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In Tax

Philippines: BIR clarifies withholding tax imposed on the remittances by e-marketplace operators, digital financial services providers to merchants

by and 2 Mins Read

On 27 December 2023, the BIR published RR No. 16-2023 to amend RR No. 2-1998 and impose withholding tax on the gross remittances by e-marketplace operators and digital financial services providers to sellers/merchants. On 11 January 2024, the BIR issued RMC 8-2024 to provide guidance on the timeline and procedures to implement RR No. 16-2023. According to RR No. 16-2023, e-marketplace operators and digital financial services providers are allowed a transitory period of 90 days from the issuance of RMC 8-2024 to comply with the provisions of RR No. 16-2023.

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In Antitrust / Competition

China: Revenue-based merger control thresholds raised

by , , , and 4 Mins Read

On 26 January 2024, China issued significantly higher merger filing turnover-based thresholds, with immediate effect. Notably, China has removed a hybrid threshold proposed in the June 2022 draft, which was based on both revenue and market value of target companies and purported to target high-value “killer” acquisitions.

In Corporate Compliance

Philippines: Doing Business in the Philippines

by 1 Min Read

The Doing Business in the Philippines handbook aims to equip both local and foreign entrepreneurs with a practical guide to navigating the ever-evolving business landscape in the Philippines. It provides information on the requirements needed when setting up and operating a business in the Philippines, including incentives under special registrations, taxation, employment, IP, dispute resolution, and industry-specific regulations.

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In Corporate Compliance

China: Releases new company law

by 3 Mins Read

On 29 December 2023, the Standing Committee of the National People’s Congress of the People’s Republic of China promulgated the amended Company Law of the People’s Republic of China (“2023 Company Law”), after its deliberation of four versions of draft amendments in the past three years. The 2023 Company Law will come into force on 1 July 2024.
The amendments cover a wide range of topics, including capital contribution and reduction, equity/share transfer and repurchase, corporate governance matters (such as organizational structure and responsibilities and duties of controlling shareholders, actual controllers, directors, supervisors and senior management, etc.), shareholder rights protection, company establishment and dissolution/liquidation, etc.

In Employment

Japan: Effective 1 April 2024 – Changes to employer’s obligation to provide clear notice of terms of employment

by and 5 Mins Read

The Labor Standards Act requires employers to provide clear notice of certain terms of employment set forth under the Ordinance for Enforcement of the Labor Standards Act (“LSA Ordinance”). An amendment to the LSA Ordinance will become effective on 1 April 2024 changing the terms covered by this notification requirement.

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In

Philippines: Annual Security Incident Report due on 31 March 2024

by 3 Mins Read

The National Privacy Commission (NPC) formally announced through its official website that the Annual Security Incident Report for the year 2023 must be filed by 31 March 2024.
Any natural and juridical person in the government or private sector processing personal data in or outside of the Philippines that are subject to the provisions of Republic Act No. 10173 or the Data Privacy Act of 2012 must submit the ASIR containing the following information:
• Summary of the number of security incidents encountered in a particular calendar year and categorized by type, i.e., theft, identity fraud, sabotage/physical damage, malicious code, hacking, misuse of resources, hardware failure, software failure, communication failure, natural disaster, design error, user error, operations error, software maintenance error, third-party service, and other analogous causes
• Summary of the number of personal data breaches encountered in a particular calendar year and classified based on the application of the breach notification obligations, i.e., mandatory and voluntary notification

In AML & Financial Services Regulatory

Thailand: The SEC revamps regulations on offerings of bonds by foreign entities

by 1 Min Read

The Securities and Exchange Commission of Thailand has amended the requirements for offerings by foreign entities of Baht-denominated bonds and foreign-currency-denominated bonds. These revisions aim to enhance protection for investors and market credibility. The changes also mark the transfer from the Ministry of Finance of Thailand, which until now had the power to grant approval to foreign issuers for issuances of Baht bonds, to the SEC. The amendments came into effect on 1 January 2024.

In AML & Financial Services Regulatory

Singapore: Requirement for financial institutions to conduct and respond to mandatory reference checks

by and 2 Mins Read

On 12 December 2023, the Monetary Authority of Singapore announced that it will proceed with the proposal to require financial institutions to conduct and respond to reference checks. The reference check requirements have been introduced following the MAS’ June 2021 public consultation on proposals to mandate reference checks.

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