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31
Mar
2019
Enactment of Specific Goods Tax regulations: more compliance requirements for producers?
Although the Specific Goods Tax Law (“SGT Law”) which imposes Specific Goods Tax (“SGT”) on certain goods in Myanmar was enacted back in January 2016, the Specific Goods Tax regulations (“SGT regulations”) which provide detailed compliance requirements were only recently enacted in January 2019. SGT is similar to excise tax in other countries and is […]
29
Mar
2019
10 Frequently Asked Questions About the Myanmar Trademark Law 2019
On 31 January 2019, the President of Myanmar signed and formally enacted the Industrial Design Rights Law (No:2/2019) and the Trademark Law (No.3/2019) (“Trademark Law”).
22
Mar
2019
Second chance to re-register your company before being struck off the registry
According to the recent Directorate of Investment and Company Administration (“DICA”) announcement issued on 8th March 2019, companies who missed the 31 January deadline now have until March 30 to re-register. However, any companies who fail to re-register by this new deadline will be struck off from the registry, and will not be able to […]
28
Feb
2019
How to Best Split a Myanmar Insurance Company in a Life and a Non-Life Corporate Entity? (VDB Loi Insights)
Most of the insurance companies which Myanmar has licensed since the liberalization of the sector to the local, private sector in 2013 are actually composite insurance companies.
28
Feb
2019
How to Best Split a Myanmar Insurance Company in a Life and a Non-Life Corporate Entity?
Most of the insurance companies which Myanmar has licensed since the liberalization of the sector to the local, private sector in 2013 are actually composite insurance companies. Highlights of this note Life and Non-Life entities may not hold shares in each other Form one, not two new entities How to transfer the Life business to […]
21
Feb
2019
Project Bank Notification for PPP Projects
On 30 November 2018, the President’s Office issued a Notification on a publicly assessible database, the Project Bank, which will help to regulate Private Public Partnership (“PPP”) projects in Myanmar. The government hopes the Project Bank will enable greater transparency, facilitate cooperation between different government agencies, and strengthen fiscal policy on infrastructure. The primary purpose […]
21
Feb
2019
CLIENT ALERT: Myanmar: Are you prepared for this financial year end?
The 2018–19 financial year end is around the corner and all taxpayers have less than two months left for tax payments, tax returns, and possibly some tax planning. All taxpayers should now be in the process of planning their annual tax filings. Please be reminded that annual Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and […]
6
Feb
2019
CBM allows foreign investments in Myanmar banks
Since the implementation of the new Myanmar Companies Law (“MCL”) in August, the so-called 35% rule has been subject to interpretation by each government Ministry. Slowly, we have been seeing updates from Ministries on whether they will allow 35% foreign shareholding in various sectors. On 29 January 2019, the Central Bank of Myanmar (“CBM”) issued […]
31
Jan
2019
Bank Fees Now Included in Interest Cap (VDB Loi Insights)
Following the recent directive of the Central Bank of Myanmar (the “CBM”), , interest rate caps of 13% and 16% shall apply for secured loans and unsecured loans,. The Directive provides that “the maximum interest rate … includes all other fees collectible in lump sum or in partial payments such as guarantee fees, management fees…
30
Jan
2019
What Happened in Naypyitaw While You Weren’t Looking
Looking back, it is evident that 2018 has seen a lot of changes in the Myanmar legal framework. There is also a number of developments that can be expected in the near future. Banking regulations Until early November, foreign bank branches could only provide banking services to foreign companies, i.e., companies incorporated in Myanmar with […]
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