Legal and Tax Updates

Previously any entities formed under the Myanmar Company Act 1914 (“MCA”) or the Special Companies Act 1950 (“SCA”) had to be registered to participate in export/import related activities with the required foreign Exporter/Importer Registration Certificates. These certificates were issued and approved by the Ministry of Commerce. Since the enforcement of the Myanmar Companies Law 2017...

As foreign investment grows in Thailand, so does the number of foreign individuals who own assets in the form of shares, bank accounts, condominiums that permit foreign ownership, and other movable and immovable assets. Understandably, people are often reluctant to consider their own mortality, however personal estate and succession planning are crucial in terms of...

Early July, the Office of the Ombudsman of Thailand has determined that the Electricity Generating Authority of Thailand (“EGAT”) should increase its domestic power generation capacity to at least 51% of the total in order to be compliant with the new constitution. EGAT currently owns just 37% of the national generating capacity, which has declined...

On 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...

Employment 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...

On 25 June 2019, the Ministry of Electricity and Energy (“MOEE”) announced that the electricity tariffs payable by end-users will be revised upwards, significantly lessening the burden placed on the Electric Power Generation Enterprise’s (“EPGE”) coffers. The move is widely expected to accelerate the development of new power projects in Myanmar. It is anticipated that...

Cambodia 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...

In 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...

On 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...

As 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...