trusts promulgated on 2 January 2019 provides the legal framework for the creation, registration and inspection of trusts in Cambodia. To facilitate the implementation of the Trust Law, the Trust Regulator on 3 November 2022 issued Prakas 051 on the Formalities and Procedure for Inspection of Trusts (“Prakas 051”). Prakas 051 applies to the inspection of activities and operations related to the trust sector in Cambodia ...
January 2022 has seen the issuance of Instruction No. 002 AAR.N (“Instruction 002”) on the Compulsory Submission of Annual Financial Statements to the Accounting and Auditing Regulator (“ACAR”) and Instruction 001 AAR.I regarding the Submission to the ACAR on the use of English for computerized or other accounting systems (“Instruction 001”). We set out the salient points with respect to Instruction 002 and Instruction 001 below for your reference ...
On the 25th of May 2022 the General Department of Taxation (“GDT”) issued Notification No. 10979 GDT on the “Required Documents to Support the Interest Charge on Related Party Loans” (“Notification 10979”). The key points to be taken from Notification 10979 are as follows: To ensure compliance with Prakas No. 986 MEF.P ...
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 ...
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 points From 8 September 2021 non-resident entities who provide digital goods/services or e-commerce activities to Cambodian consumers and who expect to have sales of USD15k or more before the end of the year, over three consecutive months, have 30 days to register for VAT with the General Department of Taxation (GDT) in Cambodia. From 2022 onward the same non-resident entities, as described above, that expect to have sales of USD62 ...
On 10 February 2022, the General Department of Taxation (“GDT”) issued Notification 2845 (“Notification 2845”), which provides the 2021 market interest rates for Employee Loans in accordance with Article 15 of Prakas 543 on Tax on Salary and Instruction No. 7015 GDT dated 13 March 2020. The 2021 market interest rates for 2021, based on the average of ten (10) commercial Cambodian banks, are as follows: USD – 8.28% per annum Khmer Riel – 8 ...
The General Department of Taxation (“GDT”) issued Notification no. 4577 GDT on the 9th of March 2022 (“Notification 4577”) which delays the implementation of Prakas 346 MEF.P on Capital Gains Tax (“Prakas 346”) to 1 January 2024. Previously Instruction 24094 issued by the GDT on the 9th of October 2020 (“Instruction 24094”) had postponed the implementation of Prakas 346 to 1 January 2022 ...
With the 2022 year well under way most enterprises in Cambodia are turning their attention to their annual compliance obligations. There have been some recent changes and updates with respect to the annual compliance obligations for most enterprises in Cambodia. We have included the recent changes in our summary below ...
On 26 May 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out round 4 of measures aimed at mitigating the impact of COVID-19 on the businesses and workers in Cambodia. These latest measures consist of a combination of new measures and extension of those measures already in place ...
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 are required to submit their 2022 financial statements to ACAR by the 15th of April 2023 ...
As of July 1, 2019, registration officially opened for CalSavers, California's new retirement savings program, formerly known as Secure Choice. CalSavers is a mandatory state-sponsored program for private sector and nonprofit workers whose employers do not offer a retirement plan. Under CalSavers, eligible employers with five or more employees must register with the California State Treasurer’s office as a participating employer in CalSavers ...
CalPERS Announces New Administrative Fees for Section 218 Agreements The California Public Employees' Retirement System (CalPERS), the California State Social Security Administrator (SSSA), announced in July that it will begin charging new administrative fees to public agencies for Section 218 Agreements to pay the cost of administering the SSSA program ...
The CFPB’s debt collection rule goes a long way towards resolving a long standing FDCPA question: How often can I call a debtor? Rather than institute a bright line rule, the CFPB adopted a rebuttable presumption which effectively limits debt collectors (including loan servicers subject to the FDCPA) to placing seven calls in a seven-day period. To further complicate matters, the rule also effectively prohibits calls for seven days after you actually reach a debtor ...
Key Points Eviction protections that were set to expire June 30, 2021, have been extended to September 30, 2021. New notice requirements took effect on July 1, 2021; additional notice requirements take effect on October 1, 2021. Governmental rental assistance is now available to pay 100 percent of a qualified tenant's rent. On June 28, 2021, California Governor Gavin Newsom signed Assembly Bill 832 into law, effective immediately ...
