Legal and Tax Updates

On 6 June 2019, the Ministry of Commerce (“MOC”) issued Notification No.24/2019 (the “Notification”) that allows foreign companies to export certain local products by exercising powers under Section 13 (b) of the Export and Import Law. In order to raise the quality of Myanmar exports, boost international demand for local goods and raise earnings for...

On 4 June 2019, the Financial Regulatory Department (“FRD”) issued a letter (“Letter”) directing International Non-Governmental Organizations (“INGOs”) and Non-Governmental Organizations (“NGOs”) which carry out microfinance activities to register as companies and re-apply for Microfinance Business Operation Licenses (“MFBOL”). The FRD had previously issued MFBOLs to 3 INGO groups, 16 NGO groups, 47 foreign companies,...

Among recent developments happening in the banking and finance sector, the Microfinance Business Supervisory Committee (“MBSC”) issued Directive 1/2019 (the “Directive”). This Directive lays down a new set of interest rates which shall be followed by all microfinance institutions operating in Myanmar. Under the new Directive, the interest rate for microfinance loans shall be charged...

Contributed by Ocampo & Suralvo Law Offices The Energy Efficiency and Conservation Act  requires and incentivizes the use of energy efficient systems and promotes the use of renewable energy technologies. The law imposes additional regulatory burdens on the real estate, construction, consumer electronics, transportation and related industries. If you are in the business of selling...

Recently, the Ministry of Planning and Investment of Vietnam published a draft Law on Public-Private Partnerships (the “Draft PPP Law”). The Draft PPP Law is expected to be submitted to the Government during the 8th Session of Legislature XIV for consideration, with potential passage during the 9th Session of Legislature XIV. The current public-private partnership...

Our Tax Team wishes to remind you of the fast-approaching deadline for submission of your annual Corporate Income Tax (“CIT”) return, annual Commercial Tax (“CT”) return, and annual Personal Income Tax (“PIT”) Salary Statement. For Myanmar taxpayers who follow the financial year ending 31 March 2019 (“FY 18-19”), all annual tax returns must be submitted...

In the most recent development in wholesale and retail, the Ministry of Commerce (“MoC”) issued Notification No. 23/2019 (“Notification”) in relation to the registration of companies involved in importing and trading the following commodities: Chemical Fertilizers, Seeds, Insecticides, Medical Instruments, Construction Materials and Agricultural Machinery (“Commodities”). In relation to wholesale and retail activities in Myanmar,...

The Myanmar Internal Revenue Department (“IRD”) recently issued a Letter confirming changes to the tax year of reporting for cooperatives and private enterprises that will take effect from 1 October 2019. This announcement brings the financial year into line with the State’s new budget year as mentioned in the 2018-2019 Union Taxation Law. Previously, only...

Following several discussions on significant changes being proposed in Myanmar in relation to the gambling landscape, the Pyidaungsu Hluttaw (Myanmar parliament) finally enacted The Gambling Law (“GL”) on 7 May 2019. The enactment of the GL heralds positive news for investors looking to invest in the “casino” business as the legal avenues for operating such...

Following the issuance of Prakas 442 on the Payment of Wages dated 21 September 2018 and Prakas 443 on Seniority Payments dated 21 September 2018, the Ministry of Labour and Vocational Training (“MLVT”) issued official Guidelines 044/19 on the Implementation of Prakas 442 and 443 for Personnel of Foreign Missions, Agencies of the United Nations...