The General Department of Taxation has been quite vociferous in recent years with respect to the tax registration obligations of both Associations and Non-Government Organizations (“NGO’s”) that operate in Cambodia. The introduction of Prakas 464 earlier this month reiterates the tax registration requirements of these bodies but also goes much further in clarifying the scope of the Tax on Income exemption provided in the Law on Taxation (LOT).

Prakas 464 makes it very clear that income derived by “social enterprises” fall outside of the scope of the Tax on Income exemption provided by the LOT. In practice Associations and NGO’s that operate in Cambodia may receive membership fees, donations and grants but may also run social enterprises which are often related to their underlying objectives i.e. running a restaurant which employs disadvantaged youth, selling products that are produced by victims of domestic violence or charging tuition fees for a training school. In addition the NGO or Association carrying out such activities are required to obtain a separate tax registration and maintain separate financials for these activities.
 
To obtain further information regarding the impact of Prakas 464 please click here for our detailed analysis.

Tax services required to be undertaken by a licensed tax agent in Cambodia are provided by Mekong Tax Services Co., Ltd, a member of DFDL and licensed as a Cambodian tax agent under license number – TA201701018.

The information provided in this article is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

The DFDL tax team has a vast and varied depth of experience concerning the tax obligations of Associations and NGOs, and the relevant TOI exemption process that applies to both. As always, we stand ready to answer any questions that you may have on this and other tax issues of concern.

DFDL Contact

Clint O’Connell
Partner & Head of Cambodia Tax Practice
clint.oconnell@dfdl.com

The post Cambodia Tax Update: Important Update on Tax Compliance Obligations for all Associations and NGOs appeared first on DFDL.

Prakas No. 361 MEF.PrK dated 3 April 2018 (Prakas 361) provides a Value Added Tax (VAT) exemption on basic food items that are sold by Cambodian taxpayers operating under the self-assessment regime. The purpose of Prakas 361 is to improve the living standards of Cambodian citizens by rendering basic food products more affordable.

We outline the key points of Prakas 361 below.

• Objectives

Prakas 361 applies to tax payers in Cambodia who are registered as self-assessment regime taxpayers, i.e. small, medium, or large taxpayers. The Prakas relates to the domestic sale of “basic food” products within Cambodia by self-assessing taxpayers – typically, exported goods would be zero-rated for VAT purposes.

• Basic Food

Basic food as defined by Prakas 361 includes:

•  Meat – including that of beef, buffalo, goat, sheep, pork, chicken, duck, including all uncooked, cooked, or dried meats;
• All types of egg including fresh or pickled eggs;
• Seafood including lobsters, prawns, shrimp, and shellfish, whether uncooked, cooked, or dried;
• All types of sugar;
• Salt; and
• Condiments such as fish sauce and soy sauce.

Prakas 361 provides that food served at restaurants falls outside the scope of this VAT exemption.

• Duration

The state’s VAT exemption on all types of basic food supplies will be effective from the signing date of the Prakas until the end of 2019.

Analysis

Providing a VAT exemption on basic foodstuffs is a useful initiative which will hopefully make these items more accessible and affordable to local citizens. This type of exemption is not unique to Cambodia, and a number of overseas jurisdictions – particularly Australia – have traditionally exempted certain food groups from consumption taxes such as VAT or Excise Tax.

The Australian model has clearly demonstrated however, that a degree of uncertainty will always persist as to what goods will fall within, and those which will fall outside of the consumption tax exemption. While Prakas 361 excludes food that is served at restaurants from the VAT exemption, a grey area remains in terms of the product types that could be classified as “basic food’ for the purposes of this Prakas.

Whereas the Australian Tax Office has a detailed searchable database through which a taxpayer can verify if a product is exempted, this is not the case in Cambodia. Practically speaking, a Cambodian taxpayer looking to benefit from the Prakas 361 VAT exemption will have to hope that their interpretation of ‘basic food’ aligns with that of an auditor during the course of a tax audit. While this will usually be a straightforward process, as is often the case with these types of regulations, there are a number of uncertainties with regard to what products this Prakas does or does not encompass. A taxpayer that fails to charge 10% VAT on products not considered to be ‘basic food’ may be subject to late payment penalties and interest.

