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INSIGHTS THIS MONTH

April 2019

HIGHLIGHT OF THIS MONTH

2019 edition of the Project Finance Market Intelligence publication by Getting the Deal Through, Southeast Asia

VDB Loi contributed to the 2019 edition of the Project Finance Market Intelligencepublication by Getting the Deal Through. VDB Loi team prepared a regional project finance overview for Southeast Asia. Please...

IN THIS ISSUE

Recent Directives by Central Bank of Myanmar

[From our Banking and Finance Team]

The Central Bank of Myanmar (the “CBM”) recently published several directives relating to corporate governance aspects of banks’ operation. Highlights of this note 1.... 

Enactment of Specific Goods Tax regulations: more compliance requirements for producers?

[From our Banking and Finance Team]

Although the Specific Goods Tax Law (“SGT Law”) which imposes Specific Goods Tax (“SGT”) on certain goods in Myanmar was enacted back in January... 

Celebrating Thingyan and Reflecting on a Successful Year With VDB Loi

[From our Myanmar Office]

With the recent celebration of our seventh anniversary as well as the upcoming Thingyan Festival in Myanmar, we at VDB Loi would like to... 

Client Alert – Update on Interest-Free Loans

[From our Cambodia Office]

In a recent Client Alert, we advised that the General Department of Taxation (“GDT”) had verbally indicated that interest-free loans between related parties would... 

Client Alert: Tax Audit – Important Update!

[From our Cambodia Office]

On 13 March 2019, the Ministry of Economy and Finance (“MEF”) issued Prakas 270 on Tax Audits (“Prakas 270”), which attempts to streamline the... 

Client Alert: Important Update on Withholding Tax on Dividends

[From our Cambodia Office]

On 5 April 2019, the Ministry of Economy and Finance issued Prakas 372 to introduce new rules on dividend withholding tax (“WHT”). This Prakas... 

RECENT VDB LOI WORK

The Energy and Infrastructure team is advising a European company on the structuring of its project in Myanmar, which involves the use of cutting-edge technology to generate hydropower electricity for the country.

VDB Loi’s TMT team is providing a leading Japanese multinational with market entry research and advice on telecom power supply and community power projects in Myanmar.

The Banking and Finance team acted as counsel for a development financial institution on its multimillion dollar loan to a Myanmar microfinance institution.

The Tax team has been engaged by a leading international accounting firm to provide tax services for its clients.

VDB Loi assists clients with licensing in a range of industry sectors; the Regulatory team successfully obtained a wholesale license for an international FMCG company to do business in Myanmar.

NEW MYANMAR LAWS AND REGULATIONS THIS MONTH

Amended on terms and definitions of the original law, and added on the permission of the foreign engineers registration process

Newly enacted in order to replace the old Boundaries Act 1880

Mainly amended on the sentences of section 376 ” Punishments for Rape”

Newly drafted to replace the old law dated 1989

Newly drafted for the planning of new urban projects in Myanmar

Mainly changed on the name of Ministry ” Ministry of Finance and Planning has replaced by “Ministry of investment and foreign economic relations”