Reading Time: 2 minutesTRUSTS SERVICE FEES FOR THE REGISTRATION OF TRUSTS, Prakas № 854 of the Ministry of Economy and Finance (“MEF”), 30 September 2019. The purpose of this Prakas is to determine the level of fees for the registration of trusts in Cambodia. The registration and renewal fees include administrative and annual certification fees, the respective amounts […]
Regional Law: ASEAN Employment Legal Update
Reading Time: 10 minutesDFDL’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 […]
Vietnam Tax Update: New Law on Tax Administration – Key Takeaways
Reading Time: 6 minutesThe 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 September 2019
Reading Time: 2 minutesREINSURANCE BUSINESS LICENSING REINSURANCE ACTIVITIES IN CAMBODIA, Prakas № 323 of the Ministry of Economic and Finance (“MEF”), dated 20 March 2019. Pursuant to Article 41 of the Insurance Law (“Insurance Law 2014”) dated 4 August 2014, insurance activities in Cambodia are categorized into four types including (i) life insurance, (ii) general insurance, (iii) reinsurance […]
Vietnam Legal Update: Proposed Solar Feed-In-Tariffs
Reading Time: 3 minutesOn 3 May 2019 the Ministry of Industry and Trade of Vietnam (the “MOIT”) submitted to the Prime Minister a draft decision intended to replace Decision No. 11/2017/QD-TTg of the Prime Minister on mechanisms for the encouragement of development of solar power, dated 11 April 2017 (“Decision 11”). In response to this submission, the Prime […]
Myanmar Legal Update: Deployment of Employees in Myanmar
Reading Time: 2 minutesEmployment law in Myanmar is still a work in progress. Rather than a single labour code, a patchwork of labour legislation covers different aspects of the employment relationship. Currently, the rules and regulations regarding foreign workers are regularly changing and requirements by the authorities may vary from application to application. We understand that the Ministry […]
Cambodia Tax Update: Tax Treaty with Hong Kong Signed
Reading Time: 2 minutesCambodia has signed a Double Taxation Agreement (DTA) with Hong Kong on the 26th of June 2019 as announced by the Secretary for Financial Services and Treasury, Mr James Lau, on behalf of the Hong Kong Special Administrative Region Government. Under the DTA, double taxation will be avoided in that any tax paid in Cambodia […]
Myanmar Legal Update: Oil & Gas Blocks Tender 2019 – The new Draft Petroleum Law and Revised PSC
Reading Time: 3 minutesIn early 2019, the Ministry of Electricity and Energy (“MOEE”) announced that it would soon be calling a new round of international tenders for 18 onshore and 15 offshore oil and gas blocks expected to take place in early 2019. The tender round was subsequently delayed and is now anticipated to occur in Q3 or […]
Myanmar Tax Update: Significant Changes Under the New Tax Administration Law
Reading Time: 2 minutesOn 7 June 2019, the Union Parliament (“Pyidaungsu Hluttaw”) enacted Law No. 20 otherwise known as the Tax Administration Law (“TAL”). This TAL is one of the major pieces of tax legislation being introduced in Myanmar as part of the Internal Revenue Department’s (“IRD”) tax reform program. This Law aims to modernize and provide guidance […]
Cambodia Tax Update: VAT Update – Zero-rated Supplies
Reading Time: 3 minutesAs a general rule the Cambodia tax regulations contemplate Value Added Tax (VAT) being charged at zero percent (“zero-rated”) for services invoiced by a Cambodian taxpayer that are deemed to be performed outside of Cambodia (“exported services”). The uncertainty facing taxpayers in Cambodia centers upon what constitutes an exported service and what evidence do they […]
Myanmar Legal Update: Foreign Companies Allowed to Export Certain Local Products
Reading Time: 2 minutesOn 6 June 2019, the Ministry of Commerce (“MOC”) issued Notification No.24/2019 (the “Notification”) that allows foreign companies to export certain local products by exercising powers under Section 13 (b) of the Export and Import Law. In order to raise the quality of Myanmar exports, boost international demand for local goods and raise earnings for […]
Myanmar Legal Update: INGOs & NGOs Conducting MFI Activities Must Be Registered as Companies and Re-Apply for Microfinance Business License
Reading Time: 2 minutesOn 4 June 2019, the Financial Regulatory Department (“FRD”) issued a letter (“Letter”) directing International Non-Governmental Organizations (“INGOs”) and Non-Governmental Organizations (“NGOs”) which carry out microfinance activities to register as companies and re-apply for Microfinance Business Operation Licenses (“MFBOL”). The FRD had previously issued MFBOLs to 3 INGO groups, 16 NGO groups, 47 foreign companies, […]