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Articles
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 […]
29
Jan
2019
Financing a Myanmar-based Internet Service Provider
The market for Internet Service Providers (“ISP”) in Myanmar is stabilizing. Refinancing strategies, retooling and opportunities for expansion are fueling the need for new cash. Foreign financing remains one of the most obvious ways for ISPs to attract new funding. Highlights Official Approvals for a New Foreign Loan Regulatory Regime of an ISP Due Diligence […]
29
Jan
2019
Bank Fees Now Included in Interest Cap
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 […]
29
Jan
2019
Insurance Update: Request for Proposal and Invitation Letters for Expression of Interest issued by Financial Regulatory Department
RfP for licenses to carry on life insurance business in Myanmar as 100% foreign company As reported earlier by VDB Loi, (read here: http://www.vdb-loi.com/mlw/myanmar-opens-up-insurance-sector-to-foreign-investors/) when a foreign life insurer wishes to obtain an individual license in Myanmar, it is required to submit a proposal in response to a Request for Proposal (the “RfP”), issued on […]
21
Jan
2019
More Detailed Procedures for Annual Returns of Companies and Overseas Corporations in Myanmar
The new Myanmar Companies Law (“MCL”) introduced refreshed procedures and timing in terms of holding your Annual General Meeting (“AGM”) and filing an annual return in the Myanmar Companies Online (“MyCo”) system. The annual return form for overseas corporations (Form E-7) has been available in the MyCo system since 2 November 2018, while the  annual […]
15
Jan
2019
Myanmar Opens Up Insurance Sector to Foreign Investors
In another exciting development in the Myanmar financial regulatory landscape, foreign life and non-life insurers can form joint ventures with local life and non-life insurers respectively. In addition, up to 3 (three) licenses will be granted to foreign life insurers to operate as wholly-owned subsidiaries. Therefore, foreign insurers will now play a much more active […]
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