Rajah & Tann Asia | Singapore Law Firm - legal services across Asia

Your Snapshot of Key Legal Developments in Asia

Issue 1 - Jan/Feb/Mar 2024

COVER STORY

CAMBODIA

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Cambodia and Malaysia Sign MOU to Enhance Cooperation in Financial Innovation and Payments

In its 27 February 2024 press release, Bank Negara Malaysia announced that Cambodia and Malaysia have signed a Memorandum of Understanding ("MOU") to enhance cooperation of these two countries in financial innovation and payment. This includes, among others, the linking of domestic payments in both countries to enable cross-border QR payments. The MOU will also facilitate cooperative oversight for safer and more efficient transactions.

The MOU supports the ASEAN Regional Payment Connectivity initiative and the G20 Roadmap for cross-border payments. This in turn will boost cross-border trade and tourism between the countries.

It is expected that up to five million merchants, including small businesses, from both countries will benefit from this cooperation.

Strengthening the Management of Gaming Operations

On 19 February 2024, the Commercial Gambling Management Commission of Cambodia ("CGMC") issued Guideline No. 001 on Strengthening the Management of Luck-Based Game Operations in the Kingdom of Cambodia ("Guideline") to ensure the improvement of the management of gaming operations, and to promote social order and morality.

Under the Guideline, CGMC instructs that all holders of a licence, branch licence, or permit on service location of luck-based games ("Approval") shall:

Properly comply with the rulebook on conditions of the issuance of luck-based game licences;
Operate the business at the location specified in the Approval only;
Upon receipt of the Approval, place proper signboard(s) at the respective business location;
Display the original Approval at the respective business's registered address;
Only operate game types and equipment permitted by CGMC;
Display the original certificate of the registration of game types and equipment for the luck-based game and its appendix at the respective business's registered address, and display a copy of such certificate certified by the General Secretariat of CGMC at the luck-based game branch location and/or service location; and
Monitor and manage the luck-based game in compliance with the Law on Management of Commercial Gaming.

Incentives for Voluntary Rectification of Tax Returns

The Ministry of Economy and Finance has issued Prakas No. 071 on Incentives for Voluntary Rectification of Tax Returns dated 30 January 2024 ("Prakas"). The Prakas amends Prakas No. 127 dated 14 March 2024 on Incentives for Voluntary Rectification of Tax Returns in order to provide for an exemption from administrative penalty.

The Prakas applies to all taxpayers in the self-assessment regime who file for the amendment of their submitted tax returns on account of mistakes due to the confusion or forgetfulness of the taxpayers or withholding agents. It provides for exemption from any administrative penalties including additional tax, interest and monetary penalty until the end of June 2024 for taxpayers or withholding agents that satisfy the conditions set out in the Prakas.

For more information, click here to read our Legal Update.

Prakas on Corporate Governance for Insurance Companies

On 15 January 2024, the Non-Banking Financial Services Authority issued Prakas No. 005 on Corporate Governance for Insurance Companies ("Prakas") to replace Prakas No. 185 on Requirements for Corporate Governance dated 20 March 2007. The Prakas, which aims to ensure good governance, applies to all insurance companies (life insurance, general insurance, microinsurance, and reinsurance) doing business in the Kingdom of Cambodia.

The Prakas determines (i) the composition and qualifications of the board of directors, board committees, chief executive officers, and actuaries of an insurance company; (ii) their roles and responsibilities; and (iii) administrative and pecuniary penalties in case of non-compliance with the requirements set out in the Prakas.

For more information, click here to read our Legal Update.

Notification on Advertising of Alcohol

On 9 January 2024, the Ministry of Information ("MOI") issued a notification to broadcasting units, manufacturers, distributors and importers of alcohol and advertisement service providers ("Notification"). The Notification relates to the mass advertisement of alcohol on television, radio, and other means of communication in the form of lucky draw rewards and interviews with the winners to entice the public, especially young adults, to consume alcohol.

In order to prevent and end traffic accidents, domestic abuse, health issues and other concerns arising from the consumption of alcohol, MOI reminds all broadcasters, manufacturers, distributors, and importers of alcohol and advertisement service providers of the following:

Comply with Circular No. 492 on the Advertisement of Alcohol issued by the MOI in October 2014.
Do not advertise alcohol by promoting activities encouraging or enticing people to indulge in alcohol for a chance to win rewards, or using slogans that encourage people to consume alcohol.
When advertising alcohol, do not involve women and minors under the age of 18 years in a manner that negatively affects the rights and integrity of Cambodian women.
Any advertisement of alcohol through television, online news, billboards, LED screens and other banners must have the disclaimer "Don’t Drink and Drive" and "Drink Responsibly".

Prakas on Formalities and Procedures of Administrative Sanction and Penalties in Trust Sector

On 3 January 2024, the Non-Banking Financial Services Authority issued Prakas No. 002 on Formalities and Procedure of Administrative Sanction and Penalties in Trust Sector ("Prakas"). The Prakas aims to set out the rules, formalities and procedure in imposing administrative sanctions and penalties by the trust inspector on persons who contravene the conditions in the licences, permits, and other registrations granted by the Trust Regulator of Cambodia.

In addition to the administrative sanctions, the Prakas provides additional administrative sanctions to be imposed by the trust inspector in the event that other offences are committed under other laws and regulations.

For more information, click here to read our Legal Update.

CHINA

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China Passes Regulations on Cross-Border Data Flow

On 22 March 2024, the Cyberspace Administration of China ("CAC") published the long-awaited Regulations on Promoting and Regulating the Cross-border Data Flow (促进和规范数据跨境流动规定) ("Regulations"), which came into immediate effect.

Compared to the draft Regulations earlier issued for comments by CAC on 28 September 2023 ("Draft Regulations"), one of the significant changes is the change of the Regulations' name by moving "promoting" before "regulating". This marks a radical shift in China's cross-border data transfer regulatory approach towards one which seeks to ensure a balance between national security and protection of individual rights on one hand, and commercial practicability on the other hand.

The Regulations and Draft Regulations remain largely aligned with respect to scenarios that may be exempted from the requirements to (i) complete and file a data export security assessment; (ii) conclude a standard personal information export contract; or (iii) obtain a Personal Information Protection Certification (collectively, "Data Export Regulatory Requirements"). However, the Regulations have included more examples of scenarios that can be exempted from the above requirements. In addition, the triggering conditions to comply with the Data Export Regulatory Requirements have been raised from "personal information of 10,000 persons that would be expected to be transferred within one year" to "personal information of 100,000 persons that have been transferred cumulatively starting from 1 January of the current year" when transferring personal information (excluding sensitive personal information) from China to other countries or places.

We have prepared a detailed legal update on the passed Regulations. Please click here to understand more scenarios that can be exempted from the Data Export Regulatory Requirements.

China Issues Draft Administrative Measures for Syndicated Loan

On 22 March 2024, the National Financial Regulatory Administration of the PRC officially published Administrative Measures for Syndicated Loan (Draft for Comment) ("Draft Measures") to solicit public opinion. The Draft Measures are intended to revise the Syndicated Loan Guidelines, which were issued by the former China Banking Regulatory Commission in 2007 and revised in 2011 ("Guidelines"). While maintaining the overall structure of the Guidelines, the Draft Measures introduce several key changes. We summarise some of the key changes below.

Principles for Providing Syndicated Loans

The Draft Measures introduce new principles for banks engaging in the business of syndicated loans. It stipulates that banks should (i) enhance quality financial services for major strategies, key areas, and weak links; (ii) support the growth of the real economy; and (iii) strengthen penetration management. Banks should also control client concentration and effectively prevent and resolve risks. These principles suggest a strategic direction for banks to focus on certain specific sectors for the provision of syndicated loans.

Incorporation of Grouped Syndicated Loans Mode

The Draft Measures also make major adjustments to the mode of syndicated loans. It moves away from the Guidelines' requirement for uniform conditions and terms across the syndicated loans. Instead, it incorporates the concept of the grouped syndicated loan, drawing from international practice. This new mode allows syndicate members to offer loans with varying terms or types under one syndicated loan contract, provided that terms, interest rates, purposes, and other conditions shall remain consistent within each group. However, the Draft Measures also set restrictions on grouped syndicated loans, specifying that they should not form more than three groups, and in principle, each group should have at least two participating banks.

Allowing Partial Transfer of Syndicated Loans

Another highlight of the Draft Measures is that it expressly permits banks to partially transfer a syndicated loan by splitting the outstanding principal and interest in its entirety pro rata. This will activate the secondary market of syndicated loans if the Draft Measures are passed in the current form. However, the Draft Measures maintain the priority right of other members in the syndicate. Additionally, the Draft Measures also require that any transfer of a syndicated loan must be pre-registered at the China Credit Assets Registration & Exchange. However, further clarification is needed on how such registration shall be conducted, especially for the transfer of a cross-border syndicated loan.

Overall, the Draft Measures signify a potentially great move towards integrating with global syndicated loan practices while enhancing the oversight of domestic syndicated loan activities.

China Issues Draft Regulations in Relation to Off-Campus Tutoring

On 8 February 2024, the PRC Ministry of Education released the draft Regulations on Administration of Off-Campus Tutoring (校外培训管理条例(征求意见稿), "Draft Regulations"). The Draft Regulations are the first draft regulations for the off-campus tutoring sector at the national level since July 2021 when China initiated a sweeping crackdown on the private tutoring industry. A summary of the key highlights in the Draft Regulations is listed below. Kindly note that the Draft Regulations have not been passed, and the final Regulations may be different from the current draft.

Definition

Clause 2 of the Draft Regulations provides a clear definition of off-campus tutoring, which refers to organised or systematic educational training activities conducted outside the school education system, targeting primary and secondary school students and pre-school children aged three to six with the main purpose of improving the students' academic performance or cultivating interests and specialties. This is the first time that a clear definition of off-campus tutoring is provided in law.

