Cambodia Grants Validation to European Union Patents

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By Dezan Shira & Associates
Editor: Vasundhara Rastogi

In January 2017, the government of the Kingdom of Cambodia and the European Patent Organization (EPO) entered into an agreement on validation of European patents. The agreement came into effect on March 1, this year and makes Cambodia the first Asian country to grant validation to European patents. Similar agreements have come into force between the EPO and Morocco, between the EPO and Moldova, and between the EPO and Tunisia in the last three years.

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Corporate Taxes in the Philippines

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By Dezan Shira & Associates
Editor: Vasundhara Rastogi

In the Philippines, all companies – domestic or foreign – are liable to pay corporate income tax (CIT). The tax liability for a corporation is determined by its residency status and is based on the net income it obtains while carrying out its business activity, normally during one business year.

Residency status of a company

A company is regarded as a resident if it is incorporated under the tax laws of the Philippines or as a foreign resident corporation that is duly licensed by the Philippine Securities and Exchange Commission (SEC) to engage in trade or business in the Philippines.

While a domestic company is taxed on its worldwide net taxable income, a foreign company – resident or non-resident -, is taxed only on income that is received in the Philippines, or that arises or is deemed to accrue in the country. Non-resident foreign corporations, however, are taxed on gross income derived from the Philippines.

Income tax does not include dividends received from domestic corporations; interest on Philippine currency bank deposit and yield or any other monetary benefit from deposit substitutes and from trust funds and similar arrangements; and other passive income previously subject to final taxes.

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Corporate Establishment in Thailand: What You Need to Know

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By Dezan Shira & Associates
Editor: Vasundhara Rastogi

ASEAN Briefing-Corporate Establishment in Thailand What You Need to Know (002)

Foreign investors contemplating new business undertakings in Thailand should carefully consider the Thai Foreign Business Act B.E. 2542 (FBA) before setting up operations in the country. The FBA is the main law that governs the extent of foreign participation in business activities in Thailand; it limits the rights of foreigners to engage in certain businesses, commercial, and industrial activities in the country.

Under the FBA, a business entity is deemed ‘foreign’ if:

  • It is registered under the law of another country – including all branches, representative offices and regional offices of overseas companies operating in Thailand; or
  • It is registered under Thai law
    • with 50 percent or more of its capital shares held by non-Thais (individuals or business entities);
    • with 50 percent of its capital invested by non-Thais; or
    • has foreign individuals as its managing partner or manager.

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IP Protection in the Philippines’ Food and Beverage Industry

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By: South-East Asia IPR SME Helpdesk

The Philippines’ rapidly growing food and beverage (F&B) industry is one of the biggest contributors to the nation’s economy making up about half of its manufacturing sector and contributing about 23-24 percent of the country’s GDP. The Philippines is one of Asia’s largest producers of food, with the value of its food processing sector exceeding EUR 24 billion (US$28.75 billion). Given the Philippine government’s commitment to further developing the country’s F&B industry as one of the priority industries and opening it up further to foreign investments, the Philippines’ F&B industry has become even more attractive for European SMEs.

Propelled by increasing disposable income among its upper and middle classes and the proliferation of retail and shopping centers as well as a highly urbanized population, the Philippine’s domestic food and beverages market looks quite promising for European SMEs. The Philippines’ consumers appreciate the high quality and healthy nature of European food and beverage products. As a general trend, the Philippines’ young and fast-growing consumer base is gradually becoming more health-conscious and is increasingly willing to try out new products. As the spending power of the upper-middle and middle class is increasing, there is also greater demand for imported premium products, which offers many business opportunities for European SMEs. 

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Thailand’s Automotive Industry: Opportunities and Incentives

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By: Vasundhara Rastogi

ASEAN Briefing-Thailands Automotive Industry Emerging Trends

Thailand offers great investment potential as a leading automotive production base in the Association of Southeast Asian Nations (ASEAN) – a fast developing region for automotive manufacturing.  Over a period of 50 years, the country has developed from an assembler of auto components into a top automotive manufacturing and export hub.

