2% Withholding Tax Gone! (VDB Loi Insights This Month)

29
Jun
2018

Share this:
   
 
HIGHLIGHT OF THIS MONTH
From our Energy and Infrastructure Team

Ministry of Construction Decides to Promote PPP in Myanmar for Roads and Bridges

On the 15 June 2018 the Ministry of Construction (“MOC”), in partnership with VDB Loi, organized a landmark conference on Public Private Partnerships for Toll Roads in Myanmar.
 
 
IN THIS ISSUE
From our Energy and Infrastructure Team

Some Issues to Consider for Toll Road PPP Projects in Myanmar

The Union Ministry of Construction, in coordination with the Union Ministry of Transport and Communication, and the Yangon Regional Government seeks to implement its first ever elevated expressway, the Yangon Elevated Expressway. Read more…
 

Public Private Partnerships for Myanmar Toll Roads Event held in Tokyo

VDB Loi held a workshop in Tokyo titled “Public Private Partnership for Myanmar Toll Roads”. There were more than 30 participants from developer companies, construction companies and banks. Read more…

From our Banking and Finance Team

DICA Releases Draft Category H Forms For Registration of Matters Relating to Mortgages and Charges

In preparation for the launch of the new electronic companies’ registry system, Myanmar Companies Online (“MyCO”), the Directorate of Investment and Company Administration (“DICA”) is preparing a set of prescribed forms to collect the information required to be submitted to the Companies Registrar under the Myanmar Companies Law 2017 (“MCL”). Read more…

From our Taxation Team

Tax Notes: The 2% Withholding Tax Abolished!

The Ministry of Planning and Finance has enacted a new Withholding Tax (“WHT”) Notification 47/2018 (“Notification 47”) on 18 June 2018 which is effective from 1 July 2018. The Notification 47 abolishes 2% WHT for payments to resident citizens and resident foreigners for services rendered, goods purchases and lease payments within Myanmar. Read more…

From our Corporate M&A Team

VDB Loi to Advise on Yangon Stock Exchange’s Special Task Force

A Special Task Force has been launched in cooperation with the Japan International Cooperation Agency (“JICA”), to provide consultation services to new companies interested in listing on Yangon Stock Exchange. Read more…

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • Law amending the Law relating to drafting and submission of the Union Budget (Law no: 14/2018)
    Replacing the terms and definitions.
     
  • Law amending the Law relating to Care and development of early childhood law (Law no: 13/2018)
    Replacing the terms and definitions and procedure on formation of KG schools.
     
  • Myanmar History Board Law (Law no: 15/2018)
    Newly enacted to re-organize the Myanmar History records.
     
  • Bill on law amending the Gambling Act
    Replacing the terms and definitions as well as penalties.
     
  • Bill on Real Estate Brokers Law 2018
    Newly drafted to develop the real estate sector.
     
  • Occupational Explosive Act(Law no: 17/2018)
    Newly enacted and repealed the old Explosive Act 1889.
     
  • Law amending the Civil servants act(Law no: 16/2018)
    Changes on definition of Civil servants.
     
  • Notification No.48/2018 of President Office
    President announced that Company Act will be effective on 1 August 2018 according to section 1(b) of the Company Act 2017.
     
  • Science, Technology and Innovation Law(Law no: 22/2018)
    Newly enacted and repealed the old Science and technology development Act 1994.
     
  • Law amending the Television and Video law (Law no: 21/2018)
    Changes on the terms and definitions, procedure on licenses and committee’s rights and obligations.
     
  • Law amending the Anti-corruption law ( fourth time amendment) (Law no: 20/2018)
    Changes on the definitions and punishment.
     
  • Law amending the television and broadcasting law(Law no: 19/2018)
    Changes on the terms and definitions, procedure on licenses.
     
  • Myanmar Red Cross Association Law (Law no: 18/2018)
    Changes on the terms and definitions.
     
  • Bill on the Determination of Boundaries Act
    Newly drafted and repealed the old Boundaries Act 1880.
 
SEE OUR PROGRESS IN 2017
Check out the impressive progress our practice made last year:

  • Our MIC team remains a very strong performer with 25% of the total MIC permits obtained through the firm.
     
  • We advised several of the largest LNG projects under consideration, and was selected as local advisor by both the World Bank and the Japanese Government.
     
  • We were selected as local counsel on the IFC program to create the hydropower model PPA.
     
  • We advise mobile network operators, 4G LTE operators, tower companies and a wide range of ICT companies in Myanmar.
     
  • We play a leading role in the Government’s forthcoming regulation on sovereign guarantees.
     
  • IFC selected our team after a competitive process to help jumpstart the documentation of PPP infrastructure projects.
     
  • We assisted an IFI with its investment in one of Myanmar’s largest cement plant companies.
     
  • Our tax team was at the forefront of various tax structuring works for multimillion-dollar projects.
     
  • Our dedicated dispute team and partners have acted on a wide range of high profiel litigation and arbitration cases.

You can download the full report here

Forward to a friend
 
If you are not receiving this monthly newsletter
 
 
OUR UPCOMING EVENTS
 
FROM OUR CAMBODIA OFFICE
Transfer Pricing: Important New Developments!
VDB Loi have recently had the opportunity to meet senior members of the GDT’s Transfer Pricing team to discuss and clarify certain issues that are not clearly addressed in the new Transfer Pricing (“TP”) regulations.

Read more…

 
RECENT VDB LOI WORK
  • Advised a major Chinese conglomerate: The Real Estate Team provided guidance to a major Chinese conglomerate on the regulatory and investment frameworks in regards to opening major businesses in Myanmar Special Economic Zones (SEZs).
     
  • VDB Loi sets Cement Manufacturer’s Compliance in Stone: VDB Loi’s Compliance Team recently presented a major seminar on mining, corporate, regulatory and tax compliance to a leading cement manufacturer in Myanmar.
     
  • Advising a local developer: The company assisted a local company structure its mixed-use development in Yangon as condominiums in order to enable foreign investment.
     
  • Assisted with a telecommunications company: Our Disputes Team advised with a possible civil litigation matter against a construction company in relation to a breach of contract.
     
  • Advised a Singaporean company: The Finance Team supported the company’s possible investment in Myanmar and listing on the Hong Kong stock exchange.
     
  • Briefing to Japanese investors: Edwin Vanderbruggen briefed major Japanese investors in Tokyo on Myanmar’s road transport Private Public Partnership (PPP) infrastructure opportunities.
     
  • Closing of a telecom company finance project: The Banking and Finance Team assisted the borrower company in obtaining additional loans from a consortium of local branches of foreign banks.
     
 
RECENT PUBLICATIONS
 
HOW IS OUR APPROACH DIFFERENT?
These 3 core values are why our clients choose us. Read about it here:

 
 
     
     
   
 
 
  WWW.VDB-LOI.COM    
Share this:

Types:
Website Security Test