Classification, Approval and Administration

The Draft Regulations classify and differentiate two types of off-campus tutoring, i.e. curriculum-based tutoring and non-curriculum-based tutoring, which are subject to different approval and administration requirements.

Clause 6 of the Draft Regulations further stipulates that approval for off-campus tutoring shall be obtained for all off-campus tutoring activities. In particular, institutions which provide curriculum-based tutoring targeting students at the compulsory education stage (i.e. primary and junior high school) should be registered as non-profit legal entities.

Qualification and Teaching Materials

Clause 8 of the Draft Regulations stipulates that the teaching and research staff of off-campus tutoring institutions providing curriculum-based tutoring shall obtain teaching qualifications. The teaching and research staff of off-campus tutoring institutions providing non-curriculum-based tutoring shall obtain corresponding professional qualifications. The Draft Regulations further prohibit teachers and research staff in kindergartens and primary and secondary schools from engaging in off-campus tutoring activities.

Clause 9 of the Draft Regulations stipulates that materials used for off-campus tutoring shall be filed with the relevant approving authority. In particular, materials used for non-curriculum-based tutoring shall also be concurrently submitted to the competent industry regulatory authority.

The Draft Regulations also provide rules and/or restrictions in other aspects of off-campus tutoring activities, such as the name of the institution, time and schedule of tutoring hours, testing and competitions, pricing requirements, etc. All in all, the issuance of the Draft Regulations marks a significant step forward in the restructuring and standardisation of China’s off-campus tutoring industry after the introduction of the "Double Reduction" policy in July 2021. Certain provisions of the Draft Regulations still need to be further clarified or interpreted by the authorities.

Expanded Scope for Reciprocal Recognition and Enforcement of Court Judgements in Civil and Commercial Matters between Chinese Mainland and Hong Kong SAR

On 29 January 2024, the Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Chinese Mainland and of the Hong Kong Special Administrative Region ("New Arrangement"), which was signed on 18 January 2019, came into effect.

Before the New Arrangement took effect, the basis for the mutual recognition and enforcement of court judgments between the Chinese Mainland ("Mainland") and the Hong Kong Special Administrative Region ("Hong Kong") was the Arrangement on Reciprocal Recognition and Enforcement of Judgments in Civil and Commercial Matters by the Courts of the Chinese Mainland and of the Hong Kong Special Administrative Region Pursuant to Choice of Court Agreements between Parties Concerned ("2008 Arrangement"), which came into force in August 2008.

Under the 2008 Arrangement, the judgments would be reciprocally enforceable only if there was a written agreement between the parties designating the court in the Mainland or Hong Kong as having exclusive jurisdiction. In addition, the 2008 Arrangement also limited the scope of the mutual recognition and enforcement to monetary judgments only. Other types of judgments such as those involving tort judgments were not covered.

The New Arrangement broadens the scope of judgments that can be recognised and enforced mutually between the two places. It now includes non-monetary judgments and covers almost all judgments of a "civil and commercial" nature under the laws of the Mainland and Hong Kong. This includes certain types of intellectual property dispute judgments, and judgments regarding civil compensation in criminal cases. In addition, it eliminates the requirement for a written exclusive jurisdiction agreement. Instead, the applicant only needs to show that there is an actual connection between the dispute and the requesting place, and that the requested place does not have exclusive jurisdiction over the dispute. The connection can be demonstrated through the defendant's place of residence, the place of performance of the contract involved, or any other actual connection.

However, it should be noted that the New Arrangement does not apply to eight types of judgments in civil and commercial matters, namely:

certain marriage and family affairs cases;
inheritance cases;
patent infringement cases;
certain maritime cases;
bankruptcy (insolvency) cases;
voter qualification cases;
arbitration-related cases; and
recognition and enforcement of judgments in other jurisdictions.

We had previously published a January 2024 Legal Update on this New Arrangement in Chinese on our China WeChat account. Please click here to read our Chinese Legal Update.

Singapore and China Sign Three MOUs to Strengthen Business Ties

In its 1 February 2024 press release, the Singapore Business Federation ("SBF") announced that Singapore and China had hosted the Singapore-China Economic Partnership Conference, during which time three Memoranda of Understanding ("MOUs") were signed. The MOUs aim to enhance the business relationships, intellectual property protection, and mediation and arbitration support in these two countries. The conference, attended by business leaders and government officials, also explored new opportunities for trade and investment between Singapore and China.

The scope of the three MOUs are as follows:

The first MOU prioritises the facilitation of business activities to encourage the advancement of commercial and industrial relations between Singapore and China. It was renewed by SBF and the China Council for the Promotion of International Trade ("CCPIT").

The second MOU focuses on providing capacity-building support for enterprises from China and Singapore in intellectual property protection, management, and dispute resolution. This was signed by the Singapore Manufacturing Federation (SMF) and CCPIT Commercial and Legal Service Center.

The third MOU, together with the Joint Declaration on the Provision of Legal Services for Regional Economic Development ("Joint Declaration"), seeks to offer businesses from both countries support for mediation and arbitration as an alternative mode of dispute resolution to foster trade and investment cooperation in the region. The MOU was signed by the CCPIT Commercial Legal Service Centre and Singapore International Mediation Centre ("SIMC"), while the Joint Declaration was signed by SIMC, Singapore Chamber of Maritime Arbitration (SCMA), Singapore International Arbitration Centre (SIAC), CCPIT Mediation Center, China Maritime Arbitration Commission (CMAC), and China International Economic and Trade Arbitration Commission (CIETAC).

The signing of the three MOUs demonstrates the deepening economic ties and the commitment of both Singapore and China to foster stronger bilateral relations.

INDONESIA

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Singapore and Indonesia Sign LOI to Work on Cross-border Carbon Capture and Storage

In a press release posted on its website on 15 February 2024, the Ministry of Trade and Industry Singapore announced that Singapore and Indonesia have signed a Letter of Intent ("LOI") to work together on cross-border carbon capture and storage ("CCS"). This follows the issuance on 30 January 2024 of Indonesia's presidential regulation on CCS allowing CCS operators to reserve storage capacity for foreign carbon dioxide. Click here to read our Legal Update on Indonesia's regulatory framework on CCS.

CCS involves capturing, transporting and storing carbon dioxide that is produced as a byproduct from other activities, such as power generation. The carbon dioxide that is captured will therefore not be released into the atmosphere. CCS provides a pathway to decarbonise hard-to-abate sectors such as energy and chemicals (E&C) and power sectors, and is one of the key tools to achieve both countries' respective net-zero emission targets to mitigate the effects of global warming.

The LOI, the first of its kind in Southeast Asia, reflects the commitment of both countries to achieve regional decarbonisation outcomes in a sustainable manner.

A working group will be formed to develop a legally binding bilateral agreement relating to the details of the cross-border CCS cooperation.

Indonesia’s Carbon Capture and Storage (CCS) Regulatory Overview: Steps to Become Asia-Pacific Hub?

Indonesia is aggressively pursuing net-zero emission targets, with a focus on carbon capture and storage ("CCS") as a crucial tool to achieve its domestic net-zero target by 2060. Through a series of recent regulations, including Presidential Regulation 14/2024 on the Implementation of Carbon Capture and Storage, the country has laid out a comprehensive framework for CCS operations. This framework delineates two main avenues for CCS implementation: (i) within existing production sharing contract ("PSC") blocks; and (ii) in designated CCS areas. Within PSC blocks, CCS projects will integrate with petroleum operations, while designated areas will undergo a tender process, exploration, and development phases. The regulations provide clarity on various aspects such as taxation incentives, business processes, liability, and potential sanctions, although some gaps remain, particularly in defining royalty amounts, bilateral cooperation requirements, and post-monitoring liability.

While the regulatory framework marks a significant step towards CCS development in Indonesia, additional clarifications and implementations are necessary to fully underpin investment decisions and establish a successful CCS hub. Key areas requiring further elaboration include (i) defining royalty structures; (ii) outlining requirements for bilateral cooperation; (iii) specifying liability limitations in the post-monitoring period; and (iv) providing tax incentives. Beyond regulations, the success of CCS ventures will hinge on finding suitable injection target zones, fostering multilateral policies, and encouraging regional cooperation to establish a robust value chain. Additionally, financial considerations and international collaboration will play pivotal roles in assessing the economic viability of CCS projects and ensuring their long-term sustainability in mitigating greenhouse gas emissions while meeting global energy demands.

For more information, click here to read our Legal Update.

Adjustment to the Rooftop Solar System Regulation: A Step Back for Indonesia?

In January 2024, Indonesia’s Ministry of Energy and Mineral Resources ("MEMR") introduced MEMR Regulation No. 2 of 2024, replacing MEMR Regulation No. 26 of 2021 and ushering in significant changes to the rooftop solar system regulatory framework. The new regulation mandates PT PLN (Persero) Tbk. ("PLN") to allocate development quotas for rooftop solar systems within each electricity system, fundamentally altering the installation process. Consumers must now verify the availability of clustered quotas before applying for system installation, with PLN obliged to either approve or reject applications within 30 days, failing which applications are deemed approved. The elimination of kWh metering and parallel operation payments reshapes the landscape – surplus electricity generated by consumers' rooftop solar systems will no longer impact their bills, while consumers are relieved of parallel operation charges. Penalties for unauthorised installations and the introduction of carbon trading add layers of complexity to the regulatory environment, potentially affecting stakeholders across the industry.

These regulatory shifts mark a departure from previous incentives driving rooftop solar system adoption, posing challenges and uncertainties for stakeholders in Indonesia's renewable energy sector. While the removal of certain fees may ease financial burdens, the elimination of bill-reducing mechanisms and the imposition of penalties for non-compliance could dampen consumer enthusiasm. Additionally, ambiguities regarding carbon credit ownership and the broader impact on renewable energy adoption underscore the need for clarity and further regulatory guidance. As the industry navigates these changes, the outcome will shape investment patterns, market dynamics, and the trajectory of renewable energy adoption in Indonesia, emphasising the importance of ongoing dialogue and collaboration among stakeholders to navigate this evolving landscape effectively.

