Legal and Tax Updates

On 21 September 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Prakas 247/22 on the Determination of Minimum Wage for Workers in the Garment, Textile, Footwear (“GTF”), Travel Product and Bag Sectors (“Prakas 247”), to set a new minimum wage for 2023, which will be effective from 1 January 2023. Under Prakas 247,...

On 30 September 2022, the Foreign Exchange Supervisory Committee (“FESC”) of the Central Bank of Myanmar (“CBM”) issued Letter No. FE-73 (23/2022) as a result of discussions held during meeting No. (53/2022).   The letter has allowed fuel import entities to make repayments of financing agreements in Chinese yuan (“RMB”) in a bid to prevent...

On 25 March 2020, the Myanmar Competition Commission issued Directive No. 2/2020 under Section 56, Subsection (b) of the Competition Law. The directive aims to prohibit unfair advertising practices, ensure fair competition among businesses, and protect the public and consumers from potential harm. Business operators must follow these promotional restrictions set out in the directive:...

On 13 September 2022, the Microfinance Supervision Committee (“Committee“) under the Ministry of Planning and Finance issued Directive No.4/2022 (“Directive“), which outlines risk-based management strategies required of microfinance institutions (“MFIs“) to combat money laundering and terrorism. The Directive also pertains to Section 69 (c) of the Anti-Money Laundering Law (Union Parliament Law No. 11/2014) and...

Solar, wind, hydro and ocean or tidal energy should NOT be subject to forty percent (40%) foreign equity limitation under the Constitution In an opinion addressed to the Department of Energy (“DOE”), the Department of Justice (“DOJ”) stated that the exploration, development, and utilization of solar, wind, hydro and ocean or tidal energy should not...

Sub-Decree No. 196 (“Sub-Decree 196”) was issued on the 28th of September 2022 by the Royal Government of Cambodia and concerns an amendment to the Tables of Taxable Thresholds for Annual Tax on Income and Monthly Tax on Salary. The amendments to the progressive Annual Tax on Income and Monthly Tax on Salary tables under...

We would like to take this opportunity to remind our readers that the immovable property tax (“TOIP”) and Unused Land Tax deadlines for 2022 of 30 September 2022 are fast approaching.  The 2022 TOIP and Unused Land Tax payment can be submitted at any tax branch or any branches of the following banks: Canadia, ACLEDA,...

On 17 August 2022, the Trade Competition Commission of Thailand (“TCCT”) issued the Notification of TCCT on Guidelines for Determining Fair Trade Practices Relating to Provision of Credit Terms for Small and Mediums Enterprises (“SMEs”) being Sellers or Service Providers (No.2) (“Notification”) which came into effect on 16 September 2022. This Notification has tightened the...

The Directorate of Investment and Company Administration (“DICA“) issued an Announcement for its Recommendation on Foreigner Visa Extensions (“Announcement“) that went into effect on 14 September 2022. The Announcement sets forth the requirements for companies that wish to apply to extend a foreigner’s visa and such companies must have been reg/istered for one year. The...

On 1 September 2020, the Thai Securities and Exchange Commission (“SEC”)’s new regulations regarding the advertisements of digital asset business operators became effective. Prior to the issuance, the SEC observed that digital asset business operators heavily advertised their digital asset services on various platforms, such as digital media and billboards. Many of these advertisements were...