Economists' Pick - Regulatory Alert - Asia | HKTDC

Regulatory Alert - Asia

1.

INDIA: Randomised Online Tax Return Reviews Introduced in Anti-Corruption Move

19 Feb 2019

The country’s Income Tax Department is planning to introduce a randomised online system for reviewing tax returns....

2.

SRI LANKA: Port Service Fees Now Payable Online

15 Feb 2019

All fees for shipping-related services at any of the country’s ports managed by the Sri Lanka Port Authority (SLPA) can now be paid online, 24-hours-a-day, via the Commercial Bank of Ceylon’s payment ...

3.

MYANMAR: All Businesses Required to Re-Register Existing Trademarks

13 Feb 2019

In line with international best practice, the country is set to abolish its existing first-to-use trademark registration system and adopt a first-to-file system....

4.

LAOS: Business Incorporation Time Cut from 174 Days to Less Than 60

12 Feb 2019

In a bid to streamline the paperwork required for the incorporation of a business, the number of required procedures has been cut from 10 to just four....

5.

VIETNAM: Annual Internal Audits Compulsory for Publicly-Listed Companies

11 Feb 2019

As of 1 April this year, all publicly-listed companies, as well as those in which the state holds an equity stake of 50% or more, will be obliged to conduct annual internal audits....

6.

MALAYSIA: US$1,200 Minimum Monthly Wage Mooted for Non-Local Staff

30 Jan 2019

The minimum monthly salary threshold for non-Malaysian staff may be raised to RM5,000 (US$1,200) from its current level of RM3,000 (US$725)....

7.

MYANMAR: Local Banks Cleared to Offer Unsecured Loans and Three-Year Mortgages

28 Jan 2019

As of 1 February this year, local banks in Myanmar will be permitted to extend credit to all businesses without the need for it to be guaranteed against existing assets (including land and property)....

8.

LAOS: Legal Action Threatened in Minimum Wage Compliance Crackdown

23 Jan 2019

Companies that fail to comply with the country’s statutory Kip1,100,000 (US$132) minimum wage will now be liable to legal action, according to a recent announcement by the Ministry of Labour and Socia...

9.

INDONESIA: Online Businesses to be Taxed as of 1 April

22 Jan 2019

As of 1 April this year, online businesses will have the same tax liabilities as conventional businesses. In line with this, any e-commerce business classified as a small and medium-sized enterprise (...

10.

MALAYSIA: Statutory Pension Fund Contribution Cut for Employees Aged 60+

16 Jan 2019

In the case of workers aged 60 or more, the minimum statutory contribution to the country’s Employees Provident Fund (EPF) has been revised....

11.

PHILIPPINES: All VAT Refunds to Be Processed and Paid Within 90 Days

14 Jan 2019

The Bureau of Internal Revenue is now obliged to process and pay all business-related VAT refunds within 90 days of any initial claim....

12.

MALAYSIA: LLP Tax Registration System Goes Online

9 Jan 2019

The Inland Revenue Board of Malaysia (LHDNM) has launched an online system for the tax registration of Limited Liability Partnerships (LLP)....

13.

LAOS: Online Database of Local Business Regulations Goes Live

8 Jan 2019

Investors now have instant access to an online database of all the country’s business-related laws and regulations....

14.

INDIA: E-Commerce Platforms Banned from Selling Products from Affiliates

7 Jan 2019

As of 1 February this year, all e-commerce companies operating in India are to be banned from selling items produced by businesses they have a stake in and from entering into exclusive sales agreement...

15.

INDIA: TVs and Digital Cameras Among Raft of Products Granted Reduced GST Liability

2 Jan 2019

TVs with screens of up to 32 inches and digital cameras are among the items that had their Goods and Services Tax (GST) liability cut from 28% to 18% as of 1 January this year....

16.

MALAYSIA: 20% of Overseas Workers’ Salaries to be Retained by Employers Pending Contract Completion

31 Dec 2018

Companies should hold back 20% of the basic salary payments accruing to overseas staff pending completion of their contracted employment periods, according to a new advisory notice issued by the count...

17.

THAILAND: Extended Maternity Leave and Increased Severance Pay Promised for 2019

28 Dec 2018

The statutory maternity leave period is to be extended to 98 days from its current level of 90, although any time off taken for medical checks prior to delivery may be deducted from this total....

18.

INDIA: All Shipping Payments Set to be Channelled Via Online Port Community System

21 Dec 2018

India’s maritime industry is to be obliged to ditch all commercial bank payment options in favour of the recently launched online Port Community System (PCS1x)....

19.

INDIA: Additional Medical Devices Set to Fall Within Drug Regulation Regime

18 Dec 2018

As of 1 January 2020, nebulisers, glucometers, digital thermometers and blood pressure monitors are to be added to a list of some 23 medical devices have previously been re-classified as drugs by the ...

20.

VIETNAM: Port Service Fees Set to be Revised as of January 2019

12 Dec 2018

The country’s port fee schedules are set to be revised as of 1 January next year....

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China’s catering trends

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