The Directorate of Investments and Company Administration (“DICA“) announced on 1st April 2023 (“Announcement“) regarding the additional requirements when the annual return (“AR“) is submitted by the companies to DICA within two months after registering their company under the Myanmar Companies Law (“MCL“) ...
On 28 October 2022, the State Administration Council (“SAC”) enacted the Organization Registration Law (“ORL”) via Notification No.46/2022 as per the Section 419 of the Constitution of the Republic of the Union of Myanmar The ORL will repeal the former Association Registration Law 2014 (“ARL”) enacted through the Pyidaungsu Hluttaw Law No. 31/2014 that was subsequently implemented by the Rules Relating to the Registration of Associations on 5 June 2015 ...
On 25 April 2023, the Ministry of Planning and Finance (“MOPF”) issued a new Standard Operating Procedure (“SOP”) outlining the additional tax requirements when remitting foreign currency payments from Myanmar to overseas. This SOP is effective on 1 May 2023 and applies to individuals, companies, and organizations that are transferring foreign currency payments exceeding USD 10,000 (or its equivalent) ...
The Department of Hydropower Implementation (“DHPI”) at the Ministry of Electric Power (“MoEP”), under the State Administration Council (“SAC”), has issued tenders inviting private investment for the implementation of hydropower projects in Myanmar. The details of these project are as follows: SI. No ...
On 13 September 2022, the Microfinance Supervision Committee (“Committee“) under the Ministry of Planning and Finance issued Directive No.4/2022 (“Directive“), which outlines risk-based management strategies required of microfinance institutions (“MFIs“) to combat money laundering and terrorism. The Directive also pertains to Section 69 (c) of the Anti-Money Laundering Law (Union Parliament Law No ...
On 30 March 2023, the State Administration Council enacted the 2023 Union Tax Law (“2023 UTL”), which clarifies the tax rates and related procedures concerning income tax, commercial tax, and specific goods tax. This new law is effective on 1 April 2023 or the start of the new financial year 2023-2024 in Myanmar ...
The Internal Revenue Department (“IRD”) has recently issued an announcement informing newly-registered companies, entities, and individuals to register for tax using the e-Registration Management System (“ERMS”) starting 23 May 2023. Prior to the ERMS, a taxpayer who is applying for a Taxpayer Identification Number (“TIN”) will have to manually submit the relevant documents to the Central Taxpayers Service Unit (“CTSU”) of the IRD ...
On 16 November 2022, the Internal Revenue Department (“IRD”) issued Public Ruling 3/2022, which clarifies how the tax authorities will interpret tax avoidance, underpayment, false or misleading tax information, and tax evasion as provided under Myanmar’s Tax Administration Law (“TAL”). This Public Ruling will take effect on 1 January 2023. A summary of the Public Ruling is provided here ...
On 24 May 2022, the Port Authority of the Ministry of Transport and Communications (“MOTC”) under the State Administration Council (“SAC”) of Myanmar issued an invitation for bids to be submitted to conduct a feasibility study for the construction of a new international port terminal (“Project”) in Mawlamyine district of Mon State on the western coast of Myanmar’s southeastern peninsula ...
The Central Bank of Myanmar (“CBM”) published Directive No. 8/2023 on 24 March 2023 regarding further extension of the amended formula for calculating the liquidity ratio of banks in Myanmar (“Directive”). To look at this historically, the CBM had published several directives between 2020 and 2021 regarding calculation of liquidity ratio and aspects related thereto. We have briefly summarized them as under: In this Directive, CBM notes that pursuant to Directive No ...
The Republic of the Union of Myanmar intends to promote foreign investments in the electric vehicle sector in Myanmar by means of a mix of legal and policy initiatives aimed at incentivizing such investments. For the purpose of this article we have considered the year 2022 as the most critical year for legal regulations on electric vehicles (“EVs“) and have pivoted our discussion on legal developments prior to, during and after 2022” ...
The Directorate of Investment and Company Administration (“DICA“) issued an Announcement for its Recommendation on Foreigner Visa Extensions (“Announcement“) that went into effect on 14 September 2022. The Announcement sets forth the requirements for companies that wish to apply to extend a foreigner’s visa and such companies must have been reg/istered for one year ...
The Ministry of Planning and Finance issued Notification 20/2022 on 31 March 2022 reiterating that companies and non-profit organizations were required to obtain a Taxpayer Identification Numbers (“TIN”) with the Internal Revenue Department (“IRD“). Under this Notification, companies and non-profit organizations that have not yet secured a TIN must apply for one by these deadlines: Taxpayer Deadline 1 ...
Pursuant to the enactment of the Myanmar Consumer Protection Law in 2019 (“Law“), the Ministry of Commerce (“Ministry“) under the State Administration Council (“SAC“) issued its implementing regulations by enforcing the Consumer Protection Rules (“CPR“). In this alert, DFDL draws attention to some of the salient features of the CPR ...
On 25 March 2020, the Myanmar Competition Commission issued Directive No. 2/2020 under Section 56, Subsection (b) of the Competition Law. The directive aims to prohibit unfair advertising practices, ensure fair competition among businesses, and protect the public and consumers from potential harm ...
The global Financial Action Task Force (“FATF”) on 21 October 2022 placed Myanmar in the category of “High-Risk Jurisdictions Subject to a Call for Action,” commonly referred to as the “blacklist,” due to its failure to implement its action plan that expired in September 2021. The international watchdog has called upon its members and non-members to apply enhanced due diligence to business relations and transactions with Myanmar ...
Less than a month to go! Our Tax Team wishes to remind you of the fast-approaching deadline for the submission of your annual corporate tax returns for the financial year ended 31 March 2023 (“FY 2022-2023”). All Myanmar taxpayers (corporate entities, non-profit organizations, and individuals) should file their annual tax returns on or before 30 June 2023 ...
DFDL Myanmar’s Tax Team wishes to remind you: The deadline to file your annual tax returns is on 30 June! The submission deadline applies to all annual tax returns, specifically for Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and the Personal Income Tax (“PIT”) Salary Statement for the financial year that ended 31 March 2022 (“FY 2021-2022”) ...
On 26 January 2021, the Central Bank of Myanmar (the “CBM”) issued Notification1/2021 (the “Notification”) outlining the requirements and specifications for the establishment, operation and business activities of non-bank financial institutions (“NBFIs”). This Notification is effective from 26 January 2021. 1 ...
The Ministry of Planning and Finance issued Notification 47/2018, outlining the new withholding tax (“WHT”) rules that now apply on payments to resident and non-resident taxpayers in Myanmar. This Notification is effective from earlier this year and will supersede the current WHT Notification 51/2017 that was issued last year ...
Myanmar will this month re-open for international flight arrivals after a two-year ban and will restart online visa applications, citing a significant decrease in COVID-19 infections across the country. The decision to resume foreign flights was made in line with the latest COVID-19 restrictions issued by the Ministry of Health under the State Administration Council (“SAC”) and was announced as a measure to support the Myanmar economy ...
In order to curb illegal importation, facilitate the sale and consumption of quality products in fulfilment of market demand and accurately assess and collect tax by the State, the Ministry of Commerce (“MOC”) issued Notification no. 38/2020 (“Notification-38”) on 25 May 2020 to remove foreign alcoholic spirits from the import restriction list. Although Notification-38 removes foreign alcoholic spirits from the list beer remains restricted ...