Information purposes only, August 2020 Self-assessment regime but rigorous tax audit process The tax system in Indonesia operates on a self-assessment basis, however a rigorous and often punitive tax audit and verification process is followed. The main tax laws are supplemented by a complex and ever-changing raft of implementing regulations. Worldwide income, no grouping. Note […]

The past few months have been an interesting phase for taxpayers in Myanmar due to the tax reliefs granted under the COVID-19 Economic Relief Plan, changes in current tax regulations, the announcement of the draft Union Tax Law 2020 (“draft UTL”), and the draft new Income Tax Law.   What major changes are included under the […]

The Office of the President issued Order 1/2020 related to Union Tax Law (“Order”), which prevails as the law, on 12 June 2020. The Order was issued in accordance with the COVID-19 Economic Relief Plan, Goal No. 2, to grant tax reliefs for the private sector, applicable for the FY2020-2021 assessment year. In other words, […]

Although the Lao PDR has not experienced a severe impact from the COVID-19 pandemic, the Government of the Lao PDR (“GOL”) is taking it seriously and generously providing tax relief in order to minimize stressful impacts on employees and help out the affected micro-, small- and medium-sized enterprises in the country. With issuance of the […]

In the wake of the Royal Government of Cambodia (“RGC”)’s stimulus package in response to the COVID-19 pandemic, the General Department of Taxation (“GDT”) has introduced further tax concessions for affected businesses. On 9 April 2020, the GDT issued Notification 9648 GDT (“Notification 9648”) on Additional Tax Concessionary Measures to Support Severely Affected Sectors as a […]

With the recent drastic measures taken by the government of the Lao PDR to control the spread of COVID-19 in the community, the economy is in a precarious position as trade, investment, tourism, and growth have come to an indeterminate halt. As per the World Bank, the global economy could shrink by 1 per cent […]

On 29 March 2020, the Prime Minister of the Lao PDR issued Order No. 06/PM (“Order 06”) calling for suspension of all nonessential businesses effective from 30 March 2020 until 19 April 2020. The order prohibits all nonessential in-person communications and travel, and requires everyone, including government employees, business owners, and foreign workers, to stay […]

The Internal Revenue Department (“IRD”) implemented an online tax payment system in 2018, supporting taxpayers who have obtained a Tax Identification Number (“TIN”) from the Large Taxpayers’ Officer (“LTO”) and the Medium Taxpayers’ Office-1 (“MTO-1”) in second phase.

On 23 March 2020, in response to the spreading of COVID-19, the Ministry of Labor and Vocational Training (“MLVT”) issued notification 009/20 requiring all employers to provide an updated list of the contact telephone numbers of all employees to the Department of Labor Inspection of the MLVT by 26 March 2020. Lists are to be emailed to [email protected]. […]

Sickness is a paid leave permitted by the Labor Law (Article 169). Therefore, during sickness, employer needs to pay the salary of his employee. Highlights of this note If an employee falls sick, who pay the salary? What if an employee wants to stay home to take care of children or school closed or child […]

With the emergence and spread of COVID-19, the sale of protective masks and antiseptic disinfectant have greatly increased to the extent that it has become difficult to buy them at a reasonable price.

Tax Cuts and Soft Loans In Myanmar During Covid-19 Businesses around the world are suffering from the impact of Coronavirus 2019 (“COVID-19”), and there is no denying that Myanmar’s economy has also subsequently taken a hit. Due to the lockdown of border countries and travel bans around the world, the import/export industry as well as […]

As the infectious coronavirus disease (“COVID-19”) continues to spread rapidly, with more than 100,000 positive cases confirmed by the World Health Organization (“WHO”), employers are facing a major challenge, particularly concerning health and safety risks in the workplace, travel restrictions, sick leave and benefit entitlements, and risk of workplace discrimination. Although there is no confirmed […]

The new Income Tax Law No. 67/NA dated 18 June 2019 (“New Income Tax Law”) has been promulgated by the President of the Lao PDR and was published on the Lao Official Gazette on 3 February 2020. It will come into force on 18 February 2020, i.e. 15 days from the date of its publication in […]

On 9 January 2020, the Ministry of Finance issued Notice No. 0031/CO (the “Notice”) to announce the necessary formalities for business entities to obtain their Tax Payment Certificates for the year 2019. Per the Notice, all business entities registered in the Lao PDR must submit their FY2019 financial statements along with the documents listed below […]

One of the key tax considerations points which should be kept in mind in any investment project into Cambodia is the availability of the benefits under Cambodia’s Investment incentive, specifically the tax incentives once the investment project is registered as a qualified investment project (“QIP”). Highlights Typical power plant project structure with QIP status The […]

Stamp Duty (“SD”) is applicable on all chargeable instruments unless explicitly exempted under Schedule 1 of the Myanmar Stamp Act 1899 (“MSA”). Chargeable instruments mean documents that create, transfer, extinguish, or record rights or obligations and upon which governmental charges are collected in order to give legal effect thereto. Some commonly used chargeable instruments include […]

Please note that a Statement by the Internal Revenue Department, Yangon Region (“IRD”) has been issued regarding enforcing monthly Personal Income Tax (“PIT”) return filings and payments. This statement by the IRD states that as per the newly enforced Tax Administration Law (“TAL”) Section 40 (a) and Section 49(a), if the party responsible for deducting […]

The Union Taw Law (“UTL”) 2019 was enacted on 24 September 2019 by the Union Parliament (the Pyidaungsu Hluttaw) and will be applicable for the Financial Year (“FY”) 2019-2020 (1 October 2019 to 30 September 2020). With the new income year commencing on 1 October 2019 and the Tax Administration Law (“TAL”) coming into force, […]

On 19 August 2019, the Union Parliament of Myanmar, Pyidaungsu Hluttaw, enacted Land Acquisition, Resettlement and Rehabilitation Law (Pyidaungsu Hluttaw Law No. 24/2019) to replace the colonial-era Land Acquisition Act (1894) as well as to provide a legal framework for resettlement and rehabilitation for the first time in Myanmar. Highlights of this note Overview What’s […]