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INSIGHTS THIS MONTH

July 2020

HIGHLIGHT OF THIS MONTH

Challenging Times Ahead? What Lenders and Other Creditors Need to Know About Myanmar’s New Insolvency System

The Corona Pandemic hits Myanmar nearly at the same time as the new Insolvency Law 2020 (“the IL” was enacted on 14 February 2020). We all hope that the...

IN THIS ISSUE

CBM publishes new basic rules for NBFIs

[From our Banking & Finance Team]

On 9 July 2020, the Central Bank of Myanmar (“CBM”) published Instruction no. 3/2020 (the “Instruction”), introducing new principles for regulating the non-bank financial... 

New Legislation Set to Remove Multi-Level Marketing Ban

[From our Regulatory Team]

The use of a Multi-level Marketing (“MLM”) business model has been banned since 2018 by way of Notification 46/2018, dated 18 September 2018, issued... 

Myanmar Solar Tender 2020: What Should Hopeful Bidders Watch Out For?

[From our Energy and Infrastructure Team]

The tender launched in May by the Electric Power Generation Enterprise (“EPGE”) for 30 sites totaling 1,060MW in Myanmar made quite a splash and was even subject to an unsuccessful claim by the newly... 

The Draft Union Tax Law 2020 and Key Takeaways From Recent Changes in Tax Regulations

[From our Taxation Team]

The past few months have been an interesting phase for taxpayers in Myanmar due to the tax reliefs granted under the COVID-19 Economic Relief... 

Is COVID-19 a force majeure event in Myanmar construction contracts and power purchase agreements?

[From our Energy and Infrastructure Team]

As with all sectors of the economy, the infrastructure sector in Myanmar will likely be significantly impacted by the current COVID-19 outbreak. Although there... 

RECENT VDB LOI WORK

Seamless services on large projects: In addition to legal counsel, VDB Loi is providing comprehensive tax structuring and planning advice to a consortium on a reservoir hydropower project in northern Myanmar.

VDB Loi’s Tax team trusted by multinationals and local companies alike: The Tax team has been engaged by a variety of companies, including a major towerco and a global luxury spirit and wine purveyor, for tax compliance work.

Expertise with large-scale infrastructure projects: VDB Loi is assisting a Chinese construction company on the acquisition of 15 sites for the development of infrastructure projects around the country.

Customs services: VDB Loi is advising a global multi-level marketing company with regard to customs valuation issues on their imports into Myanmar.

Tax ruling: VDB Loi has been engaged by a major towerco to obtain a ruling from the Internal Revenue Department regarding taxation on turnkey services.

VDB LOI NEWS

VDB Loi Cambodia Clinches Historic Tax Ruling

Loss carry-forward for corporate income tax purposes is challenging in Cambodia, as various restrictions and limitations are imposed. For example, companies that undergo a “change in shareholder” are not...