Philippines: Bureau of Internal Revenue Clarifies Taxes on Offshore Gaming
The Bureau of Internal Revenue (BIR) issued Revenue Circular No. 102-2017 clarifying the tax imposed on entities engaged in Philippine offshore gaming operations …
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UAE VAT Designated Zones Defined
A Designated Zone is required to be a specific fenced area with security measures and Customs controls in place …
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India: Foreign Exchange Management Regulation
Significant changes for transfer or issue of security to a person resident outside India …
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Record number of submissions for In-House Community Counsels of the Year, 2018
Over 90 major In-House teams in Asia and the Middle East have submitted to be long-listed …
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India: Directors’ duties and liabilities under the Companies Act, 2013
Directors must be aware of their role, responsibilities and duties towards the company and its shareholders …
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Law Passed Strengthening Consumer Protection in the Philippines
On December 19, 2017, the Gift Check Act of 2017 (Republic Act No. 10962) was signed into law …
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Thailand Anti-Corruption Update
National Anti-Corruption Commission Guidelines to Supplement Section 123/5 of the Organic Act on Counter Corruption …
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Sustainability reporting for PLCs in Malaysia
Back in 2015, Bursa Malaysia, the Malaysian stock exchange, reported that the Global Risks 2015 report by the World Economic Forum identified that 70 percent of the top 10 risks were sustainability-related, which in turn “raises new risks and opportunities for businesses to understand” and ultimately affects its value …
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Virtual currency in the Philippines: Recognition and regulation
Bitcoin is essentially a virtual currency (VC), which is any type of digital unit that is used as a medium of exchange — a veritable currency that exists in the digital world. Since it is electronic currency, VC is easily transferable and can be used to pay for goods and services sold through the internet …
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South Korea: Amendment of the Fair Trade Act
A proposed amendment of the Enforcement Decree of the Monopoly Regulation and Fair Trade Act (Fair Trade Act) was approved by the State Council on September 26, 2017 …
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