Category: Legal Box

Central Bank allows licensed foreign banks to service local corporates

The Central Bank of Myanmar (CBM) on 08 November 2018 issued Directive no. 6/2018 (the “Directive”) in respect of allowing foreign banks (branches) to extend their banking services to local corporate business in Myanmar.  Currently there are thi

Read More

New Forest Law, 2018 – A check on deforestation and degradation

With the objective of putting deforestation and degradation activities in check, the new Forest Law 2018 (“Law”) was passed on 20 October 2018, replacing the old Forest Law 1992. The Law includes certain objectives to ensure long-lasting forest m

Read More

Multi-level marketing business model banned in Myanmar

The Ministry of Commerce (“MOC”), via notification no. 46/2018 dated 18 September 2018, (“Notification”) restricted the business model involving multi-level marketing (“MLM”) with effect from the date of the Notification. MLM, also primar

Read More

Plans to Expand Myanmar’s National Electricity Grid

Information sourced from the public domain indicates that the Myanmar Government is in the process of seeking approval from the Pyidaungsu Hluttaw (Myanmar’s Parliament) to take out a USD300 million loan from multilateral agency, Asia Development B

Read More

Proposed Integrated Tax Administration System for Myanmar’s Internal Revenue Department

Myanmar’s tax regulator, the Internal Revenue Department (“IRD”), has proposed launching a new integrated tax administration system (“ITAS”) by 2019. The rationale of ITAS is to make it easier for residents to pay taxes and simplify IRD tax

Read More

New Myanmar Companies Law Now in Force

The new Myanmar Companies Law 2017 (Pyidaungsu Hluttaw Law No.29) (“MCL”) passed on 6 December 2017, and implemented on 1 August 2018, replaces the century old Myanmar Company Act 1914 (“MCA”). The MCL modernizes Myanmar’s corporate framewo

Read More