For more information, click here to read our Legal Update.

OJK’s New Rule Tightens Share Buyback and Expands Scope of Disclosure

The enactment of Indonesia's Financial Services Authority's (OJK) Regulation No. 29 of 2023 on Share Buyback by Public Companies ("New Regulation") brings significant changes to share buyback practices for public companies. Under the new framework, stringent provisions tighten the conditions for buybacks, mandating careful planning and execution to ensure compliance. Notably, restrictions on buybacks now include prohibitions on concurrent buybacks under fluctuating market conditions and requirements to transfer previously bought treasury shares within a specified timeframe. Moreover, the regulation introduces extended methods for treasury share transfers, including distributing shares to existing shareholders and utilising shares for asset acquisitions or debt repayments, all under the umbrella of heightened transparency and accountability. Enhanced disclosure requirements further bolster transparency by requiring public companies to provide detailed information on buyback funding sources and progress, reinforcing market stability and investor confidence.

The New Regulation emphasises timeliness and efficiency, shortening buyback periods and expanding transfer methods, all while mandating consistent reporting to regulatory authorities. By imposing stricter standards and enhancing disclosure, the regulation aims to ensure that buybacks do not compromise companies' financial stability or market dynamics. Additionally, the provision for a smooth transitional period allows ongoing processes to continue under the previous regulatory frameworks, ensuring uninterrupted operations while facilitating compliance with the new guidelines. In essence, the New Regulation not only enhances regulatory clarity and compliance but also promotes market efficiency and stability, safeguarding the interests of both investors and public companies alike in Indonesia’s financial landscape.

For more information, click here to read our Legal Update.

The Revamped Electronic Information and Transaction Law: A New Year’s Transformation

The second amendment to Indonesia's Electronic Information and Transaction Law (EIT Law), enacted on 2 January 2024 ("Second Amendment"), brings about significant changes aimed at enhancing online child safety, bolstering the security of high-risk electronic transactions, and clarifying legal parameters for international electronic contracts. Notably, the Second Amendment requires electronic system operators ("ESOs") to implement (i) measures safeguarding children from harmful online content; (ii) age verification systems; and (iii) and accessible reporting channels for misuse. Moreover, it compels the use of certified electronic signatures for high-risk transactions and designates Indonesian law as governing law in international contracts under specific conditions, aiming to foster legal clarity and consumer protection in cross-border transactions.

However, while the Second Amendment introduces essential safeguards and regulations, clarity on certain aspects remain pending, such as the definition of standard clauses and enforcement mechanisms for non-compliance. Nonetheless, businesses are urged to adopt proactive compliance measures despite awaiting further implementing regulations.

Furthermore, the Second Amendment strengthens government supervision over prohibited online content, empowering civil service investigators to order ESOs to block offenders' assets linked to criminal activities. It also refines the definition of prohibited content, emphasising the intention to disseminate content violating decency or containing false information resulting in material consumer losses. These measures reflect Indonesia's commitment to curbing online harms, combating fraud, and ensuring the integrity of electronic transactions. However, the effectiveness of these regulations hinges on comprehensive implementation strategies and clear enforcement mechanisms. Therefore, businesses operating within Indonesia's digital landscape must navigate evolving regulatory frameworks, prioritise compliance, and remain vigilant in adapting to forthcoming guidelines to mitigate legal risks and uphold consumer trust in the digital realm.

For more information, click here to read our Legal Update.

Could 2024 be the Year of Insurance Companies’ Consolidation

In December 2023, Indonesia's Financial Services Authority (OJK) enacted Regulation No. 23 of 2023 on Business and Institutional Licensing for Insurance Companies, Sharia Insurance Companies, Reinsurance Companies, and Sharia Reinsurance Companies ("Regulation 23/2023"), reshaping the insurance sector in alignment with the objectives set forth in recent financial laws and regulations. This comprehensive regulation introduces increased minimum capital requirements across all categories of insurance and reinsurance companies, driving potential consolidation within the industry. Notably, the regulation permits strategic measures similar to those in the banking sector, allowing insurance companies to pursue mergers, acquisitions, or the formation of business groups to meet these capital demands. With only a fraction of insurance companies currently meeting the heightened equity thresholds, the prospect of consolidation emerges as a compelling solution, potentially fostering a more robust and financially resilient insurance landscape in Indonesia.

Regulation 23/2023 also introduces new foreign ownership requirements, maintaining the 80% limit while imposing additional criteria on foreign shareholders. Examples of these criteria include engagement in similar businesses, maintaining minimum equity, and attaining a minimum rating from internationally recognised agencies. Moreover, the regulation introduces various provisions aimed at enhancing corporate governance, risk management, and regulatory oversight within the insurance sector, including prohibitions on concurrent directorship positions, certification requirements for management-level officers, registration of insurance agents, and collaboration opportunities among companies under common ownership structures. This proactive regulatory approach sets the stage for transformative changes within Indonesia's insurance industry, fostering collaboration, innovation, and resilience to navigate the evolving financial landscape effectively.

For more information, click here to read our Legal Update.

LAO PDR

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Lao Government Issues Ordinance to Raise VAT Rate to 10%

On 26 March 2024, the Ordinance on the Amendment of the Value Added Tax Rates No.003/PSD ("Ordinance"), which was issued on 19 March 2024, was published in the Official Gazette of Lao PDR ("e-Gazette"). The Ordinance states that it will take effect fifteen days after its publication in the e-Gazette. The Ordinance has restored the value-added tax ("VAT") rate from 7% to 10% to support the country’s budget revenue and contribute to its socio-economic development. With the expected increase in VAT, local residents are currently concerned about the potential rise in the prices of goods and services.

Under the revised plan, the VAT rate of 10% applies to a range of transactions and persons, including those relating to imports, goods, general services, mineral imports and minerals in the country, as well as electricity supply and usage, and electricity producers and providers.

The adjustment would restore the VAT rate to its original rate, which was in place from 2010 to 2021. The reduction in VAT rate, initiated on 1 January 2022, was part of the Lao government’s efforts to stimulate economic recovery following the COVID-19 pandemic.

The Ordinance does not provide specific details regarding the implementation date of the proposed increase, which is pending approval from various sectors of the Lao government.

Instructions on Implementation of VAT Obligations for Suppliers of Digital Goods and Digital Platform Services or Electronic Commerce Activities

On 26 March 2024, the Instructions on the Implementation of Value Added Tax Obligations for Suppliers of Digital Goods and Digital Platform Services or Electronic Commerce Activities from abroad to users in the Lao PDR No.0558/MOF ("Instruction"), which was issued on 14 February 2024, was published in the Official Gazette of Lao PDR ("e-Gazette"). Under the Instruction, suppliers of digital goods and digital platform services or electronic commerce activities from abroad to users in Lao PDR that derive income from such provision of services and activities must register on the Digital Tax Service System ("DTax System") and notify the relevant agency of the value-added tax ("VAT") collected from the transaction.

VAT Notification Payment

Under the Instruction, the payment of VAT must be made every quarter, which the Instruction states as comprising four months. The notification of payment will be as follows:

First quarter (period covering January to April): taxpayer to be notified that payment must be made within May;
Second quarter (period covering May to August): taxpayer to be notified that payment must be made within September; and
Third quarter (period covering September to December): taxpayer to be notified that payment must be made within January of the following year.

Payment Channels

Payment must be made into the National Treasury account in US Dollars (USD), Euros (EUR), Chinese Yuan (CNY) or other currencies as may be notified by the Department of Taxation from time to time through the following channels:

Payment gateway that accepts debit cards and credit cards of the Visa network: Mastercard, JCB, Amex and Union Pay; and
Wire transfer.

Late VAT payment will attract penalties including warnings and payment of fines.

The Instructions will apply to transactions starting from 1 August 2024, while registration on the DTax System has started on 1 March 2024.

Lao PDR and Vietnam Sign MOU on Cooperation in the Field of Internet Resource Development

On 10 January 2024, the National Internet Centre ("LANIC") of the Ministry of Technology and Communications of Lao PDR and the National Internet Centre ("VNNIC") of the Ministry of Information and Communications of the Republic of Vietnam signed a memorandum of understanding ("MOU") on cooperation in the development of internet resources. The purpose of the MOU is to enhance bilateral cooperation between Lao PDR and Vietnam in the fields of (i) management and development of national internet resources and improvement of the important infrastructure of the internet, and (ii) cooperation, counselling and human resource development to encourage and promote the work of digital transformation in Lao PDR.

At the signing ceremony, LANIC and VNNIC agreed to collaborate whereby VNNIC would share its expertise with LANIC on country code Top-Level Domain (ccTLD), Domain Name System (DNS) and Internet security, Internet Protocol v6 (IPv6) transition activity, statistics collection and monitoring. VNNIC would also conduct training and seminars to encourage LANIC to create a Lao Internet Exchange Network Operation Group (LIXNOG).

LANIC and VNNIC have been collaborating on internet resource development since 2011. In 2012, LANIC sent delegates to VNNIC for six months to learn internet name coding. In 2013, LANIC and VNNIC also signed the Minutes of the Meeting on the direction and cooperation plan for 2013 to 2015 in relation to the drafting of legislation and regulations on internet code in Lao PDR, as well as training and technical support.

In 2016, LANIC and VNNIC continued to cooperate and support each other. VNNIC sent employees and experts to conduct training on internet name code work for LANIC, covering topics such as policy and legislation of internet name code, third level internet name code in Domain Name System Security Extensions (DNSSEC) and local language internet name code.

In addition to internet name code work, VNNIC also provides support to LANIC in the field of resource management and the use of Internet Protocol (IP). It has also sent employees and experts to LANIC to provide training for this purpose.

