New Law and Access Petro Products (VDB Loi Insights This Month)

3
Aug
2017

   
 
HIGHLIGHT OF THIS MONTH
From Our Energy and Natural Resources Team
 
The New Law and Market Access for Petroleum Products in Myanmar
A combination of recent law and policy developments has put in motion a tectonic shift for the fuel sector in Myanmar. Since a few months, foreign investors have a much larger access to invest in petroleum products businesses, and are no longer required to conclude a joint venture with the Ministry of Electricity and Energy (MOEE).
Read more…
 
 
INVITE TO THE EVENT
The New Law and Market Access for Petroleum Products in Myanmar – Update on Import, Terminals, Storage, Distribution and LNG – 18 August, Yangon
We are hosting a client briefing event entitled “The New Law and Market Access for Petroleum Products in Myanmar – Update on Import, Terminals, Storage, Distribution and LNG” in Yangon on 18 August 2017 from 09.00am-11.30am. To attend, you can request an invite from Nidhi Shenoy at nidhi.shenoy@vdb-loi.com or click here.
 
 
IN THIS ISSUE
From our Corporate M&A Team
 
Buying Shares in a Myanmar Microfinance Company

Foreigners looking to acquire a stake in a Microfinance Institution (MFI) are often faced with various hurdles. Without the proper guidance and know-how, it is quite difficult to navigate the regulatory requirements and legal challenges involved in such an acquisition. Here we simplify the steps involved for the benefit of potential investors. Read more…

From Our Energy and Natural Resources Team
 
Some Key Issues in Myanmar Environmental Requirements for Hydropower Projects

Myanmar is rich in various natural resources and has advantages due to its geographical location. It has huge water potential, with its four major river systems, which is essential for hydropower projects. The rising national power demand, appreciation of foreign investments by the government and high interest in the hydropower sector, all these factors are acting as catalysts to accelerate development and growth. It is expected that in the medium term there will be remarkable investments in this sector.
Read more…

From our Tax Team
 
Myanmar withholding tax: Pitfalls to avoid for non-residents

Although many taxpayers think that the withholding tax (“WHT”) regime in Myanmar has only been in place since 2010, it has actually been on the books since the enactment of Income Tax Law in 1974. With the issuance of Notification 41/2010, a formal WHT regime began to be implemented in Myanmar. Read more…

 
NEW MYANMAR LAWS AND REGULATIONS THIS MONTH
  • Tax on Water and Dams Law (Law No.9/2017)
    This law introduces a tax on the use of water from dams and organizes the tax control management board.
     
  • Law Amending Myanma Coastal and Maritime Transportation Enterprise Approval Law (Law No.10/2017)
    An amendment to the Coastal and Maritime Transportation Enterprise Approval Law has passed, which fixes the appeal period on the decision of the management board.
     
  • Law amending on Special Goods Taxation (Law no:17/2017)
    Changes have been introduced to the administration and control of taxes on goods.
     
  • Extradition Law (Law no:16/2017)
    A law has passed concerning extradition procedures of prisoners from Myanmar to foreign countries.
     
 
SEE OUR PROGRESS IN 2016

We wish you a prosperous and productive 2017! 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
  • A power company has retained VDB Loi for possible expansion: Our Energy and Infrastructure teams are working on the expansion of a generation plant, advising on legal and regulatory issues.
     
  • Asian oil and gas supermajor engages VDB Loi for planning: Our Energy and Infrastructure teams are assisting an oil and gas company in the region with a midstream gas project in Myanmar.
     
  • Asian energy giant retains VDB Loi for LNG import and gas-to-power project: We advise on the early stages of the project structure, permitting and joint venture documentation.
     
  • Tower company raises additional funds: VDB Loi’s TMT team assists a foreign owned tower company with raising additional financing for its expansion in Myanmar.
     
  • Financing of telecom expansion: A foreign bank in Myanmar has engaged our TMT and our Banking and Finance team for all work in connection with a proposed financing deal in the telecom sector.
 
OUR UPCOMING EVENTS
 
WHAT OTHERS SAY ABOUT US
International publisher Chambers and Partners placed VDB Loi in a leading position among law firms in Myanmar and considers us, “A Versatile regional firm with a broad-based offering, consistently praised for its practicality”. Here are some of the things our clients told researchers:
  • “Working with VDB Loi accomplishes many things, from setting up a company, putting in place various commercial agreements, and looking after accounts and complex tax matters- all at one go.”
     
  • “For something really novel which requires thinking outside the box, VDB Loi would be our first port of call.”
Legal 500 has ranked us a tier 1 firm for our corporate M&A practice and states, “VDB Loi handles a range of corporate work, including finance arrangements and M&A deals, with a notable strength in public procurement matters.”

 

HOW IS OUR APPROACH DIFFERENT?
These 3 core values are why our clients choose us. Read about it here:

 
     
     
   
 
 
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