This welcome initiative by the Ministry of Economy and Finance is to be applauded, and it is widely hoped that the General Department of Taxation will be efficient and co-operative in dealing with those taxpayers seeking formal confirmation on whether the products they are selling will come within the remit of Prakas 361.

If you have any queries or concerns regarding the above, please feel free to contact your usual DFDL adviser or Clint O’Connell.

Tax services required to be undertaken by a licensed tax agent in Cambodia are provided by Mekong Tax Services Co., Ltd, a member of DFDL and licensed as a Cambodian tax agent under license number – TA201701018.

The information provided in this email is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

DFDL Contact

Clint O’Connell
Partner & Head of Cambodia Tax Practice
clint.oconnell@dfdl.com

The post Cambodia Tax Alert: VAT Update – Essential Food Exempted appeared first on DFDL.

DFDL is delighted to report on having successfully assisted with an important recent transaction in Vietnam, a strategic cooperation between ACA Investments Pte. Ltd., a private equity firm, Japan’s Scroll Corporation and Cat Dong Trade and Services JSC, a Vietnamese company which operates e-commerce sites such as Cungmua.com and Nhommua.com. Further information on the transaction can be found in DealstreetAsia’s news.

DFDL’s team was led by Jerome Buzenet with Hanh Tran as key senior adviser working on this transaction. 

DFDL Vietnam’s team extends our wholehearted congratulations to ACA Investments, Scroll Corporation and Cat Dong on reaching this successful deal.

For more information or enquiries, please contact info@dfdl.com.

The post DFDL Vietnam Recently Acts on Successful Deal involving ACA Investments, Cat Dong, and Scroll Corporation appeared first on DFDL.

DFDL partners Guillaume Massin and Clint O’Connell and guest speakers Tom O’Sullivan, realestate.com.kh and Kunthea Meas, Bred Bank shared recent trends and insights in condominium and borey project development in Cambodia with a very engaged audience at this well attended breakfast seminar.

The residential real estate market in Cambodia is booming and has attracted a large number of local as well as, more recently, foreign investors. At this Real Estate Breakfast Talk, you will hear about the latest developments and get practical advice on how to effectively invest in these residential projects.

We will give you an overview of the most recent trends and explain how to efficiently structure investments in condo and borey developments from a Cambodian and foreign investor perspective. We will share our own firsthand experiences of the practicalities of investing in these projects which are often not clearly covered by laws and regulations!

At this breakfast seminar, our senior panel speakers from BRED Bank, Realestate.com.kh and DFDL will explore the following:

• Financing solutions and approval process for buyers: documents, property valuation, compliance;
• Commercial partnerships between banks and developers; 
• Risks and challenges of financing real estate projects;
• Salient tax issues to be aware of – Transfer Pricing, VAT, Income recognition issues;
• Tax efficient structures for real estate developers: repatriation issues;
• Foreign ownership restrictions for Borey projects: how to structure transactions for foreign clients? Specificities of financing solutions for foreign ownership?
• How to successfully implement co-ownership structures for condos?
• How to better structure sales documents?
• New licensing requirements for property management;
• Titling procedures for Borey and Condo projects;
• Top ten tips of what buyers should consider when purchasing a property.

This is a must-attend event for anyone who currently has an investment or is contemplating in investing in residential projects in Cambodia.

Agenda:

• 8.00 am – 8.30 am: Registration
• 8.30 am – 10.00 am: Seminar
• 10.00 am – 10.30 am: Q & A Session

Date: 26 April 2018

Time: 8.00 am – 10.30 am

Venue: Conference Room, BRED Bank Building, 5th Floor, № 30, Preah Norodom Boulevardm, Sangkat Phsar Thmey 3, Phnom Penh, Cambodia

Fees: USD15 per person

*Last date for registration is on 25 April 2018.

Payment Method: Cash on event date.

**For any cancellations, please inform us by way of e-mail before 6 pm on 25 April 2018.

Our senior panel speakers include:

Thomas O’Sullivan

CEO
Realestate.com.kh

Guillaume Massin
Partner, Managing Director,
DFDL Cambodia

Clint O’Connell
Partner, Tax Practice Group
DFDL Cambodia

Kunthea Meas
Head of Branch Network
BRED Bank

For more information and registration, please contact events.cambodia@dfdl.com.

