Prakas on Formalities and Procedure of Administrative Sanction and Penalties in Trust Sector

On 3 January 2024, the Non-Banking Financial Services Authority issued Prakas No. 002 on Formalities and Procedure of Administrative Sanction and Penalties in Trust Sector ("Prakas"). This Prakas aims to set out the rules, formalities and procedure in imposing administrative sanction and penalties by the trust inspector on persons who commit offences by contravening the conditions granted by the Trust Regulator of Cambodia under licences, permits, and other registrations. 

In this Update, we highlight the key features of the Prakas.

Rajah & Tann Asia Intellectual Property Newsletter 2023 - 2024

The field of intellectual property ("IP") has been a hive of activity in the past year. With blockchain and artificial intelligence quickly becoming the buzzwords of the new economy, much attention has been placed on how IP frameworks will evolve and adapt to fit the changing needs of the business world and the innovation economy.

The speed of IP development shows no sign of slowing down, and businesses and IP rights holders would be well advised to keep ahead not just of ongoing developments, but of the trends that may be expected to take shape in the near future. In this annual review, we take a look back at the major legal developments relating to the area of IP in the past year in Southeast Asia. We also look ahead to the trends and expected developments of the year ahead across the jurisdictions in our regional network.

Prakas on Corporate Governance for Insurance Companies

On 15 January 2024, the Non-Banking Financial Services Authority issued Prakas No. 005 on Corporate Governance for Insurance Companies ("Prakas") to replace the Prakas No. 185 on Requirements for Corporate Governance dated 20 March 2007. This new Prakas consists of 8 chapters and 36 articles which apply to all insurance companies (life insurance, general insurance, micro-insurance and reinsurance) doing business in the Kingdom of Cambodia. 

This Prakas determines the composition, qualifications, roles, and responsibilities of the board of directors, board committees, chief executive officers, and actuaries of an insurance company in view of ensuring good governance. In this Update, we highlight the key features of the Prakas.

Incentives for Voluntary Rectification of Tax Returns

The Ministry of Economy and Finance issued Prakas No. 071 on Incentives for Voluntary Rectification of Tax Returns dated 30 January 2024 ("Prakas no. 071"). Prakas no. 071 amends Prakas no. 127 dated 14 March 2022 on Incentives for Voluntary Rectification of Tax Returns in order to get an exemption from the administrative penalty. 

Prakas no. 071 governs all taxpayers in the self-assessment regime who file for amendment of tax returns after the submission of their respective tax returns. This Update sets out the key features of Prakas no. 071.