Early in 2024, the General Department of Taxation (“GDT”) issued a new regulation to incentivize taxpayers to make revisions to their earlier tax returns. The unstated but nevertheless clear objective of the GDT is to encourage taxpayers who are or become aware of past under- or misdeclarations to voluntarily and unprompted make the necessary corrections […]

この度、VDB Loiカンボジアは、カンボジア税務小冊子を日本語版で発行いたしました。ご参考までに、ご利用してください。

Tax season is upon us, and this year, Cambodia’s General Department of Taxation (“GDT”) is offering a helping hand to self-assessment taxpayers through Prakas 071. This new regulation promulgated on 30 January 2024, provides a unique opportunity to correct past tax declarations made due to misunderstandings or confusion, without facing hefty penalties and interest charges. […]

VDB Loi team in Vietnam is delighted to share Vietnam Tax Booklet 2024.  The publication:  Please contact Ms. Le Thi Thanh Thuy for at [email protected] to request a full copy of the publication.

Siem Reap and Phnom Penh’s success as a tourist destination, as well as a fairly robust economic development, has among other things resulted in a significant boost in connectivity by air for Cambodia. Just before COVID, international arrivals amounted to more than 6 million persons per year, roughly 2 million each from ASEAN and China, […]

On 21 December 2023, the Ministry of Commerce issued Notification 80/2023, which is its regular yearly announcement to specify the manufacturing years of various vehicle types allowed for importation in the coming year. The specified model years for vehicle importations in the year 2024 are as follows: No. Type of Vehicle Year of Manufacture 1 […]

On 25 December 2023, the Central Bank of Myanmar (“CBM”) issued Notification No. 27/2023 to reduce the time frame for the inbound remittance of export earnings. Previously, under Notification 27/2022 dated 6 May 2022, the CBM required that export earnings from goods exported to Asian countries be deposited into exporters’ bank accounts within 45 days, […]

Tax legislation in Vietnam is undergoing revisions in connection with the Global Minimum Tax. The note summarizes terms of the new GMT Resolution approved by National Assembly in November and the relevant new reporting requirements.

Prime Minister Samdech Thipadei Hun Manet focused on tax issues quite a bit in his remarks during the 19th Government-Private Sector Forum on 13 November 2023. Below are highlights of some of the most important tax incentives he is promoting. Incentives for Qualified Investment Projects (“QIPs”): Exemption from 1% Prepayment of Tax on Income (“PTOI”) […]

On 9 October 2023, the Government of the Lao PDR issued Presidential Edict No. 003/P to increase some of the excise tax rates in the Law on the Amendment of the Tax Law No. 01/NA dated 7 August 2021. The edict is effective immediately. The goods that are subject to the new excise tax rates […]

If you think air travel already got too expensive, you will not be happy to hear that ticket prices to and from Cambodia might be ready to fly even higher. On 26 September 2023, a recent industry meeting facilitated by the International Air Transport Association (IATA), the airport operator and the General Department of Taxation […]

VDB Loi’s Edwin Vanderbruggen and Laysym Sim facilitated the technical input at a consultation between Eurocham, Amcham and the GDT on 5 October 2023 at the GDT head office. Here is a selection by us of some of the key things that were discussed which may have practical impact for businesses and investors. Much of […]

On 12 September 2023, the State Administration Council (“SAC”) made an amendment to the Union Tax Law 2023 (Law No. 55/2023) under Section 419 of the Constitution of the Republic of the Union of Myanmar (the “Amended UTL 2023”), by which the income tax will be imposed on the income, including the salaries, received by […]

The Bangladesh Parliament recently repealed the Land Development Tax Ordinance of 1976 and introduced the new Land Development Tax Act 2023. The primary objective is to streamline land-related taxes and introduce several new provisions. Under the new law, individuals or families engaged in agricultural activities are exempt from paying land development tax if they own […]

On 8 August 2023, the Ministry of Economy and Finance issued Instruction No. 018 MEF.NT.GDT (the “Instruction”) to provide guidance to taxpayers on the procedures for claiming value added tax (“VAT”) credits and refunds. The Instruction aims to facilitate the VAT refund process, reduce uncertainties and disputes, and encourage voluntary compliance from taxpayers.

This instruction was issued to advise all entities involved in cigarette importation or the distribution of imported cigarettes on the implementation of value added tax (“VAT”), as outlined below:

The Internal Revenue Department (“IRD”) has recently made an announcement on a transformational change in the taxpayer registration process. In order to facilitate the taxpayer registration with the IRD efficiently and effectively, the process has been changed from “Manual Submission to the IRD” to “Electronic Registration Management System (“ERMS”)”. The taxpayers can now obtain Taxpayer’s […]

As a regulatory measure, the Ministry of Planning and Finance (the “MOPF”) issued a new Standard Operating Procedure (“SOP”) on 1 May 2023 regarding offshore remittances and required tax documentation. According to the SOP, the entrepreneurs, companies, organizations, and individuals are now required to provide certain tax documentation, such as tax payment receipts or tax […]

The Central Bank of Myanmar (“CBM”) issued Directive No. 2/2023 on 25 January 2023 requiring that withholding tax (“WHT”) and personal income tax (“PIT”) payment for non-resident taxpayers be made in foreign currency. However, due to lack of clear instructions and further guidance from the Internal Revenue Department (“IRD”),we noted that taxpayers still made WHT […]

The Union Tax Law 2023 (the “UTL 2023”) was enacted on 30 March 2023 by the State Administration Council. The UTL 2023 applies to financial year (“FY”) 2023-2024 starting from 1 April 2023 and ending on 31 March 2024. The effective date of the UTL 2023 is 1 April 2023. The major changes in the […]