Myanmar Passes New Law for Land Acquisition, Resettlement and Rehabilitation (VDB Loi Insights)

31
Aug
2019

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INSIGHTS THIS MONTH
AUGUST 2019
 
Highlight of This Month / In This Issue / Recent VDB Loi Work / New Myanmar Laws and Regualtions / Upcoming Events / Recent Publications
HIGHLIGHT OF THIS MONTH
Myanmar Passes New Law for Land Acquisition, Resettlement and Rehabilitation
From our Energy and Infrastructure Team – Myanmar
On 19 August 2019, the Union Parliament of Myanmar, Pyidaungsu Hluttaw, enacted Land Acquisition, Resettlement and Rehabilitation Law (Pyidaungsu Hluttaw Law No. 24/2019) to replace the colonial-era Land Acquisition Act (1894) as well as to provide a legal framework for resettlement and rehabilitation for the first time in Myanmar.

IN THIS ISSUE
Taxation    
Suspension of Electricity and Mineral Investment Project Incorporations
[From our Laos office]
On 10 July 2019, the Department of Investment Promotion of the Ministry of Planning and Investment (“DIP”) issued Notice No. 189 (the “Notice”) regarding the suspension of the incorporation of electricity and mineral investment projects.
Phnom Penh    
MoPF Announcement on Life and Non-life Insurance JV
[From our Banking and Finance office] – Myanmar
Following previous announcements by the Ministry of Planning and Finance (“MoPF”), foreign life and non-life insurance companies can now form joint ventures with local insurance companies.
OUR UPCOMING EVENTS

RECENT VDB LOI WORK
LNG-to-power: Advising the first-ranked bidders on the finalization of project documents for three short-term LNG-to-power projects in Myanmar

Real estate development: We are assisting a leading Japanese construction company on the implementation of a mixed-use real estate project in Yangon

Immigration services: The Regulatory team is advising a leading international accounting firm on immigration compliance issues

Wholesale operations: VDB Loi is assisting a major player in the distribution sector in Asia on its potential entry into Myanmar, with due diligence, structuring advice, and drafting of transaction documentation

Hotel project: VDB Loi’s team is assisting with the design and implementation of the contractual structure for a major hotel project

End-of-year tax audits: The Tax team is working on a number of tax audit projects with local and international clients

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • Law amending the Union Judiciary Law (Fourth Amendment) (Law No: 25/ 2019)
    (21 August 2019)
    Mainly changed on the part of appointment of judges and swearing an oath
     
  • Land acquisition , resettlement and rehabilitation Law 2019 (Law No: 24/ 2019)
    (20 August 2019)
    Newly enacted to replaced the old land acquisition law 1894.
     
  • Myanma Telecommunication Corporation Law (Law No: 23/ 2019)
    (6 August 2019)
    Newly enacted to administrate and implement the government telecommunication corporations
     

VDB LOI NEWS
   
VDB Loi successfully hosted the CLMV (Cambodia, Laos, Myanmar and Vietnam) projects and finance update seminar with APLMA in Singapore

 

On the 6th of August, 2019, we hosted a successful seminar in Singapore in partnership with the APLMA (Asia Pacific Loan Market Association). The seminar featured projects and finance updates from Cambodia, Laos, Myanmar and Vietnam. The welcome address was given by Mr.Andrew Ferguson, the CEO of APLMA. Mr.Yash Shah, Senior Vice President of SMBC also gave a South East Asia Projects and Finance overview.

We also featured updates and a panel from senior finance staff of VDB Loi from each jurisdiction. Over 100 attendees from international banks, law firms and sponsors were present.

   

 

   
300 Attendees were present for “Tax Administration Law : Are You Prepared for the New Tax Administration System in Myanmar?” Seminar

 

We hosted the “Tax Administration Law : Are You Prepared for the New Tax Administration System in Myanmar?” Seminar at Pan Pacific on the 13th of August 2019. Our taxation professionals spoke on the change of income year and TAL, clarifications from the IRD and case studies as well as the change of income year and reinvestment reliefs for MIC companies. We also had a panel moderated by Mr.Edwin Vanderbruggen, Senior Partner of VDB Loi. The panel included Ms.Jean Loi, our Managing Partner, Mr.Gregory Topping, International Monetary Fund Revenue Administration Advisor and Mr.Colin Hutchins, International Adviser, Large Taxpayer Office of the Internal Revenue Department.

   

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