Update
31
Mar
2020
Tax E-payment Options in Myanmar During the COVID-19 Crisis
The Internal Revenue Department (“IRD”) implemented an online tax payment system in 2018, supporting taxpayers who have obtained a Tax Identification Number (“TIN”) from the Large Taxpayers’ Officer (“LTO”) and the Medium Taxpayers’ Office-1 (“MTO-1”) in second phase. As a third wave of Self-Assessment System (“SAS”) implementation, the IRD is now transforming the Medium Taxpayers’ […]
31
Mar
2020
Stranded in Myanmar?- How to Extend Your Stay in Myanmar in Light of Covid-19
With new travel documentation requirements, flight cancelations, and closed borders, many have found themselves stranded in Myanmar. From tourists forced to extend their holidays, residents with stay permit to business visitors running close to expiry of their 70-day business visas, they all faced the same issue – how does one stay in Myanmar legally and […]
24
Mar
2020
Fighting a Court Battle in the Midst of an Outbreak?
Amid the outbreak of the COVID-19 pandemic, many courts and tribunals globally have suspended operations to halt the COVID-19 spread, with trials, hearings, and court mentions being postponed and rescheduled. Subsequent to the Ministry of Health of the Union of Myanmar announcing the first confirmed COVID-19 cases, the Supreme Court of the Union, on 24 […]
21
Mar
2020
Tax Cuts and Soft Loans In Myanmar During Covid-19
Tax Cuts and Soft Loans In Myanmar During Covid-19 Businesses around the world are suffering from the impact of Coronavirus 2019 (“COVID-19”), and there is no denying that Myanmar’s economy has also subsequently taken a hit. Due to the lockdown of border countries and travel bans around the world, the import/export industry as well as […]
20
Mar
2020
CBM lowers interest cap on loans
On 12 March 2020, the Central Bank of Myanmar (“CBM”) issued Directive 1/2020 (the “Directive”) and reduced the maximum interest rates on secured and unsecured loans to 12.5% and 15.5% respectively.This marks a small deviation from Directive 1/2019, issued by CBM last year, when it announced maximum interest rates on secured and unsecured loans of […]
29
Feb
2020
Project Bank (finally) published
After decades of highly controversial land acquisitions for public purposes, Myanmar turns a new page by passing the Land Acquisition, Resettlement, and Rehabilitation Law 2019 (Law no. 24/2019, referred to herein as the “LARR 2019”).
27
Feb
2020
Myanmar’s New Law and Process for Compulsory Land Acquisition: What PPP Project Developers Need to Know
After decades of highly controversial land acquisitions for public purposes, Myanmar turns a new page by passing the Land Acquisition, Resettlement, and Rehabilitation Law 2019 (Law no. 24/2019, referred to herein as the “LARR 2019”). Highlights of this note How does the new process work? The proposal required for starting the land acquisition process has […]
26
Feb
2020
The DICA Clarifies Corporate Approval of Director and Related Party Transactions
Related party transactions are a frequent occurrence in Myanmar corporate life. When one company transacts with another company with which it has some sort of connection through shareholders, directors, family etc… Highlights of this note Board approval procedure under s. 187: Member approval procedure under s. 188: Different interpretations possible Clarification
26
Feb
2020
Banks Ordered to Improve Customer Due Diligence
On 15 November 2019, the Central Bank of Myanmar (“CBM”) issued Directive 18/2019 on 15 November 2019 on customer due diligence. The directive sets out guidelines for customer due diligence, and mandates that banks develop an effective framework and practices in order to conduct risk assessments and manage money laundering and terrorism financing risks. Highlights […]
30
Jan
2020
Yangon Elevated Expressway Project
VDB Loi has been assisting as local legal counsel to the International Finance Corporation (“IFC”), acting in its capacity as lead transaction adviser to the Ministry of Construction of the Government of Myanmar on the Yangon Elevated Expressway Project Phase 1, which is the first-ever international road Public Private Partnership (“PPP”) in Myanmar. VDB Loi […]
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