Decision on Management of International Code Numbers (Barcode)

On 3 January 2024, the Ministry of Industry and Commerce ("MOIC") issued Decision No.0008/MOIC on the Management of International Code Numbers (Barcode) ("Decision"). The Decision defines the principles, regulations and measures regarding the management, monitoring, and inspection of the use of international code numbers (Barcode) ("ICNs") in Lao PDR. This aims to promote the quality of production and services, accurate representations of the actual situation, and contribution to the development of the national economy and society.

According to the Decision, there are seven types of international codes that have been approved by the international code organisation GS1:

European Article Numbering/Universal Product Code (EAN/UPC) - the international code of the European Union or the international code with 13 digits used for the international code of retail products;
Interleaved 2 of 5-14 (ITF-14) - an international code with 14 digits used for paper boxes and cargo containers;
GS1-128 - an international code used for transportation and warehouse systems. It can store product information both in numbers and letters;
GS1 Data Matrix - a two-dimensional international code used for medical devices or metal containers;
GS1 Data Bar - an international code used for short-lived, perishable products such as plants, vegetables, fruits, meat, etc.;
Quick-Response Code (QR Code) - an international two-dimensional code used for public relations, advertising media, entering various websites, etc.; and
Radio Frequency Identification (RFID) - an electronic panel that contains information that can track the movement of goods with radio frequency waves.

Application for Permission to Use International Code Numbers

An individual, legal entity or organisation that conducts business relating to the production, distribution, circulation and service of products in Lao PDR and intends to use ICNs in the course of its business must apply for permission to use such ICNs by submitting the following documents to the Department of Standards and Measurements ("DSM") or the Department of Industry and Trade of the relevant province or capital:

An application in a form prescribed by DSM;
A copy of its enterprise registration certificate;
A copy of its annual tax payment certificate;
A copy of its business operating licence issued by the relevant sector;
A copy of its previous certificate of use of ICNs (in case of modification, change of content, or increase in number of ICNs);
A copy of its ID card, census or passport; and
Product images.

Verification of ICNs

An individual, legal entity or organisation that wants to verify the validity of an ICNs should submit an application to DSM in writing and attach the information relating to the ICN and the products that need to be checked.

Notice on Use of Unauthorised Foreign Payment Instruments and Payment Channels

On 4 January 2024, Bank of Lao PDR ("BOL") issued Notice No.05/BOL titled "Notice on the Use of Unauthorised Foreign Payment Instruments and Payment Channels" ("Notice") informing hotels, guesthouses, restaurants, shops, operators of service facilities, tourists, citizens, traders, employees, soldiers and police throughout the country that there is currently a group of people bringing in foreign payment instruments and channels in Lao PDR via quick response (QR) codes and payment data readers (Point of Sale/ Electronic Data Capture machine) without the permission of relevant authorities. These people provide services to foreigners or tourists in the country and receive payment for such services (e.g. through Alipay and WeChat Pay) without going through the financial system of Lao PDR.

To address this, BOL has given directives as follows:

Service Providers

Service providers who are individuals or legal entities such as hotels, guesthouses, restaurants, shops, service operators and tourists who use unauthorised payment instruments and channels violate the following laws and decision:

Law on Payment System No. 32/SPC, dated 7 November 2017;
Law on Foreign Exchange Management (amended) No. 15/NA, dated 7 July 2022; and
Decision on the Payment Service Provision No. 288/BOL, dated 17 March 2020.

Those who are still receiving payments with tools or payment channels that do not go through banks or legal entities authorised by BOL (especially Alipay and WeChat Pay) should cease utilising such payment tools or channels. They are directed to receive payments through banks or authorised legal entities within three months from the date of issuance of the Notice.

Individual Service Users

Individual service users such as parents, traders, employees, soldiers and police, foreigners or tourists who need to pay for goods and services through electronic tools should use the services of payment service providers authorised by BOL.

MALAYSIA

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New Malaysian Cyber Security Act to Regulate National Critical Information Infrastructures and Cyber Security Service Providers

On 3 April 2024, the Malaysian Parliament passed the Cyber Security Bill ("Bill"), which establishes a legal framework for the oversight and maintenance of national cyber security in Malaysia, while also strengthening the protection of National Critical Information Infrastructures ("NCIIs") against cyber security threats and incidents. The Bill achieves these objectives by:

defining the regulatory and enforcement authority of the Chief Executive of the National Cyber Security Agency ("NACSA") over cyber security matters;
establishing a framework for the designation of "NCII Entities" and clarifying the obligations of such Entities to proactively protect NCII owned or operated by them from cyber security threats and incidents; and
regulating the provision of certain types of cyber security services through a new licensing regime.

In the Bill, NCIIs refer to computers or computer systems whose disruption or destruction would have a detrimental impact on Malaysia's economy, public safety, public order, or the effective functioning of the Government.

The framework established by the Bill enables the designation of entities that own or operate NCIIs in 11 sectors ("NCII Sectors") identified in the Bill as "NCII Entities". The Bill identifies NCII Sectors to include (i) the Government, (ii) banking and finance, (iii) transportation, (iv) defence and national security, (v) information, communication and digital, (vi) healthcare services, (vii) water sewerage and waste management, (viii) energy, (ix) agriculture and plantation, (x) trade, industry and economy, and (xi) science, technology and innovation sectors.

NCII Entities designated under the Bill are subject to various obligations, including:

compliance with minimum security measures, standards and processes specified in sector-specific Codes of Practice to be drawn up pursuant to the Bill;
fulfilment of cyber security incident notification obligations;
conduct of cyber security audits and risk assessments for the NCIIs owned and operated by them;
participation in cyber security exercises conducted by the Chief Executive of NACSA; and
compliance with various directives issued under the Bill.

For more information, click here to read our Legal Update.

New Renewable Energy Programmes in Line with National Energy Transition Roadmap

The Malaysian government launched the National Energy Transition Roadmap ("NETR") in 2023 to guide the country's journey toward achieving net zero greenhouse gas emissions by 2050. In line with the objectives outlined in the NETR, the Government has announced a series of energy transition programmes and initiatives for 2024. These include:

the Large Scale Solar (LSS) photovoltaic programme, which utilises a competitive bidding process to drive down the Levelised Cost of Energy (LCOE) for the development of large scale solar photovoltaic plants;
the Low Carbon Energy Generation Programme (LCEGP) initiative, under the New Enhanced Dispatched Arrangement ("NEDA") mechanism, which aims to enhance competition and cost efficiency in the Single Buyer market. It allows non-Power Purchase Agreement ("PPA")/Service Level Agreement ("SLA") power generators to sell energy to the Single Buyer by bidding their variable costs against those stated in the PPAs and SLAs;
Increased Net Energy Metering ("NEM") Quota under the NEM Programme where the Government has announced additional quota under the NEM programme. This programme allows energy produced from solar photovoltaic installations to be consumed first, with any excess exported to Tenaga Nasional Berhad (TNB) at a prevailing displaced cost; and
the Solar for Rakyat Incentive Scheme (SolaRIS) which is a special incentive to encourage the installation of solar photovoltaic systems by domestic consumers.

For more information, click on the links below to read our Legal Updates on the NETR as well as the energy transition programmes and initiatives mentioned above:

Relief to Public Listed Companies – The Federal Court's Decision in Concrete Parade

The recent Federal Court decision in Dato' Azizan Abd Rahman & Ors v Concrete Parade Sdn Bhd & Ors & Other Appeals [2024] CLJU 610 gives companies, in particular Malaysian public-listed companies (PLCs), long-awaited clarification following uncertainties brought on by the Court of Appeal’s decision in Concrete Parade Sdn Bhd v Apex Equity Holdings Bhd & Ors [2021] 9 CLJ 849.

The Federal Court held among others:

Section 85 of the Companies Act 2016 ("CA 2016"), which confers a statutory pre-emptive right to shareholders, is subject to the constitution of a company. The constitution may:

provide for an ability to renounce or disapply such pre-emptive rights;
be silent; or
fortify such pre-emptive rights.

Section 223(1)(b) of the CA 2016 should be construed so that sub-sections (i) and (ii) of section 223(1)(b) are read disjunctively.

Thus, directors of a company may proceed with the company's entry into an agreement for a substantial value acquisition or disposal if the agreement contains a condition that the acquisition/disposal is subject to shareholders' approval. Alternatively, the board may seek shareholders' approval prior to the close of the transaction, i.e. before the actual acquisition or disposal.

This decision provides welcome legal and practical guidance and enables a return to normalcy for corporate transactions involving share issues and substantial acquisitions/disposals.

Cambodia and Malaysia Sign MOU to Enhance Cooperation in Financial Innovation and Payments

The MOU supports the ASEAN Regional Payment Connectivity initiative and the G20 Roadmap for cross-border payments. This in turn will boost cross-border trade and tourism between the countries.

It is expected that up to five million merchants, including small businesses, from both countries will benefit from this cooperation.

JPDP Announces the Development of New Guidelines under Malaysian Personal Data Protection Act 2010

The Personal Data Protection Department ("JPDP" or Jabatan Perlindungan Data Peribadi) has entered into a Memorandum of Understanding with Futurise Sdn Bhd ("Futurise"), Malaysia's national regulatory sandbox body, to develop seven new guidelines to complement the forthcoming changes and amendments that will be introduced in the upcoming bill ("PDPA Amendment Bill") amending the Malaysian Personal Data Protection Act 2010 ("PDPA").

The PDPA Amendment bill is expected to be tabled in Malaysian Parliament sometime this year, most likely in the June 2024 parliamentary sitting.

The seven new guidelines to be developed by JPDP and Futurise are:

Notification of Data Breach Guidelines;
Data Protection Officers Guidelines;
Data Portability Guidelines;
Cross Border Data Transfer Guidelines and Mechanism;
Data Protection Impact Assessment Guidelines;
Privacy by Design Guidelines; and
Profiling and Automated Decision Making Guidelines.

