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25
Mar
2020
Do Employees Have the Right to Work Remotely? Questions on Myanmar Labor Law Facing the Coronavirus Outbreak
Although there are fewer than 10 confirmed cases of the coronavirus (“COVID-19”) in Myanmar as yet, companies in Myanmar have already observed quite a stir in their regular operations. Highlights of this note If an employee self-quarantines, does this count as annual leave, a normal working day, or leave of absence? Can an employer oblige […]
21
Mar
2020
Tax Cuts and Soft Loans In Myanmar During Covid-19
Tax Cuts and Soft Loans In Myanmar During Covid-19 Businesses around the world are suffering from the impact of Coronavirus 2019 (“COVID-19”), and there is no denying that Myanmar’s economy has also subsequently taken a hit. Due to the lockdown of border countries and travel bans around the world, the import/export industry as well as […]
20
Mar
2020
CBM lowers interest cap on loans
On 12 March 2020, the Central Bank of Myanmar (“CBM”) issued Directive 1/2020 (the “Directive”) and reduced the maximum interest rates on secured and unsecured loans to 12.5% and 15.5% respectively.This marks a small deviation from Directive 1/2019, issued by CBM last year, when it announced maximum interest rates on secured and unsecured loans of […]
29
Feb
2020
Project Bank (finally) published (VDB Loi Insights)
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”). READ MORE […]
29
Feb
2020
Project Bank (finally) published
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”).
27
Feb
2020
Myanmar’s New Law and Process for Compulsory Land Acquisition: What PPP Project Developers Need to Know
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”). Highlights of this note How does the new process work? The proposal required for starting the land acquisition process has […]
27
Feb
2020
MIC Permit or Endorsement May Be Revoked if the Investor Misses MIC Quarterly Report Deadline
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 […]
26
Feb
2020
The DICA Clarifies Corporate Approval of Director and Related Party Transactions
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… Highlights of this note Board approval procedure under s. 187: Member approval procedure under s. 188: Different interpretations possible Clarification
26
Feb
2020
Banks Ordered to Improve Customer Due Diligence
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. Highlights […]
31
Jan
2020
Myanmar Approved FDI for 2019 in Power Sector: All Projects Selected VDB Loi as Advisor (VDB Loi Insights)
HIGHLIGHT OF THIS MONTH Myanmar Approved FDI for 2019 in Power Sector: All Projects Selected VDB Loi as Advisor From our Energy and Infrastructure Team – Myanmar Office We are very proud to hear that our firm’s strong position in the Myanmarpower sector was once again underscored by the financial reports of the Myanmar Investment […]
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