On 8^th January 2019, The Financial Institution Supervision Department (“FISD”) under the Central Bank of Myanmar (“CBM”) via Letter No.16(6)/Ou/sa-1/patakha/ 2019(158) notified to all the financial companies, representative offices of foreign bank and representative offices of foreign financial companies in relation to the requirement of closing the financial accounts within 6 months period commencing from 1^st April to 30 September 2018.

The aforementioned letter is on the premise of the letter No-1834-aa (1)/4/53/2018-2019 issued by the Internal Revenue Department (“IRD”) and the letter issued by the Ministry of Planning and Finance (“MOPF”) dated 07 January, 2019. The IRD expressed that the above referred letter has allowed the medium tax payer to draw their financial yearbook and to close the accounts of financial transactions from 1^st April to 30 September 2018.

Through our office in Yangon, Duane Morris & Selvam advises corporations on investment, business and regulatory processes in Myanmar. For further information, please contact Mr Krishna Ramachandra (kramachandra@duanemorrisselvam.com), Mr Priyank Srivastava (psrivastava@duanemorrisselvam.com), or Mr CN Beilo (CBLo@selvamandpartners.com) or visit www.duanemorrisselvam.com. Duane Morris & Selvam is recognized as a leading law firm for Myanmar related Corporate, M&A and Projects (including Energy) work – The Legal 500 (2017 & 2018).