The post Structuring and Financing Condominium and Borey Development Projects in Cambodia | 26 April 2018 | Phnom Penh appeared first on DFDL.

Myanmar’s Ministry of Commerce (“MOC”) issued the Competition Rules (Notification No. 50/ 2017) dated 9 October 2017 (“Rules”) pursuant to Article 56(a) of the Competition Law.  After the National Assembly’s 90-day review period, the Rules took effect earlier this year.

While the Rules provide no material guidance on the interpretation and application of the substantive provisions of the Competition Law; they clarify aspects of the Competition Commission (“Commission”) and Commission Secretariat (“Secretariat”) as well as expanding on several procedural elements of the Competition Law.

The Rules provide that the Commission will be formed of at least 9 members proposed by the MOC including at least one representative from each of the MOC, the Attorney General’s Office and the Ministries of Home Affairs, Transport and Communications, and Industry, members with a background in each of economics and law as well as a representative from business.   

Non-government Commissioners are to be retained and remunerated as full time Commissioners, but, while special meetings are contemplated, the Commission is only required to meet quarterly.  Half the Commissioners are required to constitute a quorum and resolutions must be passed by at least half the members present at a meeting.  

The Commission is to form Investigatory Committees to investigate violations which are to be chaired by a Commissioner and otherwise composed of members with relevant expertise and knowledge.  An Investigatory Committee is provided various powers to conduct its investigation and the ability to form Working Groups to perform specific tasks in relation thereto.

The Secretariat is to be formed by the MOC to serve as the administrative arm of the Commission, Investigatory Committees and Working Groups and screen complaints among other functions.

Complaints are to be filed with the Commission or Secretariat and the Secretariat is tasked with screening the complaints and reporting to the Commission on their reliability within 7 days of receipt. 

The Rules provide both the complainant and the subjects of an investigation with rights to provide evidence and participate in the investigation although the degree of such participation is not clear.  Investigations may also incorporate experts with consent of the Commission.  After conclusion of an investigation, the Investigatory Committee must report to the Commission on its findings and evidence obtained.

An infringement may be dealt with through administrative action or through judicial proceedings initiated by a complaint filed with the police.

1. 100% for the first person to admit violations and fully cooperate prior to the investigation;
2. 80% for the first person to admit violations prior to the investigation, but who does not fully cooperate;
3. 50% for the second person to admit violations and cooperates prior to the investigation;
4. 30% for each of the third to fifth person to cooperate prior to the investigation or for up to three people who cooperate during an investigation.

Ringleaders are ineligible for relief and evidence provided must be essential and unknown to the Investigatory Committee.  Informants who provide false information or who provide information for consideration will be punished under the Penal Code.

DFDL Contact:

William D. Greenlee, Jr.
Partner, Managing Director, Myanmar
Head of China Desk
william.greenlee@dfdl.com

David Fruitman
Regional Competition Counsel
david.fruitman@dfdl.com

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

The post Myanmar Legal Alert: New Competition Rules in Myanmar appeared first on DFDL.

The Ministry of Labour and Vocational Training (“MLVT”) recently issued a second Notification 016/18 on 25 April 2018, in which it extends the period to apply for the renewal of foreign employee work permit applications for 2018 until 31 May 2018.

In light of the ongoing steps by the authorities to enforce the laws regarding the employment of foreign nationals in Cambodia, unless you have done so already, we strongly recommend that your organization submit any relevant renewal applications to the MLVT as soon as possible.

Failure to comply with the foreign employee work permit requirements could result in fines for each offense of up to USD 630 by the MLVT and/or up to USD 900 by a court. Furthermore, Chapters 5 and 6 of the Law on Immigration provide for a term of imprisonment for up to three months and/or deportation orders that may be issued to the foreign employees concerned.

Based on recent media reports, the Ministry of Interior (“MOI”) found that, in 2017, 73,397 foreign nationals were found to be in possession of irregular documents. The MLVT and MOI will be rigidly enforcing the relevant laws and regulations regarding work permits upon enterprises or organizations in Cambodia.    

Please contact us at labor.kh@dfdl.com, if you have any further questions or need any assistance regarding the above.

