Home » Newsletter » Tax Amnesty on Undisclosed Income at Reduced Tax Rates

INSIGHTS THIS MONTH

June 2021

HIGHLIGHT OF THIS MONTH

Tax Amnesty on Undisclosed Income at Reduced Tax Rates

The State Administration Council enacted Law No. 20/2021 on Amending the Union Tax Law 2020 (“Amended UTL 2020”) on 17 June 2021 to reduce the tax amnesty rates on...

New Policies to Reduce the Economic Impact of the COVID-19 Pandemic

[From our Laos Office]

In order to reduce and relieve the economic impact from the second wave of the COVID-19 pandemic in the Lao PDR, the Prime Minister’s...

The Ministry of Commerce steps up fines for failing to file corporate changes and for unlicensed e-commerce activities

[From our Cambodia Office]

On 12 May 2021, the Ministry of Commerce (“MOC”) and the Ministry of Economy and Finance (“MEF”) issued joint Prakas No. 316 on Monetary...

CBM Directive on Opening and Closing of NBFI branches and relocation of head-office

[From our Banking and Finance Team - Myanmar Office]

The Central Bank of Myanmar (“CBM”) issued a directive on 15 June 2021 (“Directive”) to Non-banking Financial Institutions (“NBFIs”). The Directive sets out the...

Mandatory Online Tax Payments in Myanmar

[From our Taxation Team - Myanmar]

The Internal Revenue Department (“IRD”) has been implementing an online tax payment system since 2018; all taxpayers can process online tax payments using a...

RECENT VDB LOI WORK

Contracts Advisory: Our legal team in Cambodia is advising a shipping and logistics company on its exit options from a lease agreement because of pandemic-related emergency use of part of the premises.

Employee Incentive Program: We are advising a subsidiary of a leading international transportation company on the implementation of a global incentive program for its employees.

Due Diligence: We are conducting a due diligence in Myanmar for a sporting goods company with international branding.

Public-Private Partnerships: VDB Loi is assisting an Asian development think tank on the development of an institutional framework and procedures for PPPs in Myanmar.

Customs and Regulatory: The Regulatory team advised a leading, European-based international tax advisory firm on the import and trading regulations in Myanmar for vehicles and spare parts.