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SCAM ALERT NOTICE!

Year in review 2023 →

Regional Round-up
Issue 1 of 2024

Your Snapshot of Key Legal Developments in Asia

Issue 1 of 2024 (Jan / Feb / Mar)

Cover Story

THAILAND

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“).

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rEGIONAL ROUND-UP

2024

2023

2022

2021

Cambodia

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

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China

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


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Indonesia

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?

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Laos

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
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Malaysia

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


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Myanmar

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

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Philippines

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
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Singapore

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


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Thailand

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

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Vietnam

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
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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.

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.

Rajah & Tann Asia is a network of legal practices based in Asia.

Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client.

This website is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this website.

© 2024 Rajah & Tann Asia. All Rights Reserved. All trademarks are property of their respective owners.