On 10 December 2021, President Rodrigo Duterte signed into law Republic Act No. 11595 (“RA No. 11595”) which introduced important amendments to the Retail Trade Liberalization Act of 2000 (“RTLA”), including the following salient revisions: RA No. 11595 reduced the paid-up capital requirements for foreign retailers, regardless of category, from PHP 25 Million to a minimum paid-up capital of only PHP 25 Million ...
On February 10, 2022, the Ministry of Industry and Information Technology (“MIIT”) issued a second draft of the Measures for Administration of Data Security in the Field of Industry and Informatization (for Trial Implementation) (Draft for Comment) (the “Measures”), which makes revisions to the first draft in response to public comments received following its issuance on September 30, 2021. This second draft opened for public comments until February 21, 2022 ...
On February 10, 2022, the Ministry of Industry and Information Technology (“MIIT”) issued a second draft of the Measures for Administration of Data Security in the Field of Industry and Informatization (for Trial Implementation) (Draft for Comment) (the “Measures”), which makes revisions to the first draft in response to public comments received following its issuance on September 30, 2021. This second draft opened for public comments until February 21, 2022 ...
Kochhar & Co. advised UK-based integrated manufacturing-services and power products company, Volex plc on its acquisition of majority stake in inYantra Technologies Pvt Ltd, an electronics design and manufacturing services company for USD 13 million (approx. INR 100 crore). The transaction entailed subscription to fresh equity issued by inYantra Technologies as also purchase of equity from the existing shareholders, by Volex plc through its Indian subsidiary ...
The General Department of Taxation (“GDT”) issued Notification no. 4577 GDT on the 9th of March 2022 (“Notification 4577”) which delays the implementation of Prakas 346 MEF.P on Capital Gains Tax (“Prakas 346”) to 1 January 2024. Previously Instruction 24094 issued by the GDT on the 9th of October 2020 (“Instruction 24094”) had postponed the implementation of Prakas 346 to 1 January 2022 ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for February 2022.Tax & RevenueThe Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022 have been gazetted on 17 February 2022 and have effect from year of assessment 2021 ...
Kudun and Partners (KAP) has partnered with P&L Group to provide a full range of services to entrepreneurs planning to list their companies on LiVE Exchange, a platform initiated by the Stock Exchange of Thailand (SET) ...
China’s unified bond market now comprises the inter-bank market, exchange market, and commercial bank counter market; among these, the inter-bank market serves as the principal market with more than 85% of the total bond custody balance by the end of 2021[1] ...
China’s unified bond market now comprises the inter-bank market, exchange market, and commercial bank counter market; among these, the inter-bank market serves as the principal market with more than 85% of the total bond custody balance by the end of 2021[1] ...
On February 18th, 2022, the Asset Management Association of China (“AMAC”) issued the Announcement on Issues related to Application for Fund Practitioner Qualification by Overseas Fund Professionals (关于境外基金专业人才申请基金从业资格有关事项的公告, the “Announcement”), allowing eligible overseas professionals to register with AMAC as PRC fund practitioners ...
On February 18th, 2022, the Asset Management Association of China (“AMAC”) issued the Announcement on Issues related to Application for Fund Practitioner Qualification by Overseas Fund Professionals (关于境外基金专业人才申请基金从业资格有关事项的公告, the “Announcement”), allowing eligible overseas professionals to register with AMAC as PRC fund practitioners ...
The World Blood Donor Day is an occasion that allows us to express our gratitude to blood donors, raise awareness about the importance of voluntary and non-remunerated blood donations, and emphasize the need for regular donations in order to ensure the safe availability of high-quality blood and blood products for patients ...
With the 2022 year well under way most enterprises in Cambodia are turning their attention to their annual compliance obligations. There have been some recent changes and updates with respect to the annual compliance obligations for most enterprises in Cambodia. We have included the recent changes in our summary below ...
