asean under covid-19€¦ · dfdl collaborates with philippine law firm, ocampo & suralvo law...
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ASEAN UNDER COVID-19LEGAL TRENDS, IMPLICATIONS, AND CONSIDERATIONS FOR BUSINESSES IN SOUTHEAST ASIA
CABC-Tractus Webinar ASEAN Under COVID-19: Implications for Canadian Businesses12 May 2020
W E B I N A R
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A COMPREHENSIVE REACH IN SOUTHEAST & SOUTH ASIA
Bangladesh (2011)
3 Partners | 19 Advisers
Cambodia* (1995)
7 Partners | 33 Consultants
Lao PDR (1994)
3 Partners | 8 Advisers
Indonesia* (2011)
2 Partners | 8 Advisers
Myanmar (1995)
2 Partners| 15 Advisers
Philippines* (2015)
4 Partners | 6 Advisers
ASEAN Desk in Singapore (2010)
1 Adviser
Thailand (2005)
7 Partners | 21 Advisers
Vietnam (2006)
4 Partners | 15 Advisers
. 9 countries
. 12 offices
. 170+ legal and tax advisers
. 24 nationalities
In Cambodia, DFDL works in commercial cooperation with Sarin & Associates.In Indonesia, DFDL works in association with Mataram Partners.DFDL collaborates with Philippine law firm, Ocampo & Suralvo Law Offices for local legal advice.DFDL in Singapore is qualified as a foreign law practice and is not licensed to practice Singapore law.
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GOVERNMENT RESPONSE TO COVID-19 IN SOUTHEAST ASIA
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BANKING AND FINANCE
INDONESIA
▪ Moratorium on debt service.
▪ Restriction on creditor demands.
CAMBODIA▪ No Moratorium to date▪ Support Response from National Bank of
Cambodia (NBC) to provide more liquidity to Cambodian banks and financial institutions.
BANGLADESH
▪ Moratorium imposed till 30 June 2020.▪ Borrowers having offshore liabilities with
foreign lenders cannot avail the benefit of moratorium.
SINGAPORE
▪ Easing Cash flow
▪ Reduce debt
▪ Ensure access to basic banking services
PHILIPPINES
▪ lowering of interest rates;
▪ waiver or reduction of penalties, charges and other fees;
▪ loan term extension;
▪ suspension of collection;
▪ payment holiday; and
▪ debt consolidation.
MYANMAR
▪ No Moratorium on debt repayments by borrowers in response to COVID-19.
▪ Cutting Interest Rates
▪ Stimulus packages offered to select industries
VIETNAM
▪ Deferral of value added tax (“VAT”), corporate income tax (“CIT”), personal income tax (“PIT”) and land rental fee payments to support enterprises, individuals and household businesses.
THAILAND
▪ Cutting Interest Rates
▪ Moratorium on debt repayments
▪ Assistance from State-owned Financial Institutions
▪ Financial Aid to tourism industry
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CAMBODIA:▪ Additional tax relief provided for business
sectors such as Airline▪ Delaying payment due dates and reducing fees
for rental services. ▪ Temporary tax break for enterprises operating
in the tourism and garment/footwear and bag manufacturing sectors
THAILAND:▪ Withholding tax on certain taxable
will be reduced ▪ Personal income tax filing
extension▪ Corporate income tax filing
extension
MYANMAR:(As at 2 April 2020)▪ Removal of 2% Advance Income Tax
(“AIT”) on exports.▪ Extension of tax payments until 30
September to prioritized industries.▪ Reduction of interest rates by the
Central Bank of Myanmar (“CBM”).
THE LAO PDR:▪ Three month exemption from personal income
tax, income tax for micro enterprises, import duties, taxes and other fees on the import of all goods
▪ Postponement of the payment of taxes businesses in the tourism sector
▪ Exemption from penalties for late filings and payments of taxes excluding VAT deductions and VAT refunds.
VIETNAM:▪ Decree 41: Deferral of value added tax
(“VAT”), corporate income tax (“CIT”), personal income tax (“PIT”) and land rental fee payments impacted manufacturing services, credit institutions, branches of foreign banks providing support to their corporate and individual clients impacted.
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TAX
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MYANMAR:Three month deferment of payment for monthly social security contributions
VIETNAM:▪ Financial support to employees for at least 1
month and employees ineligible to unemployment benefits.
▪ Grant of loans without collateral to employers
▪ Minimum salary guaranteed to employees subject to mandatory medical isolation.
CAMBODIA:Compensation of employees insured under the Social Security Fund for unemployment, work suspension or business shutdown due to force majeure resulting from the Covid-19 pandemic, up to 90 days.
THAILAND:Compensation of employees insured under the Social Security Fund for unemployment, work suspension or business shutdown
THE LAO PDR:▪ Exemption of personal income tax
(PIT) for salaries of LAK 5 million or below for all employees
▪ Three month deferment of payment of social security contribution for affected businesses.
EMPLOYMENT & LABOUR
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LEGAL TRENDS, IMPLICATIONS, AND OPPORTUNITIES FOR BUSINESSES IN SOUTHEAST ASIA
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INFRAAGRI FOOD
SUPPLY CHAIN
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SHORT-TERM OPPORTUNITIESC-19 LOCKDOWNS
C19 Governmental Measures &
Crisis Management
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Digitalization & Business Continuity
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MEDIUM TERM OPPORTUNITIESC19 REBOUND? (V, U, W, X, ETC.)
Agri-Food – Diversification
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Supply Chain – Proximity & Diversification
Infrastructure – Acceleration & PPP
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LONG TERM OPPORTUNITIESC19 DISRUPTION?
M&A Opportunities – Distressed Assets
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Operational - Substantial versus Back to Normal
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Thank You For the full details and latest
updates on Government Initiatives in Southeast Asia, go toDFDL COVID-19 Resource Hub:https://www.dfdl.com/resources/covid-19-hub/