DFDL Contact

Chris Robinson

Partner, Head of Cambodia Corporate & Commercial Practice Group

chris.robinson@dfdl.com

Sinoun Sous

Consultant, Cambodia Corporate & Commercial Practice Group

sinoun.sous@dfdl.com

The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

The post Cambodia Legal Update: Deadline for Foreign Employee Work Permits has been Extended (Again)! appeared first on DFDL.

CORPORATE & COMMERCIAL

TRANSPORTATION 

PERMIT REQUIREMENT FOR VEHICLES USED IN IN-COUNTRY LAND TRANSPORT BUSINESS IN CAMBODIA

Prakas 343 of the Ministry of Public Works and Transport (“MPWT”), dated 6 October 2017.

Parkas 343 aims to regulate vehicles engaging in land transport business and the land transport of goods and passengers in Cambodia (“Land Transport Business Activities”), except for state-owned public transport vehicles.

Under this Prakas, any vehicle and trailer used for Land Transport Business Activities must be issued with an in-country land transport business permit (“Permit”). It is important that the Permit must be kept in the vehicle at all times while the vehicle is on the road. Nonetheless, if a vehicle is part of a transport service agent providing shared vehicles, the Permit is not required for such a vehicle. It is not entirely clear from the Prakas what a transport service agent providing shared vehicles is referred to.

The Permit is valid for one year from the issuance date. The application for an in-country land transport business permit for vehicle must be filed, via the MPWT’s online system, with the General Department of Land Transport (“GDLT”).

LICENSING REQUIREMENTS FOR LEGAL PERSONS CONDUCTING IN-COUNTRY LAND TRANSPORT BUSINESS IN CAMBODIA

Prakas 344 of the MPWT, dated 6 October 2017.

Prakas 344 aims to regulate companies conducting land transport business activities in Cambodia, including goods or passengers transport companies, agents providing transport services and car rental services in Cambodia. 

Under this Prakas, goods or passengers transport companies, agents providing transport services and car rental services in Cambodia, must obtain a certificate of registration and a domestic transport operation license from the MPWT. A company holding a domestic transport operation license that wishes to open any branch in Cambodia must also obtain a separate domestic transport operation license for its branch.

A domestic transport operation license is valid for two years while the certificate of registration of domestic transport operation is permanently valid. The application for the above mentioned licenses must be filed, via the MPWT’s online system, with the GDLT.

Importantly, a company cannot apply for an in-country land transport business permit for vehicle if the company does not hold a valid domestic transport operation license.

INTELLECTUAL PROPERTY

PROMULGATION OF THE LAW ON RATIFICATION OF THE AGREEMENT BETWEEN THE ROYAL GOVERNMENT OF THE KINGDOM OF CAMBODIA AND THE EUROPEAN PATENT ORGANISATION ON VALIDATION OF EUROPEAN PATENTS

Royal Kram № NS/RKM/1117/017, dated 22 November 2017.

Cambodia promulgated Royal Kram Nº NS/RKM/1117/017 to ratify the Agreement on Validation of European Patents between the Government of the Kingdom of Cambodia and the European Patent Organisation (“EPO”) (“Validation Agreement”) on 22 November 2017. The Validation Agreement was signed on 23 January 2017 and came into force on 1 March 2018. The Validation Agreement is valid for five years and will be extended for a further five-year period unless a contracting party objects to this in writing no later than six months prior to the end of the five-year period. From 1 March 2018, a European patent application and a European patent can be validated in Cambodia. The validation of a European patent application and a European patent in Cambodia occurs at the applicant’s request. The request for validation of any European patent application must be filed on or after 1 March 2018. That is, patents filed before 1 March 2018 are not entitled to the same conditions.

The procedures for validation include filing a request for validation and paying a fee to the EPO. The validation fee must be paid to the EPO within six months following the date of publication of the validation in the European Patent Bulletin of the publication of the European search report, or, where applicable, within the period for performing acts required for entry into the European phase of an international application. Within two months after this period expires, the validation fee may still be validly paid provided that a 50% surcharge is paid within this additional period. Validation fees paid cannot be refunded. The request for validation may be withdrawn at any time. Particularly, it will be deemed withdrawn where the prescribed validation fee has not been paid in time or where the European patent application has been finally refused, withdrawn, or deemed withdrawn.

