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, […]
Myanmar Legal Alert: Myanmar Enacts Trademark Law with Priority Protection
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 […]
Myanmar: Insolvency Laws in Myanmar
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 […]
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 Update: CBM Allows 35% Foreign Equity Investment in Local Private Banks
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 […]
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: The Myanmar Companies Law, Changes Related Party Transaction Landscape
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 […]
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 […]