E-Government, Change of Financial Year, New Trademark Law (VDB Loi Insights This Month)

1
Nov
2017

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VDB LOI YANGON OFFICE RELOCATION

We are Expanding!


 
 
We are proud to announce that our Yangon office has been relocated to a new and state-of-the-art office in Junction City on 30 October 2017. Please find our new location’s address as well as telephone and fax numbers below:

Level 10, Unit 01-05, Junction City Office Tower, Corner of Bogyoke Aung San Road and 27th Street,
Pabedan Township, Yangon
Tel: +951 9253752~6 | Fax: +951 9253758

 
IN THIS ISSUE
From our Telecommunications, Media and Technology Team

The E-Government Master Plan: Sowing the Seeds for ICT Investment?

The E-Government Master Plan’ (the “Plan”) is a recently launched initiative by the Myanmar Government which strives to provide a platform for the integration of Information and Communications Technology (“ICT”) into government policy, agencies and organizations. This ambitious plan envisages, among other things, to create a shared network infrastructure, Ministry specific applications and a Government Service Network, in order to streamline interagency operations at a governmental level. Read more…
 

From our Tax Team

Tax Note: Change of Financial Year

Along with recent economic and political reforms, Union Government of Myanmar has made changes to Myanmar’s financial year (1 April to 31 March). The first new financial year will start from 1 October 2018 to 30 September 2019; i.e. 2018–2019 financial year. The decision was made on 7 September 2017 at Union Government Meeting No. (17/2017). Read more…
 

From our Corporate M&A Team

Open for Business: Registering your Myanmar Trademark Today

Myanmar’s long awaited legal reform to its intellectual property framework is nearing completion with the recent announcement of a new draft of the Trademarks Bill (the “Bill”). Once enacted, the process for registering your trademark in Myanmar will be streamlined with a soon to be established Intellectual Property Office (“IPO”) replacing the comparatively weaker protection under the current system of registration.
Read more…
 

Foreign Workers and Stay Permit Extensions

The Investment Monitoring Division of the Directorate of Investment and Company Administration (“DICA”) has issued an Announcement, which came into effect on 21 October 2017. The Announcement pertains to the appointment of foreign experts as senior management, technical experts or consultants. Read more…
 

 
NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • Bill on Consumer Protection Law 2017
    A new draft of the entire Consumer Protection Law has been created and the old draft from 2014 has been repealed.
     
  • Bill on repealing the Development Committees Law 2017
    This bill repeals the Development Committees Law 1984 (Law no.5/1984).
     
  • Bill on Law Amending on Civil Servant Law (Second amendment)
    The definition of public servants is expanded in the bill.
     
  • Bill on Law amending the Myanmar Red Cross Association Act
    This bill changes some definitions and adds new objectives of Red Cross activities in the country.
     
  • Announcement on application for Tax Exemptions and Reliefs
    This announcement states that investment businesses, which have been conducting business activities without permit and approval from the MIC, may apply for approval in accordance with the Myanmar Investment Law. Furthermore, it also states that although approval shall be granted to such businesses, they shall not be entitled to income tax exemptions under Section 75 of the said law and may instead apply for tax exemptions and relief under Section 77 (b), (c) and (d) of Myanmar Investment Law.
 
SEE OUR PROGRESS IN 2016
Check out the impressive progress our practice made last year:

  • An astounding 25% to 33% of the approved (MIC) investments in Myanmar obtained MIC permits through VDB Loi.
     
  • We were involved in 5 out of 7 power projects signed in 2016!
     
  • We created exclusively dedicated practice teams as well as launched new ones, such as Disputes and Energy.
     
  • We obtained licenses, permits and helped set up financial institutions, telecom operators, security firms, and airlines.
     
  • We built on our expertise acting for the Government in the petroleum products sector, our Energy Team was the obvious choice for additional engagements in fuel and fuel infrastructure in 2016.
     
  • We continue to have the confidence of the Government who engages us in a number of transactions in energy, transport, and telecom.

You can download the full report here

 
RECENT VDB LOI WORK
  • First ever application for condo titles lodged by VDB Loi: Our Infrastructure, Real Estate and Construction team has just lodged the first ever submission for the issuing of condominium titles under the Condominium Act. The application, which relates to an already completed building, was drafted and collated in close cooperation with the authorities who will commence scrutinizing the submission for compliance with the law.
     
  • Energy consortium hires VDB Loi for Gas to Power project: A consortium of energy companies is exploring a project involving the import of LNG, FSRU and generation of electric power. VDB Loi is the Myanmar counsel and tax advisor on the project.
     
  • Solar power producer retains VDB Loi for series of projects in Myanmar: Our Energy team has been instructed by a renewable power group to assist on the planning and development of a series of small and middle sized solar power projects.
     
  • VDB Loi assists hydropower consortium to restructure project: We will be assisting a consortium of power and infrastructure companies with making adjustments to their project.
     
  • Asian banks financing international school: Our Banking Finance team is assisting a small syndicate of Asian banks providing a secured facility to a borrower in the education sector in Myanmar.
     
  • Chinese foreign investor plans hydropower projects: VDB Loi is assisting on the procurement and development of several small hydropower projects by one sponsor for a total of 100MW.
     
  • Asian bank looks into financing solar project in Myanmar: Our Banking Finance team was engaged by an Asian bank to perform due diligence and advise on financing documentation in connection with a solar power development in Myanmar. An international law firm is leading the project.

     
 
OUR UPCOMING EVENTS
  • Acquisition structuring in Myanmar, Cambodia and Laos: Case Studies on M&A Deals in Some of ASEAN’s Lesser Known Markets
    02 Nov, 2017

    Click here for more detail.
     

 
WHAT OTHERS SAY ABOUT US
International publisher Chambers and Partners placed VDB Loi in a leading position among law firms in Myanmar, highlighting our “broad-based offering, consistently praised for its practicality”. Here are some of the things our clients told the researchers:
  • “We have been impressed with VDB | Loi for their service-mindedness, eye for detail, and notably their sense of the Myanmar realities.”

     
  • “VDB really know the minutiae, but also the way that things really work in practice. We feel that they can predict the authority’s reactions well. They are commercial and can offer suggestions and options, and can admit when it is unclear how things will turn out. They are my first port of call.”

     
  • “Edwin Vanderbruggen is very good at dealing with very difficult issues; he can push things through, make things work.”
 
HOW IS OUR APPROACH DIFFERENT?
These 3 core values are why our clients choose us. Read about it here:

 
 
WWW.VDB-LOI.COM
 
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