Legal and Tax Updates

Instruction No. 27185 GDT (“Instruction 27185”) on the Display of Tax Registration Documents at Business Premises was issued by the General Department of Taxation on the 14th of November 2022. According to Instruction 27185 the GDT requires all enterprises to display their valid tax registration documents at their business premises as set out below:  ...

Following the issuance of Prakas 003 on 26 January 2022 on the Rules for the Management, Establishment, and Functioning of Trusts (“Prakas 003”), on 3 November 2022, the Non-Banking Financial Services Authority (“NBFSA”) issued Prakas 052 regarding the Accreditation of Valuation Companies and Valuation Specialists in the Trust Sector (“Prakas 052”) in order to ensure...

The global Financial Action Task Force (“FATF”) on 21 October 2022 placed Myanmar in the category of “High-Risk Jurisdictions Subject to a Call for Action,” commonly referred to as the “blacklist,” due to its failure to implement its action plan that expired in September 2021.   The international watchdog has called upon its members and...

On 28 October 2022, the State Administration Council (“SAC”) enacted the Organization Registration Law (“ORL”) via Notification No.46/2022 as per the Section 419 of the Constitution of the Republic of the Union of Myanmar  The ORL will repeal the former Association Registration Law 2014 (“ARL”) enacted through the Pyidaungsu Hluttaw Law No. 31/2014 that was...

On 9 September 2022, the Ministry of Labour and Vocational Training (“MLVT”) issued Guideline 3005 on Administrative Fines for Owners or Directors of Factories, Enterprises or Establishments that Employ Foreign Employees without Work Permits and Employment Cards (“Guideline 3005”). Guideline 3005 aims to clarify the administrative fines that may be imposed by a MLVT labour...

Instruction No. 26118 GDT on the Use of Official Exchange Rate for Self-Assessment Taxpayers dated 28 October 2022 (“Instruction 26118”) has abrogated Instruction No. 10362 GDT, dated May 17, 2022 (“Instruction 10362”). The key points contained within Instruction 26118 are set out below: The General Department of Taxation (“GDT”) has set out the following instructions...

The Royal Government of Cambodia will continue its relief measures to mitigate the economic impact of Covid-19 and support the recovery of the country’s tourism sector, according to an official announcement on 25 October 2022. The relief measures include: Another three (3) months of monthly tax exemptions — except for Value Added Tax (VAT) — for...

Companies operating in Myanmar have been deeply affected by the present economic downturn due to several factors, ranging from pandemic to political. The economic downturn has led many companies in Myanmar to consider possible restructuring options. DFDL Myanmar has helped many companies navigate the economic downturn, whether through the M&A process, suspending/hibernating (including mothballing) operations...

The window to apply for the 2023 foreign employee quota is open until the end of November 2022. Enterprises employing or intending to employ foreign employees in 2023 are required to apply for a foreign employee quota from the Ministry of Labour and Vocational Training (“MLVT”). Under the quota system, a maximum of 10% of...

Article by Anne Coulon, Regional Legal Adviser of DFDL A new specialised arbitration institution, the Thailand Court of Arbitration for Sport (“TCAS”), was set up in early October 2022 in Thailand. The creation of the TCAS was initiated by the Thailand Arbitration Center (“THAC”) in cooperation with the Sports Authority of Thailand (“SAT”) to provide services for...