The government of Laos issued Notification 0831 in February 2021, which obligates all individuals liable to personal income to obtain a tax identification number.
Malaysia’s government has issued several tax measures in its national budget that will impact businesses in 2021.
The Cambodian tax authorities have issued a new taxpayer classification regime that will impact several business sectors.
In early January 2021, Malaysia launched the PERMAI stimulus package to support businesses.
Thailand’s government has issued its latest tax relief package to assist businesses impacted by the pandemic.
Thailand’s Board of Investment issued its latest stimulus package to accelerate foreign investments in the country.
The Enterprise law and the Law on Independent Audit are the main laws that establish audit requirements in Laos.
The Philippines uses a self-assessment tax system, and the accounting period consists of 12 months, normally ending on December 31.
All companies in Thailand must prepare financial statements for their assigned accounting period to the Ministry of Commerce.
Resident taxpayers are subject to tax on their worldwide income while non-resident taxpayers are taxed on their Cambodia-sourced income only.