Legal and Tax Updates

Whilst a lot of discussion has been in made in recent times regarding the impact of the proposed seniority payments a much more significant and far-reaching area of tax reform is expected to be ushered into effect with the anticipated  promulgation into law this month of the 2019 Law on Financial Management (2019LFM). Compared to...

The National Legislative Assembly approved a resolution for the new draft Labor Protection Act (Amendment) on 14 December 2018. The amendment to the LPA is expected to be published soon and will come into effect within 30 days from the publication date in the Royal Gazette. The law is expected to take effect in March...

Earlier this year, Cambodia issued an English version of its Competition Law entitled Version 5.7 stated to be “based on the Draft Khmer Version as of 13 FEB 2018” (“Law”).  Below we describe some of the key features of the Law.  We have been informed that this is a final version and that it is...

On July 1, 2019, the new Law on Competition (“2018 Law”) will take effect and it has some significant differences from the existing Law on Competition (“2004 Law”).  While certain details are yet to be determined, below we will outline some of the significant differences that businesses should note between the two laws.  In addition,...

In efforts to support Thailand’s aims to be a regional and global hub for international business centers, the Board of Investment of Thailand (BOI) has announced a new International Business Center (IBC) initiative. This was ushered in by Regulation No.  Sor. 6/2561 and brought an end to the previous International Headquarters (IHQ) and International Trade...

In another recent development, the Central Bank of Myanmar (“CBM”) has taken a further step in liberalizing the business operations of branches of foreign banks operating in Myanmar. In line with the latest CBM announcement, branches of foreign banks operating in Myanmar are now permitted to provide financing in both local and foreign currency. Foreign...

On 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...

ADVISORY 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...

We 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...

The 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...