Reading Time: 4 minutesIn Securities and Futures Commission v Cheng Chak Ngok and Another (CACV 95/2017, 10 September 2018), the Securities and Futures Commission (the “SFC”) appealed against the decision of the Market Misconduct Tribunal (the “MMT”) that Mr Cheng Chak Ngok (“Mr Cheng”) had not engaged in insider dealing in the shares of China Gas Holdings Limited (“China Gas”). […]
Reading Time: 2 minutesOn 22 November 2018, the Thai Revenue Department (TRD) took another significant step towards tightening its transfer pricing compliance and enforcement regime with the release of “the Additional Revision of the Thai Revenue Code No.47 (TRC47)”. Over the past five years, based on the Base Erosion and Profit Shifting (“BEPS”) initiatives of the OECD, many jurisdictions […]
Reading Time: 6 minutesThe Myanmar Companies Law (“MCL”), with a view to promote corporate governance and transparency has defined related parties and come up with compliance requirements for related party transactions which is one of the distinct features of the new law. The changes which have been introduced to the MCL affects the general financing between related parties […]
Reading Time: 2 minutesADVISORY OPINIONS The National Privacy Commission (“NPC”) issued NPC Circular No. 18-01 dated 10 September 2018 which provides the rules of procedure on requests for advisory opinions on matters relating to data privacy or data protection. The Circular mandates that requests for advisory opinions be commenced by a letter request addressed to the Privacy Commissioner and Chairman. […]
Reading Time: 3 minutesIntroduction On 6 September 2018, the Competition Commission (the “Commission”) commenced proceedings in the Competition Tribunal (the “Tribunal”) against three companies and two individuals – Mr Chan and Mr Lam in relation to the provision of renovation services at a subsidised housing estate in San Po Kong. Notably, this is the first time that the […]
Reading Time: 3 minutesIntroduction The Employment (Amendment) (No. 2) Ordinance 2018 (the “Amendment Ordinance”) was passed by the Legislative Council on 17 May 2018 and took effect on 19 October 2018. Under the Amendment Ordinance, the Labour Tribunal is empowered to make an order for reinstatement or re-engagement of an employee in the event of unreasonable and unlawful […]
Reading Time: 4 minutesIntroduction In our Newsletter in June 2017, we discussed the judgment of the Court of First Instance (“CFI”) in Leung Chun Kwong v Secretary for the Civil Service and Another HCAL 258/2015, where the CFI ruled that the Hong Kong Government should grant the same spousal benefits to employees in same-sex marriages as those enjoyed by their heterosexual […]
Reading Time: 4 minutesIt is unlawful for any employer to dismiss any of its employees on the basis of his or her gender. However, it is often difficult, if not impossible, for an employee to produce direct evidence of such discrimination against his or her employer. In addition, the Court is often reluctant to draw an inference of […]
Reading Time: 1 minutesAugust 1st, marked the launch of the Directorate of Investment and Company Administration’s (“DICA”) online registry system, Myanmar Companies Online (“MyCO”). Through this release, Myanmar has made a notable stride forward in its efforts to attract greater levels of foreign participation and investment. The corporate compliance process is now significantly more streamlined and efficient under […]
Reading Time: 3 minutesThe Central Bank of Myanmar recently issued a directive which goes considerable distance in further liberalizing and encouraging market access to local companies. The directive will foster increased competition in the market and addresses the persistent grievances of local companies in terms of their access (or the lack thereof) to channels and sources of foreign […]
Reading Time: 5 minutesWe provide below an update on some of the recent changes in the tax landscape in Myanmar. 1. Clarification on the offsetting mechanism for commercial tax (“CT”) purposes The Internal Revenue Department (“IRD”) recently issued two Notices clarifying the treatment of recording CT upon the sale and purchase of goods and services. Notice No. 2/2018 […]
Reading Time: 2 minutesAt the end of January 2018, the Thai government approved a Ministerial Regulation providing a tax incentive (“Tax Incentive”) to any Angel Investor investing in a start-up company that conducts a promoted business activity in an industry approved by the National Science and Technology Development Agency (“NSTDA”). More specifically, the Tax Incentive is granted to […]
