Credit notes and debit notes are used when there is an over- or under-charge on a customer’s invoice. Article 49 of the VAT Sub-Decree dated 24 December 1999 outlines the circumstances when a credit or debit note should be issued: The supply has been cancelled. The nature of the supply has been fundamentally varied or […]

In an otherwise complex context, the Public-Private Partnership (“PPP”) experience in Bangladesh demonstrates a high level of transparency from which neighboring countries in the region can learn. Highlights of this note PPP framework Procurement Government budgeting Investment and corporate laws Environment law and social impact Secured transactions law Land ownership restriction Land acquisition Procurement process […]

The Union Tax Law 2021 (“UTL 2021”) was enacted on 30 September 2021 by the State Administration Council (“SAC”). It is applicable for the financial year (“FY”) 2021-2022 (1 October 2021 to 31 March 2022). Some notable changes under the UTL 2021 for taxpayers are the reductions in tax rates on the taxable profits of […]

In order to shore up the economy and investments affected by the COVID-19 pandemic; the state administration council has increased the income ranges at each rate level applicable for Personal Income Tax (“PIT”) in Union Tax Law (“UTL”) 2021 dated 30 September 2021. The changes under UTL 2021 are more favorable for taxpayers, since more […]

The amendment of the tax laws No. 01/NA dated 7 August 2021 (“Tax Law Amendment 2021”) was adopted by Presidential Decree No. 231/P dated 21 December 2021 and became effective from 1 January 2022. We provide below a brief summary of the key changes to the existing tax laws (including the Taxation Administration Law No. […]

In recent tax audits performed by tax authorities national wide, especially in big cities and provinces where the tax contribution accounting for large part of the state budget like Ho Chi Minh City, Hanoi, Hai Phong or Binh Duong, Ba ria-Vung Tau…, one of a typical issue of tax challenge is the deductibility of interest […]

Tax refunds for Commercial Tax (“CT”), Corporate Income Tax (“CIT”), and Specific Goods Tax (“SGT”) can arise if the total tax paid during the year exceeds the actual tax due for the year. Taxpayers can request a refund from the Internal Revenue Department (“IRD”) within a year from the date the notification of the tax […]

Part One of our articles focusing on intra-group services in Cambodia highlighted the importance of Cambodian taxpayers being able to fundamentally prove that intragroup services were actually rendered by its related party and that these services justified a charge being made by its related party. Highlights of this note Risk created by Head Office approach […]

The Internal Revenue Department (“IRD”) has launched an e-filing management system aimed at increasing the convenience of quarterly and annual return filings. As taxpayers will no longer be required to go to their relevant tax offices to lodge the returns in person, this will lead to reduced costs and time spent on filing the returns.  […]

On 7 September 2021, the Central Bank of Myanmar (“CBM”) issued a letter notifying all banks, financial service companies, and mobile financial service providers about a change to their financial year that will take effect from the 2022-2023 financial year onward. According to the CBM’s letter, the financial year (previously from 1 September to 30 […]

Overview Vietnam’s duty-free retail is emerging as a new attractive investment channel for both local and foreign investors. With the issuance of new regulations recently, Decree No.100/2020/NĐ-CP of the Government, selling duty-free goods online is acceptable. In addition, less complicated procedures are provided for downtown duty free set up. Compared to airport duty-free shops, downtown […]

Overview According to a report by Vietnam e-Commerce and Digital Economy Agency (governed by Ministry of Industry and Trade), with 53% of the population shopping online, the e-commerce market in Vietnam grew by 18% in 2020, reaching 11.8 billion USD, which accounted for 5.5% of total retail sales of consumer goods and services. According to […]

For many developing countries, one of the most common types of related party transactions is intra group services. This could be domestic, but is predominantly cross border services provided by Regional or Ultimate Headquarter/Group Service Centers. This Article discusses why so many Cambodian taxpayers are exposing themselves to a high level of transfer pricing audit […]

The Myanmar Social Security Law requires an employer with more than five employees to contribute to the social security scheme. Contributions must be made to the relevant township social security board within 15 days of the end of each month. Employers who fail to meet the contribution deadline are subject to a late payment penalty. […]

Vietnam has yet clearly set a comprehensive legal framework for an ESOP and neither guidance exists in accounting standards nor corporate income tax regulations in treating the expense for such a ESOP.  As far as concerns for controlling the indirect investment overseas by a resident, the Government has set out certain requirements for a resident doing outbound investment portfolio. Among […]

The Royal Government of Cambodia (“RGC”) has taken a number of actions to promote foreign investment in Cambodia, notably among them is amending the Law on Investment (“LOI”). The amended LOI has gone through several drafts and is now under review by the National Assembly and the Senate – the last step before it can […]

The Internal Revenue Department issued Public Ruling 1/2021 (“PR 1/2021”) on 17 June 2021, clarifying the definition of the right to use with regard to licenses, trademarks, and patent rights that fall under the payment category of royalties. The term “right to use” means: Using or the right to use any patent rights of literature, […]

The Ministry of Information and Communications has launched a campaign to promote digital transformation using cloud computing with the participation of 11 local service providers. Experts say digital transformation will help Vietnamese enterprises, especially small and medium-sized ones, adopt a more flexible and cost-effective business model in the post-coronavirus recovery period. One of the pillars […]

The Internal Revenue Department (“IRD”) has been implementing an online tax payment system since 2018; all taxpayers can process online tax payments using a Tax Identification Number (“TIN”), which is the same as a Company Registration Number with nine digits. There are three advance tax payment options accepted by the IRD – (i) tax payments […]

The State Administration Council enacted Law No. 20/2021 on Amending the Union Tax Law 2020 (“Amended UTL 2020”) on 17 June 2021 to reduce the tax amnesty rates on undisclosed income for the last quarter of financial year (“FY”) 2020-2021. The law takes effect on 1 July 2021 and will be valid until the end […]