Myanmar Legal Alert: The Central Bank of Myanmar Introduces Market-Based Reference Exchange Rate

Reading Time: 2 minutesBy way of recently issued Instruction No. (5 /2019), the Central Bank of Myanmar (“CBM”) has announced that on a daily basis it will begin to publish the Reference Exchange Rate (“RER”) of Myanmar Kyat (“MMK”) to the US Dollar (“USD”). The RER will be based on transactions conducted on foreign exchange markets. The RER […]

Myanmar Legal Alert: RFP and EOIs for Foreign Insurance issued by FRD

Reading Time: 3 minutesIn early January the Ministry of Planning and Finance (“MOPF”) issued Announcement 1/2019 through which foreign companies were permitted “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” in Myanmar. Further to this announcement, the Financial Regulatory Department (“FRD”) has now published an Request for Proposal (“RFP”) for 100% foreign […]

Myanmar Legal Alert : Amendment of Central Bank of Myanmar Lending Rates

Reading Time: 2 minutesIn the most recent update on the Myanmar banking sector, the Central Bank of Myanmar (“CBM”) announced amended and increased lending rates through the issuing of Directive 1/2019 (“Directive”) on 15 January 2019. The changes in this Directive will take effect from 1 February 2019. Under this Directive, 13% will be the highest lending rate […]

Myanmar Legal Alert: Foreign Insurance Providers Now Allowed to Operate in Myanmar

Reading Time: 3 minutesA recent development in the insurance sector has allowed foreign insurance providers to finally operate in the Myanmar insurance sector. Through Announcement No. 1/2019, the Ministry of Planning and Finance (“MOPF”) now permits foreign companies “to operate the business of insurance, underwriting agency or insurance broking with foreign investment” in Myanmar. This announcement follows Notification […]

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Myanmar Legal Alert: The Myanmar Companies Law, Changes Related Party Transaction Landscape

Reading Time: 5 minutesThe Myanmar Companies Law (“MCL”), with a view to promote corporate governance and transparency has defined related parties and come up with compliance requirements for related party transactions which is one of the distinct features of the new law. The changes which have been introduced to the MCL affects the general financing between related parties […]

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Myanmar Legal Update: Does the New Myanmar Amended Companies Act Affect You? Are You Compliant?

Reading Time: 1 minutesAugust 1st, marked the launch of the Directorate of Investment and Company Administration’s (“DICA”) online registry system, Myanmar Companies Online (“MyCO”). Through this release, Myanmar has made a notable stride forward in its efforts to attract greater levels of foreign participation and investment. The corporate compliance process is now significantly more streamlined and efficient under […]

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Myanmar Legal Alert: Foreign Banking Branches in Myanmar Now Permitted to Provide Financing to Local Companies

Reading Time: 3 minutesThe Central Bank of Myanmar recently issued a directive which goes considerable distance in further liberalizing and encouraging market access to local companies. The directive will foster increased competition in the market and addresses the persistent grievances of local companies in terms of their access (or the lack thereof) to channels and sources of foreign […]

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Regional Updates: Myanmar Tax Updates for November 2018

Reading Time: 5 minutesWe provide below an update on some of the recent changes in the tax landscape in Myanmar. 1. Clarification on the offsetting mechanism for commercial tax (“CT”) purposes The Internal Revenue Department (“IRD”) recently issued two Notices clarifying the treatment of recording CT upon the sale and purchase of goods and services. Notice No. 2/2018 […]

Myanmar Legal Alert: Own a Condo in Myanmar

Reading Time: 4 minutesOn 14 September 2018, the Ministry of Construction (“MOC”) issued Notification 227/2018 (the “Notification”) “Appointing Registrar and Opening Registration Office relating to Condominiums” as part of the implementation of the Condominium Law 2016 (“Condo Law”) and Condominium Rules Notification 267/2017 (“Condo Rules”). This welcome development establishes the long awaited condominium registration offices allowing developers to […]

Myanmar Tax Pocket Guide 2018

Reading Time: 2 minutesDFDL Myanmar is pleased to announce the publication of the 2018 edition of the Myanmar Tax Pocket Guide. Written by DFDL’s tax experts, this comprehensive guide offers a clear and detailed insight on taxation laws and practices in Myanmar. While tax law can be notoriously difficult to decipher in emerging markets, DFDL offers a simplified […]

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Myanmar Legal Alert: Yangon Expressway, Land and Revenue Rights

Reading Time: 3 minutesOn 7 September 2018, the Ministry of Construction of the Union Government of Myanmar (“MOC”) officially opened the Request for Qualifications (“RFQ”) phase of the USD 400 Million Yangon Elevated Expressway Project (“the Project”). The Project is set to be one of the largest infrastructure projects ever undertaken in Myanmar and will take the form […]