To-date, JPDP has not provided further details about when the guidelines will be issued.

Malaysia and Singapore Sign MOU to Boost Economic Cooperation through Johor-Singapore Special Economic Zone

On 11 January 2024, Malaysia and Singapore signed a Memorandum of Understanding ("MOU") to work on a Johor-Singapore Special Economic Zone ("JS-SEZ") to strengthen economic connectivity and cooperation between Johor and Singapore.

Under the MOU, Malaysia and Singapore have agreed to work towards improving cross-border flows of goods and people and strengthening the business ecosystem within the JS-SEZ to support investments. The JS-SEZ rides on the improved growth of Johor and Singapore's substantial investment in the region.

Aside from the MOU, the two countries will also look into various initiatives aimed at developing the JS-SEZ, including the following:

Establishment of a one-stop business/investment service centre in Johor to streamline the application processes for licences needed to establish a business presence in Johor by Singapore entities;
Adoption of a passport-free QR code clearance system to expedite clearance of people at the land checkpoints, as well as digitised processes for cargo clearance at the land checkpoints;
Holding an investors' forum to seek feedback on the JS-SEZ;
Facilitating Malaysia-Singapore renewable energy cooperation in the JS-SEZ;
Developing training modules to address talent and skills gaps for relevant industries in the JS-SEZ; and
Organising joint events between Johor and Singapore to promote investment into the JS-SEZ.

New Guidelines for Online Curated Content Service Providers

The Communications and Multimedia Content Forum of Malaysia ("Content Forum") has published Guidelines for Online Curated Content Service Providers ("OCC Guidelines") to align content standards among content service providers whose content are available in Malaysia.

The OCC Guidelines set out best practices on content standards within online curated content ("OCC") services. OCC services are defined as the provision of curated digital content directly to paying subscribers via an Internet connection to the subscriber's device. Examples of OCC services include video streaming services such as Netflix, Disney+Hotstar and Apple TV.

However, the OCC Guidelines do not apply to services offering user-generated content (e.g. social media platforms such as Meta, YouTube and TikTok), and intermediary services that provide access to a repertoire of OCC service providers (e.g. content aggregators such as Google News, or streaming aggregator services such as Roku and Amazon Fire TV).

The best practices outlined by the OCC Guidelines cover several key areas:

Ratings and content classification guidelines applicable to the content provided by OCC services;
Safety features to be integrated into OCC services to facilitate consumer feedback, enable consumers to choose their own content, and enhance content protection for minors;
Guidance on the promotion and advertising of content provided by OCC services; and
General principles and standards on content standards within OCC services.

While the OCC Guidelines do not create legally enforceable obligations on OCC service providers to comply, the Content Forum may advise OCC service providers to remove content that conflicts with the best practice principles and guidance outlined in the OCC Guidelines.

MYANMAR

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Extension of Transition Period of Myanmar Investment Online (MyInO) System

On 21 February 2024, the Myanmar Investment Commission ("MIC") announced that the transition period for data resubmission for companies holding MIC Permits or MIC Endorsements to re-enter investment data via the Myanmar Investment Online ("MyInO") System shall be extended to 30 June 2024.

To initiate the application process on the MyInO System, applicants are required to create an account on the platform. Thereafter, companies holding an MIC permit or endorsement must re-enter all investment-related data prior to the procurement of the relevant permits/endorsements, in compliance with the announcement. Following the data update, applications can then be filed through the MyInO System.

After the transition period, companies may apply online for the appointment of foreign experts and employees. Additionally, MIC has introduced measures to facilitate the submission of several applications related to changes in the number of foreign experts and employees engaged by the companies.

People's Military Service Law In Force as of 10 February 2024

The State Administration Council has issued an announcement stating that the People's Military Service Law would come into force on 10 February 2024. The People's Military Service Law ("Law") was enacted as Law No 27/2010 of the State Peace and Development Council on 4 November 2010, and it came into force by virtue of section 1(b). The Ministry of Defense ("MOD") is to issue necessary bylaws, procedures, notifications, orders and directives to implement the Law. MOD subsequently formed a Central Regulatory Body for Summoning Military Servants under the Law and to formally standardise the conscription process in the near future.

Under the Law, male citizens aged 17 to 35 (for experts/professionals, aged 18 to 45) and female citizens aged 18 to 27 (for experts/professionals, aged 18 to 35) are eligible for military service. Any eligible citizen may be called up for military service for up to 24 months. Exempted individuals from military service includes members of religious orders, married women, people with permanent disability, individuals recognised as permanently inappropriate for military service by the Tatmadaw medical examination board, and individuals exempted by the Central Regulatory Body for Summoning Military Servants.

Updates on Intellectual Property Laws

On 9 February 2024, the Department of Intellectual Property of Myanmar ("DIPM") released an announcement stating that companies can voluntarily start submitting applications for registration of copyrights and related rights under the Copyright Law (2019). Applications can be made electronically, in-person, by post, or through a local representative. Applicants incorporated or residing outside of Myanmar must appoint a local representative who will file the application on their behalf.

Following the announcement, on 13 February 2024, DIPM issued a notification specifying the service fees based on the categories of services for the registration of copyrights as follows:

Application Form No.	Categories of Services	Fees
CR- 1	Application for the registration of literary or artistic work	MMK 100,000 (approximately US$ 47)
CR- 1	Application for the registration of audiovisual work or cinematographic work	MMK 300,000 (approximately US$ 143)
CR- 2	Application for the registration of related rights object	MMK 100,000 (approximately US$ 47)
CR- 3	Application for the amendment or correction of clerical errors and other errors that may be permitted to be corrected in the application	MMK 50,000 (approximately US$ 23)
CR- 5	Application for the issuance of a certified copy of a registration certificate	MMK 50,000 (approximately US$ 23)
CR- 6	Application for the amendment or correction of clerical errors and other errors recorded in the register	MMK 50,000 (approximately US$ 23)
CR- 7	Application for recording of transferring of economic rights	MMK 100,000 (approximately US$ 47)
CR- 8	Application for the amendment or cancellation of the record of transferring	MMK 50,000 (approximately US$ 23)
CR- 9	Application for the cancellation of registration	MMK 100,000 (approximately US$ 47)
CR- 11	Application for a change of representative	MMK 20,000 (approximately US$ 10)
CR- 12	Application for time extension	MMK 50,000 (approximately US$ 23)
CR- 13	Application for appeal	MMK 300,000 (approximately US$ 143)

Industrial Design

In addition to copyrights, industrial designs can also be registered with DIPM from 1 February 2024 via DIPM's electronic filing system ("electronic filing system") for the protection of industrial designs under the Industrial Design Law. Under the Industrial Design Law and Rules, the creator of an industrial design, the creator's successor or the employer of an employee who created the industrial design are eligible to apply by way of registration via the electronic filing system. The industrial design must be new and original. Multiple designs may be protected under one application if all the products constituting the industrial design fall under one class set out in the International Classification of the Locarno Agreement. The registration term of an industrial design is five years, renewable twice for a total of 15 years. The fee for the application for registration is MMK 120,000 (approximately US$ 57) and the recordation of the registration is MMK 100,000 (approximately US$ 47).

The application for registration of industrial design must include the details of the industrial design. Additionally, the representation of the industrial design must satisfy certain requirements, including the following:

Presented as a drawing, photo or graphic either in black and white, or coloured;
Presented in .JPG format not exceeding 2MB and 300 x 300 dpi;
Labelling figures representing the different dimensions (perspectives) of the industrial design as 1.1, 1.2, 1.3, 1.4, etc.; and
All parts of the industrial design are presented in a clear, definite and distinguishable manner and with quality fit for publication.

Issuance of Directive on Agent Banking Services

On 6 February 2024, the Central Bank of Myanmar under the State Administration Council issued a directive on agent banking services ("Directive") to provide comprehensive access to financial services to people who do not have access to banking services. The Directive seeks to increase overall participation in the financial system by setting a framework for banking services agents without affecting the safety and soundness of the banking system. The Directive, which applies to all banks that appoint agents, came into effect on the date of its issuance.

PHILIPPINES

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Philippine Salt Industry Development Act Signed Into Law

On 11 March 2024, President Ferdinand R. Marcos Jr. signed Republic Act No. 11985 or the "Philippine Salt Industry Development Act" ("PSIDA Law") with the goal of reviving the country's salt industry. The PSIDA Law is in line with the policy of the State to preserve, protect, and rehabilitate the natural environment in the actualisation of developmental policies.

Congress proposed the law amid concerns that despite the Philippines being an archipelagic country, over 90% of the country's salt requirements are being imported mainly from Australia and China annually. This may be attributed to the passage of Republic Act No. 8172, or "Act for Salt Iodization Nationwide" ("ASIN Law"). Under the ASIN Law, all locally produced salt is required to be iodised. This adversely affected the local production of sea salt leading to increased reliance on imports.

With the enactment of the PSIDA Law, the effects in the implementation of ASIN Law will be addressed. The Government anticipates an increase in the production of salt, and the attainment of the goal to become salt-sufficient and be the net exporter of salt. Further, the revival of the salt industry would create opportunities for thousands of new jobs, particularly in the rural and coastal communities.

One of the pertinent provisions of the PSIDA Law is the mandate for the establishment of a Philippine Salt Industry Roadmap ("Salt Roadmap") to focus on the revitalisation and modernisation of the salt industry. The Salt Roadmap includes programmes, projects, and interventions for the development and management, research, processing, utilisation, business modernisation, and commercialisation of Philippine salt. Further, the PSIDA Law also provides for the creation of the Philippine Salt Industry Development Council to ensure the unified and integrated implementation of the Salt Roadmap and fast-track the modernisation and industrialisation of the Philippine salt industry.

