Legal and Tax Updates

By way of reminder, please be informed that the window to apply for the 2021 foreign employee quota will close on Monday, 30 November 2020. Following our earlier reminder, please note that enterprises employing or intending to employ foreign employees in 2021 are required to apply for a foreign employee quota from the Ministry of Labour...

DRAFT LAW ON GOVERNMENT SECURITIES, dated 4 September 2020 The Draft Law on Government Securities (“Draft Law”) was approved by the Council of Ministers on 4 September 2020, which it would enable the government to utilize a new form of financial instrument, raise domestic financing, diversify the government’s capital portfolio, and primarily cut down external...

On 19 October 2020, the Government of Vietnam issued Decree 123/2020/ND-CP (“Decree 123”) that provides guidance on the implementation of the new invoicing and documentary procedures relating to e-invoicing in Vietnam. Decree 123 will now take effect from 1 July 2022 postponing the deadline for the compulsory implementation of e-invoicing in Vietnam from 1 November 2020...

We would like to inform our readers that today the General Department of Taxation (“GDT“) has announced under Notification 24094 that following a submission to the Ministry of Economy and Finance which was subsequently approved by Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of Kingdom of Cambodia on the 9th of October...

Overview Following the promulgation of the E-Commerce Law on 2 November 2019, two significant implementing regulations were recently issued, which set out and the procedures to apply for permits and licenses to operate electronic commerce businesses and the exemptions therefrom: Sub-Decree 134 dated 27 August 2020 on the Classifications, Formalities and Procedures on the Issuance...

On 14 October 2020, the Directorate of Investment and Company Administration issued Notification 90/2020 outlining the key qualifications that must be satisfied by independent directors of public companies incorporated in Myanmar (“Notification”). The primary objective of this Notification is to promote and ensure effective corporate governance of public companies listed on the Yangon Stock Exchange...

We are now pleased to unveil the third in our Q&A series on Finance and Loan Security Rights in Real Estate in the COVID-19 Era, this edition focusing on Vietnam.  The State Bank of Vietnam (SBV) issued a Circular on 13 March 2020 regulating restructuring by credit institutions and foreign bank branches of debt repayment...

Hot on the heels of our other two series which dealt with aviation and restructuring & insolvency, DFDL is proud to unveil the next Q&A series, this time on Real Estate and Banking & Finance issues throughout Southeast and South Asia. This second edition will focus on the Philippines. This Q&A edition takes into account...

On 15 September 2020, the Bureau of Internal Revenue (“BIR”) released Revenue Regulations (“RR”) No. 22-2020 which amends RR No. 12-1999 as further amended by RR No. 18-2013 and RR No. 7-The amendment relates to the due process requirement in the issuance of a Deficiency Tax Assessment. The regulation provides that in lieu of a...

On 25 September 2020, the Government of Vietnam issued Decree 114/2020/ND-CP (“Decree 114”) that provides guidance on the implementation of a 30% reduction of Corporate Income Tax (“CIT”). Decree 114 took effect on 3rd August 2020 and applies to the tax year 2020. Some of the key points of Decree 114 include: A 30% reduction of...