LNG to Power, Condo Rule Changes and New Compliance Rules (VDB Loi insights this month)

28
Feb
2018

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HIGHLIGHT OF THIS MONTH
From our Energy and Natural Resources Team
 
Four Things to Wonder About Myanmar’s Four LNG/Gas to Power Projects
On 30 January 2018 the Ministry of Electricity and Energy (MOEE) held a ceremony in NayPyiTaw to sign four so-called “Notices to Proceed”, each one for a planned LNG or Gas to Power project, in total nearly 3,000 MW.

 

 
IN THIS ISSUE
From our Labor Law Team
 
Notification 140/2017: Labor compliance and the statutory employment contract template

As Myanmar increasingly becomes a place to do business to both domestic entrepreneurs and foreign investors alike, Myanmar’s labor compliance framework has recently taken stimulus with the re-working of notification 1/2015 on the Employment Contract Template. Read more…
 

From our Infrastructure, Real Estate and Construction Team
 
Proposed Changes to the New Condominium Rules

The Ministry of Construction released the long anticipated Condominium Rules in December (the “Rules”) which clarifies much of the ambiguity left by the Condominium Law 2016 (the “Law”). Since December, various stakeholders have provided feedback on the rules to the Department of Urban Housing and Development (“DUHD”), and the DUHD has proposed several amendments to the new Rules. Read more…
 

From our Energy and Natural Resources Team
 
Japanese Investors Try to Catch up in Myanmar Energy Investments

Despite their high profile presence in Myanmar, there are relatively few Japanese invested energy projects slated as a priority project in Myanmar. For example, the four recently announced LNG/Gas to Power projects which received approval from the Government have no Japanese investors at this stage. Read more…
 

From our Taxation Team
 
Tax Note: Abolishment of 2% Advance Income Tax for border trade

In December 2017, the Internal Revenue Department (“IRD”) abolished the 2% Advance Income Tax (“AIT”) on goods exported via the Border Trade System for companies under self-assessment due to an increase in the tax compliance level of self-assessed taxpayers. Read more…
 

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • Law amending the Narcotic Drugs and Psychotropic Substances Law
    Changes on terms/definitions and additional sections to cure the drugs addicted peoples.
     
  • Law revoking the Dock workers ( regulation of employment) Act 1948
     
  • Myanmar Hluttaws ( Parliaments) Board Law
    Newly drafted for inter-relationship of parliaments and coordination of regional parliaments in order to promote the legal framework and knowledge/information sharing.
     
  • Law revoking the Development Committees Law 1984 ( Law no:5/1984)
     
  • Bill on Union Tax Law 2018
 
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

 

 
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OUR UPCOMING EVENTS
  • Eurocham Myanmar Energy, Infrastructure and Construction Update
    11 April, 2018, Singapore
RECENT VDB LOI WORK
  • Airline hires VDB Loi for possible market entry: Our Corporate M&A team will assist an international airline with its exploration of a Myanmar market entry.
     
  • Construction group ties up in a JV: We were retained by a large construction company in an m&a transaction. We draft and negotiate the JVA and provide structuring advice.
     
  • Conglomerate restructures: VDB Loi will be assisting a large local group with restructuring its companies and assets to improve compliance and streamline the organization.
     
  • NTP for sponsor on energy project: Our Energy team will assist a power project sponsor with obtaining an NTP.
     
  • Asian retailer mulls entry: VDB Loi advises an Asian retail giant on various market entry options and structures.
     
  • Microfinance loans: Our Banking team will act for the borrower on a new microfinance loan.
     
  • Tax audit for multinational: Our Tax team has been engaged to defend a multinational client in the course of a tax audit.
 
RECENT PUBLICATIONS
 
HOW IS OUR APPROACH DIFFERENT?
These 3 core values are why our clients choose us. Read about it here:

 
 
     
     
   
 
 
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