On 10 February 2022, the General Department of Taxation (“GDT”) issued Notification 2845 (“Notification 2845”), which provides the 2021 market interest rates for Employee Loans in accordance with Article 15 of Prakas 543 on Tax on Salary and Instruction No. 7015 GDT dated 13 March 2020. The 2021 market interest rates for 2021, based on the average of ten (10) commercial Cambodian banks, are as follows: USD – 8.28% per annum Khmer Riel – 8 ...
Crowded release of new AML rules With the continuous development of onshore financial markets and the ever-intensifying requirements globally for anti-money laundering (“AML”), it has become increasingly imperative for China to improve its AML legal and regulatory frameworks to give further play to the role of AML in building up the modern financial system and deepening the two-way opening-up of the financial industry ...
Crowded release of new AML rules With the continuous development of onshore financial markets and the ever-intensifying requirements globally for anti-money laundering (“AML”), it has become increasingly imperative for China to improve its AML legal and regulatory frameworks to give further play to the role of AML in building up the modern financial system and deepening the two-way opening-up of the financial industry ...
Dear valued clients, colleagues and friends,We are pleased to bring you the latest legal updates for January 2022.Corporate/M&AAmendments to the Main and ACE Market Listing Requirements in relation to Directors’ Appointment, Independence and Miscellaneous ChangeTax & RevenueExplanation in relation to the Definition of Factory for the Purpose of Reinvestment Allowance Claim under Schedule 7A, Income Tax Act 1967 (Practice Note No ...
January 2022 has seen the issuance of Instruction No. 002 AAR.N (“Instruction 002”) on the Compulsory Submission of Annual Financial Statements to the Accounting and Auditing Regulator (“ACAR”) and Instruction 001 AAR.I regarding the Submission to the ACAR on the use of English for computerized or other accounting systems (“Instruction 001”). We set out the salient points with respect to Instruction 002 and Instruction 001 below for your reference ...
The General Department of Taxation (“GDT”) issued Instruction no. 1972 GDT on 31 January 2022 (“Instruction 1972”) which sets out obligations for taxpayers in Cambodia that carry out projects for public interest in connection with a grant or loan agreement (“Agreement”) or memorandum of understanding (“MoU”) between the Royal Government of Cambodia and another government or national development agency or partner international organisations ...
Investing in India can be challenging in view of the myriad of laws at both the Central and State level, as well as cumbersome sector specific requirements. Many-a-times, foreign investors tie up with Indian promoters to overcome these hurdles. However, difficulties get amplified when they get embroiled in litigation / arbitration with Indian promoters over issues related to mismanagement, control, earn-out payments etc ...
GLIMPSES OF UNION BUDGET 2022 With the economy riding on the twin waves of rapid economic growth and increased tax collections, the Union Budget for 2022-23 was presented by the Hon’ble Finance Minister on February 1, 2022. A wide gamut policy and tax matters were outlined by the Minister in her speech, many of which found its way into the Finance Bill. We have put together the key takeaways for direct tax and indirect tax from the Union Budget. Trust this would be helpful ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Indirect Tax Proposals Special Economic Zones Act to be replaced Special Economic Zones Act is set to be replaced with a new legislation, under which Customs administration would be IT driven, and a Customs National Portal would be set up for this purpose. This is being done to encourage paperless processing and ease of doing business ...
HIGHLIGHTS OF UNION BUDGET 2022-2023 Key Direct Tax Proposals Personal Taxation Tax rates, TDS rates, Standard deduction and relief for savings etc. remain unchanged. Rates of surcharge have been rationalized in case of Long - term capital gain other than listed shares, and for Cooperative societies. Medical relief provided by employers or any other person in relation to COVID-19 will be exempt from F.Y. 2019-20 onwards ...
Article by Anne Coulon, Regional Legal Adviser, DFDL Thailand This article considers the various modes of dispute resolution used the most in Thailand, with particular reference to several key industry sectors of Thailand. Even where significant commercial interests are at stake, a dispute need not necessarily lead to an all-out confrontation. The opposing parties may attempt to settle their dispute through negotiation, and sometimes, mediation ...