After validation, the European patent will have the same effect and be subject to the same conditions as a national patent application and a national patent under the Law of Cambodia on the Patents, Utility Model Certificates and Industrial Designs. Furthermore, within three months of the date on which the grant of the European patent has been published, the owner of the patent needs to furnish to the Ministry of Industry and Handicraft the Khmer and English translation of a granted European patent, and pay the prescribed fee for publication. Annual fees for a validated European patent must also be paid to the Ministry of Industry and Handicraft for the years following the year in which the grant of the European patent was published.

The information provided is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situation.

For further inquiries, please contact cambodia@dfdl.com.

The post Cambodia Legal Update April 2018 appeared first on DFDL.

DFDL Myanmar Partner and Managing Director, William Greenlee, recently spoke at the 2018 Asia-Pacific Council of American Chambers of Commerce (APCAC) business summit held in Kuala Lumpur, Malaysia on Wednesday and Thursday, April 4 and 5. The event was hosted by AMCHAM Malaysia under the theme “Charting a Bold Future: US Businesses in the Asian Century.” This high-profile summit featured over 300 participants in attendance, including senior government and private sector stakeholders from the USA and across the Asia-Pacific region. The Prime Minister of Malaysia, Najib Razak, provided the opening remarks at this conference which also featured the participation of several US ambassadors, state governors, city mayors, and senior US Administration officials. William discussed the opportunities and pitfalls currently facing power sector projects in today’s frontier markets, and on the second day provided an overview on the importance of attracting quality international sponsors, along with mechanisms to spur increased foreign participation and investment into this sector.

For more information or enquiries, please contact info@dfdl.com.

The post APCAC 2018 Summit Recently Held 2018in Kuala Lumpur appeared first on DFDL.

Audray Souche, Partner and Managing Director of DFDL Thailand recently provided a legal overview of hydropower development and sustainability at a training workshop held in Kathmandu, Nepal.

The training was led by MHI (a Canadian power sector consulting firm) and formed part of the IFC’s efforts to promote viable and sustainable power projects in Nepal and across the region.

For more information or enquiries, please contact info@dfdl.com.

The post Audray Souche Participates in IFC Organized Sustainable Hydropower Training Workshop in Nepal appeared first on DFDL.

DFDL is delighted to report on having successfully assisted a cornerstone investor in the course of Vietnam Techcombank’s initial public offering (IPO). Further information can be found here.

DFDL’s team on this transaction was led by Jerome Buzenet with assistance from Trang Dai.

The post DFDL Assists on Share Purchase Transaction As Part of Techcombank Vietnam’s IPO appeared first on DFDL.

A BOI announcement on 12 March 2018 has promoted Chachoengsao, Chonburi, and Rayong Provinces as part of the development of the Eastern Economic Corridor (EEC), a pilot project to encourage increased economic development across Thailand’s Eastern Seaboard. Over the past 30 years, these three provinces have been developing to keep up with the fast growing industries situated there.

While the EEC area covers just 13,000 square kilometers, the government has launched measures to support and accelerate economic growth in the EEC. This includes  the development of public utilities, transportation systems, logistics, human resources, and investor facilitation in the form of a One-Stop Service Center.

The BOI announcement will incentivize investors engaging in eligible activities in these three provinces as follows:

A – Specific activities zones:

• Eastern Airport City (EEC-A);
• Eastern Economic Corridor of Innovation (EEC-I); and
• Digital Park Thailand (EEC-D);

B – Targeted industries zones; and

C – Promoted industrial estates or industrial zones.

Following this announcement, additional tax incentives will be granted to investors established in these three provinces:

Zone A: Extended corporate tax exemption (additional two years) and additional corporate income tax reduction of 50% for five years;

Zone B: Additional corporate income tax reduction of 50% for five years; and

Zone C: additional corporate income tax reduction of 50% for three years.

DFDL Contact

Suradech Hongsa

Senior Legal Adviser

suradech@dfdl.com

The post Thailand Legal Update: Eastern Economic Corridor appeared first on DFDL.

DFDL is pleased to announce that for the second year running it has been awarded with the Cambodia Tax Firm of the Year title from the International Tax Review (ITR), an industry-leading tax publication. In addition DFDL was also awarded with the award for Cambodia Tax Disputes firm of the year.