AML Council Proposes Two Actions to Have Philippines Removed from Global Money Laundering 'Grey List'

On 7 March 2024, the Anti-Money Laundering Council ("AMLC") proposed two regulatory actions for the implementing rules and regulations of the Anti-Money Laundering Act ("AMLA") and the Terrorism Financing Prevention and Suppression Act of 2012. These are intended to address the remaining strategic deficiencies noted in the Mutual Evaluation Reports ("MER") pertaining to the Philippines' Anti-Money Laundering and Countering the Financing of Terrorism framework, and thereby remove the Philippines from the "Jurisdictions under Increased Monitoring", commonly known as the grey list of global money laundering for 2024. The Philippines has been included in the Financial Action Task Force’s ("FATF") grey list due to these deficiencies noted in the MER.

To comply with the latest FATF standards, address the operational concerns of AMLC, and further clarify the provisions of the AMLA to assist covered persons and government agencies in effectively implementing the law, AMLC will implement changes including:

adopting an effective risk-based supervision of Non-Financial Businesses and professionals (NFBPs);
mitigating risk associated with casino junkets;
enhancing and streamlining access to beneficial ownership information;
demonstrating an increase in the money laundering and terrorism financing investigations and prosecutions; and
ensuring cross-border measures in all entry points across the country, including seaports and airports.

PCC Increases Thresholds for Merger Notifications

The Philippine Competition Commission ("PCC") has raised the merger notification thresholds for transactions that will undergo mandatory merger review. Beginning 1 March 2024, mergers and acquisitions that exceed both (i) the size of party ("SOP") threshold of PhP7.8 billion and (ii) the size of transaction ("SOT") threshold of PhP3.2 billion must be notified to PCC before the merger transaction can proceed. SOP pertains to the aggregate value of assets or revenues of the ultimate parent entity of either party involved in the transaction, while SOT refers to the total value of assets or revenues of the acquired entity and all its controlled entities.

PCC annually adjusts its thresholds following Memorandum Circular No. 18-001 which is based on the official estimate of the nominal Gross Domestic Product growth of the previous year. The increase in thresholds does not affect mergers or acquisitions pending review by PCC, notifications filed before 1 March 2024, and transactions which are already the subject of a decision by PCC.

Securities and Exchange Commission Issues Philippine Sustainable Finance Taxonomy Guidelines

On 23 February 2024, the Securities and Exchange Commission ("SEC") issued Memorandum Circular No. 5, series of 2024 or the Philippine Sustainable Finance Taxonomy Guidelines ("Guidelines"). The primary goal of the Guidelines is to channel capital towards economic endeavors that further sustainability goals, such as lowering greenhouse gas emissions and bolstering climate resilience. Additionally, it fosters transparency and reliability by reducing the likelihood of greenwashing and facilitates a fair transition to a sustainable economy.

The Guidelines uses the traffic light approach such as "green", "amber", or "red" in classifying an activity, as follows:

A green activity is one that makes a substantial contribution to an Environmental Objective ("EO") and meets the Essential Criteria of Do No Significant Harm ("DNSH") and Minimum Social Safeguards ("MSS").

An amber activity is one that makes a substantial contribution to an EO and meets the Essential Criteria of DNSH and MSS (i.e. a green activity), but causes significant harm to another EO. Such harm must be able to be remediated within five years, or within less than 10 years as verified by an independent party.

A red activity is one that does not serve any EO or meet the Essential Criteria. This does not imply that the activity is unsustainable. Rather, it does not meet the higher sustainability ambition of the Guidelines, nor pass the DNSH or MSS tests.

The Guidelines also formally define sustainable finance in the Philippines as any form of financial product or service which integrates environmental, social and governance criteria into business decisions that support economic growth and provide lasting benefit for both clients and society while reducing pressures on the environment. Sustainable finance includes, as a subset, green finance which is designed to facilitate the flow of funds towards green economic activities and climate change mitigation and adaptation projects.

Department of Labor and Employment Issues Revised Implementing Rules and Regulations of Republic Act No. 11360

On 1 February 2024, the Department of Labor and Employment ("DOLE") issued Department Order No. 242, series of 2024 ("Order") which provides for the revised implementing rules and regulations of Article 96 of the Labor Code of the Philippines as amended by Republic Act No. 11360, entitled "An Act Providing that Service Charges Collected by Hotels, Restaurants and Other Similar Establishments be Distributed in Full to All Covered Employees" ("RA 11360").

The Order covers all employees except managerial employees "regardless of their position, designations, or employment status, and irrespective of the method by which their wages are paid". Managerial employees are defined by the Order as "any person vested with powers or prerogatives to lay down and execute management policies or hire, transfer, suspend, lay-off, recall, discharge, assign, or discipline employees or to effectively recommend such managerial actions." What this means is that covered employees (except managerial employees) are now entitled to receive the full amount of the service charges contemplated in RA 11360.

The Order also provides for the non-diminution of benefits. This means that the new rules on will not diminish the existing benefits of covered employees under present laws, company policies, and collective bargaining agreements.

SINGAPORE

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Mandatory Climate Reporting for Listed Issuers from FY 2025, and Large Non-Listed Companies to Follow from FY 2027

On 28 February 2024, the Accounting and Corporate Regulatory Authority (ACRA) and the Singapore Exchange Regulation ("SGX RegCo") announced details of mandatory climate-related disclosure (CRD) for:

issuers listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") ("listed issuers") from financial year ("FY") 2025; and
large non-listed companies limited by shares with annual revenue of at least S$1 billion and total assets of at least S$500 million (unless exempted) from FY 2027.

The new requirements are part of a finalised climate reporting and assurance implementation roadmap set out in the Response paper (available here). It follows from consultations on the recommendations from the Sustainability Reporting Advisory Committee.

SGX RegCo separately conducted a public consultation on its proposed amendments to the listing rules of the SGX-ST to implement the above recommendations, as set out in its Consultation Paper on "Sustainability Reporting: Enhancing Consistency and Comparability" issued on 7 March 2024. The consultation closed on 5 April 2024.

For more information, click here to read our Legal Update.

Business Collaborations for the Greener Good: CCCS Issues Environmental Sustainability Collaboration Guidance Note

Competition benefits consumers. However, there may be instances where business competitors need to collaborate for the greater, or greener, good. Seeking to achieve net-zero emissions by 2050 under the Singapore Green Plan 2030, Singapore has embarked on a whole-of-nation sustainability movement. The Competition and Consumer Commission of Singapore ("CCCS") recognises that the sustainability movement may involve business competitors engaging in various forms of collaborations in existing, emerging or new markets in pursuit of environmental sustainability objectives.

On 1 March 2024, CCCS issued its Guidance Note on Business Collaborations Pursuing Environmental Sustainability Objectives, otherwise known as the Environmental Sustainability Collaboration Guidance Note ("ESCGN"), which provides additional guidance on the application of section 34 of the Competition Act 2004 ("Competition Act") to business collaborations in the context of environmental sustainability initiatives. The ESCGN should be read together with CCCS's Guidelines on the Section 34 Prohibition and Business Collaboration Guidance Note.

For more information, click here to read our Legal Update.

Four Southeast Asian Stock Exchanges Unite to Develop ASEAN-Interconnected Sustainability Ecosystem

On 15 February 2024, Bursa Malaysia Berhad (Bursa Malaysia), Indonesia Stock Exchange (IDX), The Stock Exchange of Thailand (SET), and Singapore Exchange (SGX Group) (collectively, "Participating Exchanges") announced their team-up to jointly develop the ASEAN-Interconnected Sustainability Ecosystem ("ASEAN-ISE"). The initiative seeks to promote the Association of Southeast Asian Nations' ("ASEAN") sustainable development "through the implementation of common ESG metrics in their respective data infrastructures."

The intended outcomes of the ASEAN-ISE include:

Creating an integrated environmental, social, and governance ("ESG") ecosystem to promote sustainability in ASEAN;
Enabling Participating Exchanges to reap the benefits of economies of scale through cost efficiency and speedy time-to-market with fit-for-purpose solutions; and
Empowering Participating Exchanges to assist ESG-compliant companies in enhancing business value through quality disclosures.

The Participating Exchanges agreed to certain deliverables under the collaboration that will take into account local considerations and the maturity levels of the Participating Exchanges' respective markets. Notably, they have committed to integrate in their respective ESG reporting platforms the "ASEAN Exchanges Common ESG Metrics", a published set of ESG metrics recommended for disclosure by listed companies.

The Participating Exchanges will reconvene in July 2024 to finalise the implementation details of the ASEAN-ISE initiative.

Singapore and Indonesia Sign LOI to Work on Cross-border Carbon Capture and Storage

The LOI, the first of its kind in Southeast Asia, reflects the commitment of both countries to achieve regional decarbonisation outcomes in a sustainable manner.

A working group will be formed to develop a legally binding bilateral agreement relating to the details of the cross-border CCS cooperation.

ASEAN Issues Guide on AI Governance and Ethics

The rapid growth of artificial intelligence ("AI") has shone a light on the pressing need to manage its development and inherent risks. While AI solutions bring significant transformative potential, governments have been seeking to establish national frameworks within which AI development and deployment can be duly monitored and controlled. One of the challenges of such AI frameworks is that they are often jurisdiction-specific, while the propagation of AI commonly crosses national boundaries, resulting in potentially differing standards and requirements. Governments have thus been looking towards greater cooperation in AI framework building and standards equivalence to provide for more efficiency in cross-border AI deployment.

In this regard, the Association of Southeast Asian Nations ("ASEAN") member states have issued the ASEAN Guide on AI Governance and Ethics ("ASEAN AI Guide"), which was unveiled at the 4th ASEAN Digital Ministers' Meeting on 2 February 2024. The ASEAN AI Guide establishes common principles and recommends best practices on the implementation of trustworthy AI in ASEAN. It seeks to help promote consumer confidence and facilitate cross-border deployment of AI services and solutions throughout the ASEAN region.

