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Month: May 2021

Additional Decision on the Implementation of Credit Policy to Reduce Impacts of the Covid-19 Pandemic

The Bank of Lao PDR has issued the Additional Decision on the Implementation of Credit Policy to Reduce Impacts of Covid-19 Pandemic No. 256 dated 13 May 2021 (“Decision”). The Decision outlines additional measures to reduce Covid-19 related hardship for loan customers of commercial banks and financial institutions whose ability to repay their loan obligations has been impacted by the Covid-19 pandemic and related lockdown measures. 

The Decision requires Lenders to delay repayment of consumer/personal lending from May 2021 to July 2021 upon receiving evidence of hardship from affected customers. Lenders are prohibited from imposing additional interest or fees on loans which are subject to this Decision.

Should you require further information or assistance, please do not hesitate to contact us at enquiries@mpalawyers.com.

Notification on authorisation of entry-exit documentation for Vientiane Capital

The Department of Health of Vientiane Capital, on behalf of the Covid-19 Taskforce, has issued Notification No. 378 dated 10 May 2021 addressing the authorisation of entry-exit documentation for Vientiane Capital until 20 May 2021 (the “Notification”).

The Notification allows for movement of persons for employment and personal reasons if certain documentation is provided. All persons (including Lao nationals and foreigners) and legal entities seeking to exit Vientiane Capital must obtain prior approval from the local administrative authorities at their desired destination. Entry to Vientiane Capital must be approved by the relevant provincial Covid-19 Taskforce. Foreigners wishing to exit Vientiane Capital within one (1) month of their arrival will need to obtain a negative Covid-19 test.    

Should you require assistance with travelling in or out of Vientiane Capital at this time, please do not hesitate to contact us at enquiries@mpalawyers.com.

Notification on the extended deadline for submission of FY 2020 financial reports to 30 June 2021

The Notification on the extended deadline for submission of FY 2020 financial reports (the “Notification”) No. 2081/MOF dated 30 April 2021 was issued by the Government of Lao PDR under the Ministry of Finance. Under the Notification, the Ministry of Finance has agreed to extend the deadline for submission for the FY 2020 financial reports for a second time and up to 30 June 2021, for all legal entities in Lao PDR. The second extension comes amid further preventative measures to contain the Covid-19 outbreak in Laos and to ensure the Tax Department is able to prepare for, and facilitate submissions by reducing risks from congestions and follow the guidelines as stipulated by the Covid-19 taskforce. Late submissions after the updated deadline will still face penalty measures as set forth under the Tax Administration Law No. 66/NA dated 17 June 2019. Should you require assistance with your tax filing requirements, please do not hesitate to contact us for a free consultation at enquiries@mpalawyers.com.
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