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25 Dec '12Currently, the insurance business is not a competitive business in the Lao PDR as there are only 6 insurance companies operating within the Lao PDR, i.e. Assurances Generales du Laos, Champa, Lao-Viet Insurance Co., Mitsui Sumitomo: MSIG Insurance (Lao) Com, Ltd., PCT Asia (formerly Insee Insurance Co. Ltd.), and Toko Assurance Co. Ltd.According to the law on Investment Promotion No.02/NA, dated 8 July 2009, the insurance business is listed as a concession business. Therefore, any application in relation to an establishment of an insurance company or insurance broker must be submitted to Ministry of Planning and Investment (the “MPI”) for consideration.
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In November 2002, leaders of the Association of the South East Asian Nations (ASEAN) agreed on the proposed creation of an ASEAN Economic Community (AEC) by 2020. This was followed by the adoption of the AEC Blueprint in 2007 along with the affirmed and strong commitment by leaders to accelerate such economic integration by 2015.
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31 Aug '12The Tax Law 2005 was amended and replaced by the 2011 version and adopted by the 2nd Ordinary Session of the National Assembly (7th legislative) of the Lao PDR on 20 December 2011 and shall become effective on 1 October 2012.
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The 3rd Ordinary Session of the National Assembly (7th Legislature) was officially held on 20 June to 13 July 2012 in Vientiane, Lao PDR. Consequently, the 7th Legislature of the National Assembly considered and adopted 7 laws which entailed two new laws and five amended laws
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19 Jun '12The Ministry of Planning and Investment, Lao PDR, issued Notification no. 1263/Phor. Tor. dated 15 May 2012 suspending concession considerations related to mining, and forestry of eucalyptus and rubber trees (the “Notification”) to inform all Lao and foreign investors and all industries conducting such related businesses
