Project Bank (finally) published (VDB Loi Insights)

29
Feb
2020

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HIGHLIGHT OF THIS MONTH
 
Project Bank (finally) published

From our Energy and Infrastructure Team – Myanmar Office

After decades of highly controversial land acquisitions for public purposes, Myanmar turns a new page by passing the Land Acquisition, Resettlement, and Rehabilitation Law 2019 (Law no. 24/2019, referred to herein as the “LARR 2019”).

IN THIS ISSUE
 
Taxation    
Myanmar’s New Law and Process for Compulsory Land Acquisition: What PPP Project Developers Need to Know
[From our Corporate Commercial & M&A Team] – Myanmar Office
After decades of highly controversial land acquisitions for public purposes, Myanmar turns a new page by passing the Land Acquisition, Resettlement, and Rehabilitation Law 2019 (Law no. 24/2019, referred to herein as the “LARR 2019”).
Taxation    
VDB Loi Laos Alert – Hot off the presses: The New Income Tax Law
[From our Laos Office]
The Union Taw Law (“UTL”) 2019 was enacted on 24 September 2019 by the Union Parliament (the Pyidaungsu Hluttaw) and will be applicable for the Financial Year (“FY”) 2019-2020 (1 October 2019 to 30 September 2020).
MIC    
MIC Permit or Endorsement May Be Revoked if the Investor Misses MIC Quarterly Report Deadline
[From our Regulatory Team] – Myanmar Office
MIC has announced on 30 December 2019 (“Announcement”) on the new format for its quarterly report, the Myanmar Investment Commission (“MIC”). The new MIC quarterly report a uniform format for all investment sectors. This new format must be used starting from the January to March 2020 period.
DICA    
The DICA Clarifies Corporate Approval of Director and Related Party Transactions
[From our Corporate Commercial & M&A Team] – Myanmar Office
Related party transactions are a frequent occurrence in Myanmar corporate life. When one company transacts with another company with which it has some sort of connection through shareholders, directors, family etc., the possibility exists that this transaction will undergo a special approval procedure under the Myanmar Companies Law 2017 (“MCL”).
CBM    
Banks Ordered to Improve Customer Due Diligence
[From our Banking and Finance Team] – Myanmar Office
On 15 November 2019, the Central Bank of Myanmar (“CBM”) issued Directive 18/2019 on 15 November 2019 on customer due diligence. The directive sets out guidelines for customer due diligence, and mandates that banks develop an effective framework and practices in order to conduct risk assessments and manage money laundering and terrorism financing risks.

 
RECENT VDB LOI WORK
 
Energy
 
    Energy giant market entry: The Energy team is advising a major international energy corporation with the structuring of its potential entry into the Myanmar mid and downstream markets.
License
 
    Licensing and regulatory: We are assisting a Vietnamese conglomerate with obtaining all required licenses to distribute its products in Myanmar. 
Taxation
 
    Ruling under the new tax administration law: The taxation team is seeking a tax ruling for a global beverage multinational, testing the procedures under the new tax administration law.
Building
 
    Multifaceted restructuring: A major vehicle distributor of globally-known brands has engaged VDB Loi’s Corporate team to assist on all aspects of a multi-company restructuring of its operations in Myanmar. 
Handshake
 
    Strong tax expertise: The Tax team has been engaged for compliance services by multinational and local clients across a range of industries, including pharmaceuticals, international NGOs, building materials, and beverage manufacturers, because of our strong knowledge and understanding of Myanmar tax laws and practice.

 
VDB LOI NEWS
 
   
VDB Loi hosted the "Myanmar Cambodia Laos Energy and Infrastructure Update" Seminar in Tokyo

In partnership with Japan Institute for Overseas Investment (JOI) and Japan Bank for International Cooperation (JBIC), VDB Loi hosted the “Myanmar Cambodia Laos Energy and Infrastructure Update” Seminar in Tokyo, Japan. Edwin Vanderbruggen (Senior Partner), Yumi Ishimoto (Director), Satoshi Mitsukuri (Japan Desk Manager) and Mitsuo Moriya (Senior Associate) of VDB Loi presented at the event.

The topics discussed were LNG and gas projects in Myanmar and Cambodia, Sovereign guarantees and foreign currency: update on law and policy, Land acquisition for infrastructure projects and Renewables & PPP: projects outlook and legal developments. Over 100 participants from various organizations in Japan attended the event.

   

   
Join our MMA Training Session with Myanmar MMA Champion Phoe “Bushido” Thaw

VDB Loi is bringing you an MMA training session with Myanmar’s Champion, Phoe "Bushido" Thaw. If you ever wanted to have a taste of MMA, join us for this exclusive event. This session is suitable for everyone.

REGISTER HERE!

   

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