With shipments bound for more than 100 countries, Thailand is the 13th largest automotive parts exporter and the sixth largest commercial vehicle manufacturer in the world, and the largest in ASEAN. By 2020, Thailand aims to manufacture over 3500000 units of vehicles to become one of the top performers in the global automotive market.

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Singapore Announces New FinTech Fast Track initiative

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ASEAN Regulatory Brief

By Dezan Shira & Associates

Last week, the Intellectual Property Office of Singapore (IPOS) launched a new financial technology (FinTech) Fast Track initiative that provides an expedited patent application-to-grant process for financial technology innovations. Under this initiative, FinTech patents will be granted to investors in as early as six months, as opposed to the minimum two years for normal applications.

The initiative aims to support the growing demand for FinTech solutions in Singapore, and help FinTech startups bring their innovations to the market more rapidly.  It aims to help Singapore’s innovative enterprises to compete effectively through their intellectual property and use these intellectual assets to expand and enter the world’s market. It will also allow startups to efficiently operate within the country’s regulatory policies and financial infrastructure.

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The 2018/19 ASEAN Tax Comparator – New Issue of ASEAN Briefing Magazine

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ASB 2018 04_600cover (002) resizedThe latest issue of ASEAN Briefing Magazine titled, “The 2018/19 ASEAN Tax Comparator“, is out now and available to subscribers as a complimentary download in the Asia Briefing Publication Store.

In this issue of ASEAN Briefing

  • Taxation in ASEAN: An Introduction
  • Comparing Tax Rates Across ASEAN
  • Tax Compliance in ASEAN in 2018

 

 

 

 

 

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Indonesia: Future Halal Market Hub

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ASEAN Market Watch
By Dezan Shira & Associates

Indonesia is the world’s largest Muslim majority country. Over 88 percent of Indonesia’s population is Muslim, and the country is well positioned to be a hub for Halal products in Southeast Asia.

Supporting this projection are Indonesia’s favorable demographics, rising disposable incomes, and growing consumer awareness on their religious obligations.

Indonesia is also keen to make its Halal industry attractive for investors. The government recently passed industry regulations and has earmarked new sites for the development of Halal industrial clusters. 

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The Guide to Employment Permits for Foreign Workers in Indonesia

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By Dezan Shira & Associates
Editor: Vasundhara Rastogi

ASEAN Briefing-The Guide to Employment Permits for Foreign Workers in Indonesia (2)

There are two types of employment visas available for foreign workers planning to work and live in Indonesia: ITAS (Izin Tinggal Terbatas), a limited stay permit, issued by the Indonesian Immigration Directorate General through the local immigration office; and KITAP (Kartu Izin Tinggal Tetap), a permanent stay permit that is available for application to only those foreign workers who have held ITAS for a minimum of three consecutive years.

While ITAS is a limited stay permit, VITAS (Visa Izin Tinggal Terbatas) is the limited stay permit visa, a prerequisite to the issuance of the ITAS.

In this article, we discuss the procedures and documentation required for obtaining an ITAS.

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Indonesia Eases Tax Holiday Policy for New FDI Projects

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ASEAN Regulatory BriefBy Dezan Shira & Associates

In a bid to attract more investment to support the country’s economic growth, Indonesia recently issued a new regulation granting a 100 percent Corporate Income Tax (CIT) cut to new FDI-backed businesses.

Further, the new regulation grants tax holidays to new investors in any of the 17 pioneer industries including transportation, telecommunications, robotic components, oil and gas refinery, train engines, medical devices, pharmaceutical raw materials, power plant machinery, and processing of metals and agricultural products among others. Pioneer industries are those that create added value, introduce advanced technology and have strategic value for the national economy. Previously, the provision was available to only eight such industries.

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