The ASEAN AI Guide sets out seven guiding principles which aim to ensure trust in AI and the design, development, and deployment of ethical AI systems:

Transparency and Explainability;
Fairness and Equity;
Security and Safety;
Robustness and Reliability;
Human-centricity;
Privacy and Data Governance; and
Accountability and Integrity.

For more information, click here to read our Legal Update.

Singapore and China Sign Three MOUs to Strengthen Business Ties

The scope of the three MOUs are as follows:

The first MOU prioritises the facilitation of business activities to encourage the advancement of commercial and industrial relations between Singapore and China. It was renewed by SBF and the China Council for the Promotion of International Trade ("CCPIT").

The second MOU focuses on providing capacity-building support for enterprises from China and Singapore in intellectual property protection, management, and dispute resolution. This was signed by the Singapore Manufacturing Federation (SMF) and CCPIT Commercial and Legal Service Center.

The third MOU, together with the Joint Declaration on the Provision of Legal Services for Regional Economic Development ("Joint Declaration"), seeks to offer businesses from both countries support for mediation and arbitration as an alternative mode of dispute resolution to foster trade and investment cooperation in the region. The MOU was signed by the CCPIT Commercial Legal Service Centre and Singapore International Mediation Centre ("SIMC"), while the Joint Declaration was signed by SIMC, Singapore Chamber of Maritime Arbitration (SCMA), Singapore International Arbitration Centre (SIAC), CCPIT Mediation Center, China Maritime Arbitration Commission (CMAC), and China International Economic and Trade Arbitration Commission (CIETAC).

The signing of the three MOUs demonstrates the deepening economic ties and the commitment of both Singapore and China to foster stronger bilateral relations.

Malaysia and Singapore Sign MOU to Boost Economic Cooperation through Johor-Singapore Special Economic Zone

Aside from the MOU, the two countries will also look into various initiatives aimed at developing the JS-SEZ, including the following:

Establishment of a one-stop business/investment service centre in Johor to streamline the application processes for licences needed to establish a business presence in Johor by Singapore entities;
Adoption of a passport-free QR code clearance system to expedite clearance of people at the land checkpoints, as well as digitised processes for cargo clearance at the land checkpoints;
Holding an investors' forum to seek feedback on the JS-SEZ;
Facilitating Malaysia-Singapore renewable energy cooperation in the JS-SEZ;
Developing training modules to address talent and skills gaps for relevant industries in the JS-SEZ; and
Organising joint events between Johor and Singapore to promote investment into the JS-SEZ.

When is Three a Crowd: Can a Stranger to an Arbitration Participate in Enforcement Proceedings for the Award?

In general, only the parties to an arbitration may participate in proceedings to enforce the resulting arbitral award. Are there exceptions to this? If so, under what circumstances can a third party apply to be added to the enforcement proceedings? What legal test should be applied under Singapore's new Rules of Court 2021 ("ROC 2021")? If the third party is unsuccessful in its application, when should the Court exercise its discretion to allow the third party to be added as an interested non-party instead?

These issues arose for consideration in DFD v DFE and another [2023] SGHCR 23, where an unsecured creditor ("Trustee") of a party to the arbitration sought to be added to proceedings to resist enforcement of an arbitration award ("Enforcement Challenge Application"). The addition was opposed by the claimant, i.e. the party which had successfully obtained permission from the High Court to enforce the award on an ex parte basis.

The Court considered the approach to be taken under the ROC 2021, finding that the existing case law relating to the Rules of Court 2014 (ROC 2014) continued to be relevant. It therefore had to determine whether it was "just and convenient" for the Trustee to be added, which involved whether the Trustee had a sufficient legal interest in the present proceedings. Ultimately, the Court held it was not appropriate to allow the addition of the Trustee as either a party or an interested non-party to the Enforcement Challenge Application.

The Claimant was successfully represented by Kelvin Poon, SC, Head of the International Arbitration Practice, and Devathas Satianathan from the same Practice, as instructed counsel.

For more information, click here to read our Arbitration Asia article.

THAILAND

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New BOI Incentives: (i) PCB Supply Chain; (ii) International Concerts, Festivals & Sporting Events; and (iii) EV Policies

On 28 March 2024, the Board of Investment ("BOI") announced the clarification of incentives it will provide to promote foreign investment in the manufacture of printed circuit boards ("PCBs"), with the intention of covering the entire PCB supply chain. BOI's modified definition of PCB business clarifies that qualified types of businesses relating to PCB include manufacturers of parts and providers of related services such as lamination, drilling, plating, routing and electrical testing, among others.

The expanded definition of PCB business will also now include producers of PCB parts such as copper clad laminate (CCL), flexible copper clad laminate (FCCL), and PREPREG, as well as producers of raw materials such as dry film, transfer film, and backup board.

In the same press release, BOI also announced new incentives to attract the organisation of large international concerts, sporting events and festivals. Organisers of large international events with an investment, or expenses, of not less than THB100 million (US$2.8 million), will receive incentives in the form of an import duty exemption on equipment. BOI will also facilitate the temporary entry into the country of the required foreign staff. This will not cover the organisation of conferences and trade shows.

Prior to this, on 21 February 2024, Thailand’s National Electric Vehicle Policy Committee (EV Board), chaired by Prime Minister Srettha Thavisin, approved (i) incentives to encourage companies to transition their commercial fleets of large trucks and buses to battery electric vehicles (BEV), and (ii) cash grants for electronic vehicles ("EV") battery cells manufacturers. The intention of the two policies is to expand the country's support of the EV ecosystem and reinforce its status as an EV manufacturing hub.

Potential Upcoming Exemption of New Service Businesses from Application of Foreign Business Act

The conduct of business in Thailand by a foreign person, foreign juristic person or Thai registered company with half or more than half of the share capital owned by foreigners is regulated by the provisions of the Foreign Business Act B.E. 2542 (1999) ("FBA"), which came into effect on 4 March 2000. The FBA is administered by the Ministry of Commerce ("MOC"), more specifically, the Department of Business Development ("DBD").

Schedule Three of the FBA lists the businesses which foreigners are prohibited from conducting unless with the approval of the Director General of DBD of MOC. Clause 21 of Schedule Three includes "the provision of services other than those specified by the Ministerial Regulations". Clause 21 operates as a catch-all provision which encompasses most "consulting" and service-oriented businesses. Certain service businesses have already been excluded from the FBA by way of Ministerial Regulations.

From 21 February 2024 to 15 March 2024, DBD held a public hearing to consider a draft ministerial regulation excluding nine other service businesses from this list:

Telecommunications service businesses under the first type of telecommunications business license according to the Telecommunications Business Operations Act;
Treasury Center Services Businesses under laws regarding exchange control;
Software development businesses;
Service business for administrative, human resources, and technological management for affiliated companies;
Debt guarantee service businesses, only within Thailand, for affiliated companies;
Partial space rental businesses for installing electronic devices used in financial services, vending machines, or automatic services to facilitate a company that has already received a foreign business license;
Petroleum exploration service businesses;
Various forms of lending businesses with securities under the Securities and Exchange laws, as well as the derivatives laws; and
Service businesses that act as brokers, dealers, advisors, or fund managers for derivatives contracts where such goods and variables are not subject to the Derivatives Act B.E. 2546 (2003).

It is important to note that, in addition to the FBA restrictions, specific legislation may also set limits on the level of foreign share ownership in areas such as commercial banking, telecommunications, insurance, commercial transportation, aviation, commercial fishing, mining and commodity exporting.

Virtual Banking Licences: New Guidelines Released

On 4 March 2024, the Notification of the Ministry of Finance Re: Criteria, Methods, and Conditions of the Application for a Licence and Issuance of a Licence to Operate a Virtual Bank ("Notification"), dated 20 February 2024, was published in the Government Gazette. The Notification provides guidance on the process for applying for a virtual bank licence, as well as the relevant criteria, requirements and conditions.

The Notification comes into effect on 19 March 2024. A "virtual bank" regulated under this Notification is one which operates entirely online. Such virtual banks are potentially able to offer efficient financial services through digital channels, which would be principally operated by an operator who has the necessary expertise in technology, digital services, and data analytics. Conducting banking services online could save operational costs and also promote accessibility to financial services for underserved or unserved cuvstomers.

For more information, click here to read our Legal Update.

Removal of VAT Exemption Proposed

Thailand is currently considering the enactment of legislation where imports below THB1,500 in value will no longer enjoy a valued-added tax ("VAT") exemption. Regarding the timeline, the Revenue Department will submit a draft law to the Ministry of Finance in May 2024 for subsequent consideration by the Cabinet of Thailand.

The purpose of this imposition of VAT is to address concerns of small and medium enterprises (SMEs) and local businesses regarding the proliferation of low value e-commerce goods which enter the country and are VAT exempt. If the draft law is passed, the sale will attract VAT at the online checkout, and it will be necessary for sellers to register for VAT and remit the VAT amounts.

This measure is in line with the measures that have applied to VAT on digital services since 2021.

New Cybersecurity Subordinate Laws

The National Cyber Security Committee of Thailand published two notifications on 18 January 2024 that require critical information infrastructure operators ("CIIOs") to classify their data and information systems and implement cybersecurity protection measures.

The Notification on Standards for Determination of the Security Category for Data or Information Systems requires CIIOs to self-assess their data and information systems and assign them a risk level (low, medium, or high) based on their confidentiality, integrity, and availability. The assessment should also consider the potential impact on the CIIOs, the users, the public, and national security.

The Notification on Minimum Standards for Data or Information Systems requires CIIOs to implement minimum cybersecurity measures according to the risk level of their data and information systems. The measures include implementing a cybersecurity audit plan, risk assessment, incident response plan, and various risk protection, detection, response, and recovery actions.

The notifications will take effect one year after the date of publication, or on 18 January 2025.