The 7th ITR Asia Tax Awards were held on 3 May 2018 at the Mandarin Orchard Hotel in Singapore. This two day Asia Tax Forum event which was bookended by the awards ceremony, attracted well in excess of 100 tax delegates from the “Big Four” Accounting Firms, leading law firms, and in-house counsels from across ASEAN.

Awards presented during the evening included the National Tax Firm of the Year for 18 different jurisdictions, recognizing firms that exhibited outstanding achievements in advising clients on local direct and indirect taxation matters, and on cross-border matters for the period 1 January 2017 to 31 December 2018.
 
DFDL was announced as the winner of the Cambodian Tax Firm of the Year and the winner of Cambodia Tax Disputes and Litigation Firm of the Year. DFDL was also a finalist for Tax Firm of the Year in Myanmar, Thailand, and Vietnam. Further nominations include those for Asia wide tax transactions, tax practice leader of the year, firm of the year, and tax litigation and disputes. 

DFDL Partner and Head of Regional Tax practice, Jack Sheehan, nominated in the tax practice leader of the year category, spoke at the ITR conference on the 2 May on a variety of pressing international tax issues, with a particular focus on South East Asia.

Representing DFDL, Jack Sheehan, accepted the Cambodia Tax Firm of the Year and Cambodia Tax Disputes and Litigation Firm of the Year awards.

In acknowledgment of this remarkable accolade, Jack Sheehan, Partner and Head of the DFDL Regional Tax Practice expressed “We are very proud of our Cambodia tax team and heartily congratulate them on these awards in recognition of their hard work and success throughout the year. We will continue striving to be the leading tax firm in ASEAN.”
 
“2016 was a break-out year for our tax team and we made a conscious effort in 2017 to further build our expertise and resources in Cambodia with a particular focus on providing efficient and quality tax audit assistance to our clients. It is always nice to receive recognition for the hard work we put in and this provides us with additional motivation to continue to go the extra mile for our clients.” observed Clint O’Connell, Partner and Head of the Cambodia Tax Practice Group.

DFDL is exceptionally proud to receive these awards and we will continue to build upon our reputation as the leading integrated tax and legal firm in the region.

To find out for more information about the awards, please visit the  ITR Asia website.
 
Contacts
DFDL Marketing Communications Team
communications@dfdl.com

 “Tax services required to be undertaken by a licensed tax agent in Cambodia are provided by Mekong Tax Services Co., Ltd, a member of DFDL and licensed as a Cambodian tax agent under license number – TA201701018.”

The post Clean-sweep for DFDL Cambodia at ITR’s 2018 Tax Awards Ceremony appeared first on DFDL.

DFDL was a proud sponsor of the Asian Legal Business (ALB) SE Asia In-House Legal Summit 2018. DFDL’s Chris Robinson, Jerome Buzenet and Shahwar Nizam led the discussion on Cross-border M&A in Emerging Markets with focus on Bangladesh, Cambodia, Lao, Myanmar and Vietnam.  The session was very well received by the audience. The conference attracted over 200 delegates from leading international companies.

Link to the event here:  http://www.legalbusinessonline.com/ihs/seaihls2018

The post Asian Legal Business (ALB) SE Asia In-House Legal Summit | 12 April 2018 | Singapore appeared first on DFDL.

On May 3, 2018, DFDL Cambodia held a family day event and team birthday at Urban Space Playground & Café in Phnom Penh, Cambodia. As part of the New Year celebrations our social committee has organized a family day event which was a great occasion to get in touch with colleagues and their families. The event created an unique networking space for the staff and their families to get-together with the games and activities and win the prizes. 

As always, memories keep yesterday alive! Here are some pictures!

The post DFDL Cambodia Family Day appeared first on DFDL.

On 6 April 2018, DFDL’s legal and tax team organized a management training seminar for C.P. Cambodia Co., LTD held at the Dara Hotel in Phnom Penh.

Vansok Khem, Senior Consultant and Co-Deputy Head of Cambodia Corporate & Commercial Practice Group led the proceedings with the assistance of Kosal Dun, Senior Consultant and Customs Specialist / Tax Practice Group, Linda Oum, Senior Tax Consultant, Mariza Ung, Cambodia Real Estate Practice Group Consultant, along with Sinoun Sous and Sophal Yun, both Consultants from the Cambodia Corporate & Commercial Practice Group. The panel at this seminar featured high level management and senior personnel from a range of relevant sectors and industries. The training primarily focused on company incorporation, animal foodstuffs, veterinary medicine, livestock activities, livestock-slaughter activities, employment, litigation, and taxation matters.

