MIC Permit or Endorsement May Be Revoked if the Investor Misses MIC Quarterly Report DeadlineFebruary 27, 2020
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. In addition to other usual items to be reported under the old format, such as capital, loan, and revenue, the new format requires investors to report a list of insurance taken out by the company together with the name of insurer; this was not included in the old format.
There is a deadline now!
The deadline for submission is mentioned clearly in the new report format but not in the Myanmar Investment Rules or the Announcement. The MIC requires all Permit or Endorsement holders to submit their MIC quarterly report within one month from the end of each quarter of the fiscal year. The exact due date for each quarter is clearly stated in the new report format as below:
|October – December||31 January|
|January – March||30 April|
|April – June||31 July|
|July – September||31 October|
Penalties for late or non-submission!
The penalty for failure to complete the quarterly report is serious as provided under section 85 of the Myanmar Investment Law. The investors may be open to one or more administrative penalties, including (i) censure (ii) temporary suspension of business (iii) temporary suspension of tax exemption and reliefs (iv) revocation of Permit or Endorsement or (v) being blacklisted, which means that no Permit or Endorsement shall be issued in the future to investors.
If you have any questions about this alert, please contact us.
For the new format of the report, please refer to the Directorate of Investment and Company Administration’s website https://www.dica.gov.mm/sites/dica.gov.mm/files/news-files/new_quartery_reprot.pdf.