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INSIGHTS THIS MONTH

May 2023

HIGHLIGHT OF THIS MONTH

New National Power Development Plan in Vietnam

Vietnam office of VDB Loi provides an outline of key points that investors need to know about the newly adopted Power Development Plan in Vietnam, provide a link to...

IN THIS ISSUE

Withholding Tax and Personal Income Tax Payment Be Made in Foreign Currency for Non-resident Taxpayers

[From our Myanmar Office]

The Central Bank of Myanmar (“CBM”) issued Directive No. 2/2023 on 25 January 2023 requiring that withholding tax (“WHT”) and personal income tax (“PIT”)... 

Offshore Remittances – New Rules

[From our Myanmar Office]

As a regulatory measure, the Ministry of Planning and Finance (the “MOPF”) issued a new Standard Operating Procedure (“SOP”) on 1 May 2023 regarding... 

Changes in Myanmar Exporter and Importer Registration Procedures

[From our Myanmar Office]

On 23 May 2023, the Trade Department of the Ministry of Commerce (“MOC”) issued a new importer and exporter registration (“IMPEX”) order via Notification... 

Circular No. 04 dated 24 May 2023 issued by the Department of Financial Institutions and Markets of the Bangladesh Bank on “Identification as a Public Limited Company under the Companies (2nd Amendment) Act, 2020”

[From our Bangladesh Office]

Under the 2020 amendment of the Companies Act 1994, all public limited companies must add “PLC” at the end of their company name. Therefore,... 

Circular No. 04 dated 8 May 2023 issued by the Foreign Exchange Policy Department of the Bangladesh Bank on “Clarification of ‘Digital Marketing’ and ‘Broadcast Advertising’ under Section 56 of the Income Tax Ordinance 1984”

[From our Bangladesh Office]

When banks send remittances of income in favor of non-resident institutions, they have been deducting tax under Section 56 of the Income Tax Ordinance... 

New Developments under the Public Procurement Law 2023

[From our Cambodia Office]

On 16 May 2023, the new Law on Public Procurement (“New PPL”) was promulgated by Royal Kram No. NS/RKM/0112/005 to regulate the rules, methods,... 

OUR UPCOMING EVENTS

Transfer Pricing Tax Audits: Practical Strategies for Preparing Documentation and Defense

8 June 2023, Phnom Penh/ Online Webinar

Opportunities in Renewable Energy and Infrastructure: Bangladesh, Cambodia, Laos and Vietnam

21 June 2023, Tokyo

INTRODUCING ANDERSEN GLOBAL NETWORK

Empower Possibilities in Malaysia and Beyond with HHQ, a Member Firm of Andersen Global

Halim Hong & Quek (‘HHQ’) is a Malaysian law firm with a global reach that combines best in class legal expertise and strong stewardship to deliver exceptional service and result-driven solutions. Trusted since October 1, 2000, the firm now has more than 40 lawyers offering clients a full suite of legal services. With a presence in three major cities in Malaysia – Kuala Lumpur, Johor Bahru and Penang, we represent clients from around the world in complex business transactions and high-stakes litigation.

At HHQ, we are at the forefront of excellence in our key practice areas, which encompass M&A, real estate, taxation, employment, construction, and finance. Renowned for our unparalleled expertise, we proudly advise and guide the industry’s foremost developers and influential players in pivotal development transactions across the region.

In November 2020, HHQ established an alliance with HLP with a common focus to provide our clients with greater access to high-quality and cost-effective legal services. Through this strategic alliance, we are capable of assembling cross-disciplinary teams with deep expertise necessary to provide holistic solutions for our clients’ specific needs.

Building on our dedication to global excellence, in January 2023, HHQ became a member firm of Andersen Global, an association of legally separate, independent member firms spanning across more than 170 countries. With over 13,000 professionals, 1,800 global partners, and 390 locations worldwide, this exciting development further reinforces our global strategy and empowers us to deliver seamless global service, positioning our clients for continued growth.

HHQ’s Belt and Road Initiative (BRI) Service Group brings extensive experience and expertise to support clients in navigating the complex legal landscape of BRI. With a deep understanding of the legal and regulatory frameworks across countries involved in the belt and road, our team provides strategic guidance and comprehensive solutions to facilitate cross-border transactions, infrastructure projects, and investments. From contract negotiations to dispute resolution, HHQ’s dedicated BRI team leverages their knowledge and insights to ensure clients’ interests are protected and their objectives are achieved in this transformative global initiative.

We are proud to announce that HHQ has been recognized as the leading law firm in Malaysia for 2023 by The Legal 500 Asia Pacific and the Chambers Asia-Pacific. This prestigious acknowledgment reaffirms our commitment to excellence and inspires us to continue providing exceptional legal solutions to our clients.

GO TO WEBSITE

RECENT VDB LOI WORK

Waste-to-energy project in Bangladesh: VDB Loi Bangladesh is advising on various aspects of the project, including legal and tax structuring.

Solar acquisition in Cambodia: The Cambodia team assisted on the potential acquisition of a 20MW solar energy project by a leading renewable independent power producer.

Legal and tax advice in the Lao PDR: The Laos team is advising a leading technology company on an online lottery business in Laos.

Tax services in Myanmar: The Myanmar tax team is assisting a global network infrastructure provider with its tax compliance in Myanmar.

M&A transaction in Vietnam: The Vietnam team conducted legal due diligence, focusing particularly on customs and environmental protection compliance for a large-sized M&A transaction.

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