Legal and Tax Updates

It is Circular No. 03/2019/TT-NHNN dated 29 March 2019 (“Circular 03”) due to amend Circular 32/2013/TT-NHNN dated 26 December 2013 (“Circular 32”), the State Bank of Vietnam relaxes the restrictions on the use of foreign currency in Vietnam. Principle of restriction on use of foreign currency in Vietnam Under Circular 32, except for 16 limitative...

The Myanmar Ministry of Planning and Finance (“MOPF”) recently issued Notification 38/2019 dated 8 April 2019 removing the 2% advance income tax exemption on exports previously granted to taxpayers under the Large Taxpayers Office (“LTO”) and Medium Taxpayers Office No. 1 (“MTO 1”) effective from 1 May 2019. The 2% advance income tax was introduced...

The Government of Vietnam’s Decree 15/2019/ND-CP dated 1 February 2019 detailing the regulations and measures for implementing the Law on Vocational Education (“Decree 15”) replaces Decree 48/2015/ND-CP detailing the regulations for the Law on Vocational Education (“Decree 48”). Decree 15 took effect on 20 March 2019 and introduces major differences with the requirements previously required...

The Myanmar Internal Revenue Department (“IRD”) recently issued a notice with regard to the implementation of the Integrated Tax Administration System (“ITAS”). This is an electronic system that aims to modernize tax administration procedures in Myanmar starting FY 2019-2020. The aim of the ITAS is to implement an electronic-based system that will administer the tax...

The Thai National Legislative Assembly approved a resolution to amend the existing Labor Protection Act (the “LPA”) on December 13, 2018. This amendment to the LPA has been published in the Government Gazette on April 5, 2019, and will come into effect on May 6, 2019. Key takeaways of this amendment, which is largely favorable...

In compliance with the obligations to implement OECD/BEPS reforms, Thailand’s Cabinet has just announced the complete cancellation of all tax benefits granted under three longstanding and significant BOI incentive programs: Regional Headquarters (ROHs), International Headquarters (IHQs), and International Trade Centers (ITCs). According to the attached translation of the official announcement, all tax incentives granted under...

Registered taxpayers in Cambodia are now in the process of completing their Annual Tax on Income (“TOI”) declarations for the 2018 tax year. This applies equally to those entities that hold real estate in Cambodia and we provide below some of the key tax issues that those entities should be aware of when submitting their...

Further to our update on Prakas 443 on Seniority Payments (“Prakas 443”) issued by the Ministry of Labour and Vocational Training (“MLVT”) on 21 September 2018 in this link, the MLVT issued Guideline 042/19 on Payment of Back Pay of Seniority Pay prior to 2019 (“Back Pay”) for Enterprises outside of the Garment, Textile and...

Notification 4908 issued by the General Department of Taxation (GDT) on the 18th of March 2019 requires all registered taxpayers in the self-assessment taxation regime in Cambodia to now provide the total amounts, in tax invoices that they issue to customers, in Khmer Riel (KHR). For completeness the itemized amounts in a tax invoice do...

Contributed by Ocampo & Suralvo Law Offices Movable properties, including intangible properties such as receivables and intellectual property rights, can now be more easily used as collateral for loans under Philippine law with the enactment of Republic Act No. 11057 or the Personal Property Security Act (PPSA). Under old laws, banks and other lenders preferred...