Reading Time: 2 minutesThe Myanmar Ministry of Planning and Finance (“MOPF”) recently issued Notification 38/2019 dated 8 April 2019 removing the 2% advance income tax exemption on exports previously granted to taxpayers under the Large Taxpayers Office (“LTO”) and Medium Taxpayers Office No. 1 (“MTO 1”) effective from 1 May 2019. The 2% advance income tax was introduced […]
Reading Time: 2 minutesThe Myanmar Internal Revenue Department (“IRD”) recently issued a notice with regard to the implementation of the Integrated Tax Administration System (“ITAS”). This is an electronic system that aims to modernize tax administration procedures in Myanmar starting FY 2019-2020. The aim of the ITAS is to implement an electronic-based system that will administer the tax […]
Reading Time: 3 minutesOver the past few months, the Myanmar Internal Revenue Department (“IRD”) has issued several Interpretation Statements and a Notice Statement clarifying certain provisions of the Commercial Tax (“CT”) Laws. These Interpretation Statements address a number of common issues encountered by taxpayers and to provide clearer guidance with respect to the CT treatment of service charges, […]
Reading Time: 2 minutesOne of the most significant developments in the spectrum of intellectual property rights in Myanmar is the enactment of the Trademark Law (“TL”). The TL though enacted on 30 January 2019 has not yet entered into force pending the issuance of a Notification by the President of Myanmar. Newsletters related to the TL that were […]
Reading Time: 6 minutesThis article has been published in IBA Banking Law Committee Publications. Insolvency laws in Myanmar Myanmar insolvency legislation is interspersed with and revolves around the Rangoon Insolvency Act 1910 (‘Rangoon Act’), the Burma Insolvency Act 1920 (‘Burma Act’) and the Myanmar Companies Law 2017 (MCL). Like the majority of laws in the country, both the […]
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 […]
Reading Time: 2 minutesIn a recent order of the Central Bank of Myanmar (“CBM”), it was announced that foreign banks and financial institutions would be allowed to have 35% equity investment in local private banks. As a corollary, local banks having a foreign equity injection up to the above mentioned limit would now be allowed to operate in […]
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 […]
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 […]
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 […]
Reading Time: 6 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 […]
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 […]