For more information, click here to read our Legal Update.

VIETNAM

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Proposals for the Development of Law on Data and Law on Personal Data Protection

In February 2024, the Ministry of Public Security ("MPS") published its proposals to request for the development of a Law on Data and a Law on Personal Data Protection. The proposals were issued in line with the tasks set out in the Prime Minister's Directive No. 04/CT-TTg dated 11 February 2024, to promote the implementation of the project to develop the application on residential data and electronic identification and authentication to serve the national digital transformation for 2022 - 2025 (with a vision up to 2030).

The proposals were issued as a preliminary step for lawmakers to develop the legislation. While the draft laws are not yet available, the proposals include a detailed impact assessment which rationalises the requirement for these laws and include certain insights as to what may be anticipated in the draft laws to come.

The Law on Data is centred on four main policies, and will regulate the following matters: (i) constructing, developing, administering and processing data, the application of science and technology in data processing, and the State's management of data; (ii) the National Comprehensive Database; (iii) constructing, developing and use of National Data Centre infrastructure; and (iv) data-related products and services.

The Law on Personal Data will be Vietnam’s omnibus and unified personal data protection law, replacing the current Decree on Personal Data Protection. It will harmonise the current fragmented legal framework for personal data protection in the country, in which data protection matters continue to be regulated across different laws and overseen by different regulators.

For more information, click here to read our Legal Update.

New Development Strategy for Hydrogen Energy

On 7 February 2024, the Prime Minister issued Decision No. 165/QD-TTg to approve Vietnam’s hydrogen energy development strategy until 2030, with a vision to 2050. Following "National Power Development Plan VIII", the strategy sets out a roadmap and policy directions for the country's development and push in enhancing its hydrogen energy capacity and use.

Under this strategy, Vietnam will target a production of 100,000 - 500,000 tonnes of clean hydrogen annually by 2030, and 10 - 20 million tonnes by 2050. Furthermore, by 2050, the strategy targets to have around 10% of Vietnam’s final energy consumption demands generated by hydrogen energy and hydrogen-derived fuel.

Enactment of New Regulations on High-Tech Parks (Decree 10/2024/ND-CP)

On 1 February 2024, the Government passed Decree 10/2024/ND-CP on regulations on high-tech parks ("New Decree"), replacing the decree on the same subject (Decree 99/2003/ND-CP) passed over 20 years ago. The New Decree came into effect from 25 March 2024.

The New Decree provides new regulations on the establishment and expansion of high-tech parks, as well as incentives and support policies for investors in this field. For example, investors will be entitled to land lease fee exemptions, reimbursements for land clearance costs, and preferential policies in access to capital.

As a comprehensive regulation on high-tech parks, the decree also sets out details concerning the conditions, requirements and procedures that investors need to comply with when establishing high-tech parks in Vietnam.

Enactment of Law on Credit Institutions No. 32/2024/QH15

On 18 January 2024, the National Assembly of Vietnam passed a new Law on Credit Institutions, which will take effect from 1 July 2024 (save for certain provisions concerning enforcement of security over real estate, which will take effect from 1 January 2025). The new law replaces the current Law on Credit Institutions which was passed in 2010.

The new law reduces the shareholding limits in a credit institution for (i) corporate shareholders and (ii) shareholders and their related persons. A corporate shareholder cannot hold more than 10% of the charter capital in a credit institution (versus 15% under the current law), while a shareholder and its related persons cannot hold more than 15% (versus 20% under the current law).

Other key changes include (i) the regulation of “early intervention” measures that can be taken by the State Bank of Vietnam to handle weak or distressed credit institutions; (ii) the inclusion of additional business activities that can be undertaken by commercial banks (e.g. issuing letters of credit), and (iii) broader information disclosure requirements on managers of credit institutions.

Enactment of Law on Land No. 31/2024/QH15

On 18 January 2024, the National Assembly of Vietnam passed a new Law on Land, which will take effect from 1 January 2025. The new law replaces the current Law on Land which was passed in 2013.

The new Law on Land provides for conversion of rental payments for leased land from the State from lump sum payments to annual payments, easing the burden of investors when investing in Vietnam.

The law also recognises the right of foreign-invested enterprises to receive land use rights in the form of capital contribution.

For more information, click here to read our Legal Update.

Lao PDR and Vietnam Sign MOU on Cooperation in the Field of Internet Resource Development

Global Minimum Tax Takes Effect

On 29 November 2023, the National Assembly of Vietnam passed Resolution No. 107/2023/QH15 to pave way for the future implementation of tax regulations to impose a top-up tax in line with the Global Anti-Base Erosion ("GloBE") model rules, i.e. to implement global minimum tax rules. As a result, from 1 January 2024, companies that pay less than 15% in tax may be subject to a top-up tax.

The GloBE model rules are designed to ensure large multinational enterprise groups pay a minimum level of tax on their income in respect of every jurisdiction in which they operate.

On 8 January 2024, the Prime Minister issued Decision 19/QD-TTG to direct the Ministry of Finance to collaborate with the state authorities to draft a decree to further guide the implementation of the global minimum tax rules.

For more information, click here and here to read our Legal Updates.

Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

Regional Round-Up

Issue 1 - Jan/Feb/Mar 2024

CAMBODIA

CHINA

INDONESIA

LAO PDR

MALAYSIA

MYANMAR

PHILIPPINES

SINGAPORE

THAILAND

VIETNAM

Cambodia and Malaysia Sign MOU to Enhance Cooperation in Financial Innovation and Payments

Strengthening the Management of Gaming Operations

Incentives for Voluntary Rectification of Tax Returns

Prakas on Corporate Governance for Insurance Companies

Notification on Advertising of Alcohol

Prakas on Formalities and Procedures of Administrative Sanction and Penalties in Trust Sector

China Passes Regulations on Cross-Border Data Flow

China Issues Draft Administrative Measures for Syndicated Loan

China Issues Draft Regulations in Relation to Off-Campus Tutoring

Expanded Scope for Reciprocal Recognition and Enforcement of Court Judgements in Civil and Commercial Matters between Chinese Mainland and Hong Kong SAR

Singapore and China Sign Three MOUs to Strengthen Business Ties

Singapore and Indonesia Sign LOI to Work on Cross-border Carbon Capture and Storage

Indonesia’s Carbon Capture and Storage (CCS) Regulatory Overview: Steps to Become Asia-Pacific Hub?

Adjustment to the Rooftop Solar System Regulation: A Step Back for Indonesia?

OJK’s New Rule Tightens Share Buyback and Expands Scope of Disclosure

The Revamped Electronic Information and Transaction Law: A New Year’s Transformation

Could 2024 be the Year of Insurance Companies’ Consolidation

Lao Government Issues Ordinance to Raise VAT Rate to 10%

Instructions on Implementation of VAT Obligations for Suppliers of Digital Goods and Digital Platform Services or Electronic Commerce Activities

Lao PDR and Vietnam Sign MOU on Cooperation in the Field of Internet Resource Development

Decision on Management of International Code Numbers (Barcode)

Notice on Use of Unauthorised Foreign Payment Instruments and Payment Channels

New Malaysian Cyber Security Act to Regulate National Critical Information Infrastructures and Cyber Security Service Providers

New Renewable Energy Programmes in Line with National Energy Transition Roadmap

Relief to Public Listed Companies – The Federal Court's Decision in Concrete Parade

Cambodia and Malaysia Sign MOU to Enhance Cooperation in Financial Innovation and Payments

JPDP Announces the Development of New Guidelines under Malaysian Personal Data Protection Act 2010

Malaysia and Singapore Sign MOU to Boost Economic Cooperation through Johor-Singapore Special Economic Zone

New Guidelines for Online Curated Content Service Providers

Extension of Transition Period of Myanmar Investment Online (MyInO) System

People's Military Service Law In Force as of 10 February 2024

Updates on Intellectual Property Laws

Issuance of Directive on Agent Banking Services

Philippine Salt Industry Development Act Signed Into Law

AML Council Proposes Two Actions to Have Philippines Removed from Global Money Laundering 'Grey List'

PCC Increases Thresholds for Merger Notifications

Securities and Exchange Commission Issues Philippine Sustainable Finance Taxonomy Guidelines

Department of Labor and Employment Issues Revised Implementing Rules and Regulations of Republic Act No. 11360

Mandatory Climate Reporting for Listed Issuers from FY 2025, and Large Non-Listed Companies to Follow from FY 2027

Business Collaborations for the Greener Good: CCCS Issues Environmental Sustainability Collaboration Guidance Note

Four Southeast Asian Stock Exchanges Unite to Develop ASEAN-Interconnected Sustainability Ecosystem

Singapore and Indonesia Sign LOI to Work on Cross-border Carbon Capture and Storage

ASEAN Issues Guide on AI Governance and Ethics

Singapore and China Sign Three MOUs to Strengthen Business Ties

Malaysia and Singapore Sign MOU to Boost Economic Cooperation through Johor-Singapore Special Economic Zone

When is Three a Crowd: Can a Stranger to an Arbitration Participate in Enforcement Proceedings for the Award?

New BOI Incentives: (i) PCB Supply Chain; (ii) International Concerts, Festivals & Sporting Events; and (iii) EV Policies

Potential Upcoming Exemption of New Service Businesses from Application of Foreign Business Act

Virtual Banking Licences: New Guidelines Released

Removal of VAT Exemption Proposed

New Cybersecurity Subordinate Laws

Proposals for the Development of Law on Data and Law on Personal Data Protection

New Development Strategy for Hydrogen Energy

Enactment of New Regulations on High-Tech Parks (Decree 10/2024/ND-CP)

Enactment of Law on Credit Institutions No. 32/2024/QH15

Enactment of Law on Land No. 31/2024/QH15

Lao PDR and Vietnam Sign MOU on Cooperation in the Field of Internet Resource Development

Global Minimum Tax Takes Effect