The seminar was well attended by over 40 participants, who were delighted to hear a range of perspectives and insights from our expert speakers on these important topics.

For any related enquiries, please contact info@dfdl.com.

The post DFDL Cambodia organized a Management Training Seminar for C.P Cambodia Co.,Ltd appeared first on DFDL.

Jonathan has over 15 years of experience in the Asia-Pacific, specializing in cross-border corporate and personal investment and tax planning with a particular focus on US, Thailand and Japanese investment. He typically advises international businesses, high net worth individuals, trustees, insurers and other financial institutions. Jonathan has supported numerous individual clients with US tax amnesty and Streamline filings and is a recognized expert in Foreign Account Tax Compliance Act (FATCA), while also providing several well-known multination corporate clients with international investment planning and structuring. He is a licensed California attorney and has been a licensed USCPA (Hawaii) for almost 20 years

The post Jonathan Blaine appeared first on DFDL.

Myanmar draft Companies Regulations have just been released by the Directorate of Investment and Company Administration (DICA). The new Companies Law of 2017 rejuvenates the antique Burma Companies Act which has served as a legal structure for business since 1914.

This reform ambitions to structure a foreign investment favorable legal framework and to liberalize several sectors of the Burmese economy, one of the key innovation of the new Companies Law is the possibility now offered to foreigners to have up to 35% capital ownership in domestic companies. The Yangon Stock Exchange for non-Myanmar customers.

The government also intends to promote its online company registration system: once the law has been enacted, existing companies will have until 31 January 2019 to re-register through the electronic system and all new applications will be submitted through this system.

Even though the reform has been unanimously welcomed by the private sector, the government decision to delay its implementation has raised concerned among the business community: William Greenlee, Partner at DFDL and former chair of American chamber’s legal committee, argued the announcement resulted in “a loss of potential foreign investment enthusiasm”.

Consultations on the draft regulations end on May 31, 2018 and the law is expected to come into force on August 1, 2018.

Consultations on the draft law end in May 31, the law is expected to come into force on August 1.

Read the full article here.

The post Myanmar Draft Companies Regulations Released appeared first on DFDL.

Warisa is a Junior Legal Adviser based in DFDL Bangkok office. She graduated from Thammasat University with a Bachelor’s degree in law and now as a Barrister-at-law from The Institute of the Thai Bar.

The post Warisa Monsawat appeared first on DFDL.

In a bid to encourage more investments in the energy sector, the Philippine Department of Energy finally released the rules for streamlining regulatory procedures covering energy projects of national significance. Developers can now rejoice at the expedited process in obtaining the permits for their projects.

Read on to know more about this development. Click here to download the complete alert.

Contact

Cristina T. Suralvo
Partner
Ocampo & Suralvo Law Offices
csuralvo@ocamposuralvo.com
www.ocamposuralvo.com

The information provided in this alert is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.

The post Philippine Legal Alert: Expedited Approval of Energy Project Permits appeared first on DFDL.

On the 10 May 2018, EuroCham Cambodia held a breakfast seminar in Phnom Penh on Tax for Non-Profit Organizations. At this event, the tax compliance obligations of Associations, NGOs, and Social Enterprises operating in Cambodia were comprehensively outlined, with particular reference to the new Prakas 464.

Our Cambodia Tax Country Associate Director, Mr. Borapyn Py, with over nine years of tax advisory experience in Cambodia and Thailand, provided important updates and analysis on various taxation issues including the scope and extent of tax exemptions.

With particular attention to NGOs and similar organizations, the presentation also featured discussions on recent changes to tax registration and compliance obligations, new tax exemptions, income and salary tax, VAT, import duties, and audits. The well-attended seminar was also bookended by a Q&A session where those present were glad to have their tax queries and concerns decisively addressed.

The post Borapyn Py Discusses Tax for Non-Profit Organizations at Breakfast Seminar Held by Eurocham Cambodia appeared first on DFDL.