eOasis is Rajah & Tann Asia’s legal publications portal, where you can view updates on the latest key legal and regulatory developments in Asia, prepared from a practitioner's viewpoint.
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Sub-Decree on Establishment of a Special Unit on Tax Audit
On 16 July 2024, the Royal Government of Cambodia issued Sub-Decree No. 160 on the Establishment of a Special Unit on Tax Audit ("SUTA") under the General Department of Taxation of the Ministry of Economy and Finance ("Sub-Decree No. 160"). SUTA functions as a mechanism to promote and expedite the resolution of any taxpayer matters in respect of tax audits. This Update sets out the key functions and responsibilities of SUTA.
24 Jul 2024 | CambodiaDecree No. 52/2024/ND-CP on Non-Cash Payments
On 15 May 2024, the Government issued Decree No. 52/2024/ND-CP ("Decree 52/2024") on non-cash payments, replacing the former Decree 101/2012/ND-CP on the same subject ("Decree 101/2012"). The decree came into effect from 1 July 2024.
Decree 52/2024 does not significantly overhaul the regulations in its predecessor (Decree 101/2012) (e.g. maintaining much of the rules and principles surrounding the use of non-cash payments and engagement of intermediary payment services). However, it introduces some new concepts such as electronic money, and tightens the conditions for providing intermediary payment services (IPS).
This Update provides a high-level summary of the key provisions of Decree 52/2024.
22 Jul 2024 | VietnamDecree No. 55/2024/ND-CP Guiding the Law on Consumer Rights Protection
On 16 May 2024, the Government issued Decree No. 55/2024/ND-CP ("Decree 55/2024") guiding certain articles of the Law on Consumer Rights Protection. The decree came into effect from 1 July 2024 together with the Law on Consumer Rights Protection.
This Update provides a high-level summary of the key provisions introduced by Decree No. 55/2024.
22 Jul 2024 | VietnamDraft Law on Data
On 1 July 2024, the Ministry of Public Security issued the draft Law on Data ("Draft Law") for public consultation.
The State acknowledges that there are currently 69 laws that regulate data and databases (including national databases and specialised databases) or which contain regulations related to data (e.g. Law on Electronic Transactions, Law on Cybersecurity, Law on Network Information Security and Law on Information Technology). It is for this reason that the State saw the need to develop a consolidated law to regulate all types of data, including personal data.
This Update provides a high-level summary of the key provisions provided in the Draft Law.
22 Jul 2024 | VietnamACRA Enhances Corporate Compliance Regime to Combat Money Laundering
As part of efforts to strengthen Singapore's anti-money laundering regime, the Accounting and Corporate Regulatory Authority ("ACRA") has introduced a number of legislative amendments to the corporate compliance framework, which were passed in Parliament on 2 July 2024: (i) the Corporate Service Providers Act; (ii) the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act; and (iii) the ACRA (Registry and Regulatory Enhancements) Act.
Among other changes, the Acts introduce new obligations and restrictions on corporate entities in relation to maintenance of registers, nominee directors and shareholders, and personal data filed with ACRA. The Acts have yet to come into force.
This Update highlights the key features of the Acts and the compliance measures therein, as well as the indicated timelines for implementation. 15 Jul 2024 | Singapore