On 28th October 2020, the Ministry of Commerce issued its Newsletter No. 18/2020 on the amendment of the trade service fees for online licensing through Tradenet 2.0, which came into force on 1st November 2020. In order to enable online licensing and related activities, Myanmar Tradenet 2.0 is in place to support the national single… Read More
On 19th November 2020, Internal Revenue Department (“IRD”) issued its notice to alert to the taxpayers to file the annual return on income tax, the salary statement and the commercial tax during the prescribed financial year. 1. The relevant period for preparing the annual tax return is the previous financial year from 1st October 2019… Read More
The Ministry of Finance (MOF) recently issued its 3 notifications effective from 27th November 2020 to expand the definitions of the digital asset business, the digital asset business operators, and the criteria for the approval of the digital asset business license. 1. MOF Notification on Prescribing Other Businesses Related to Digital Assets as Additional Digital… Read More
The Ministry of Public Health issued its Notification Re: Specification of Type 5 Narcotics B.E. 2563 (2020) (“Notification”) on 8th December 2020 to exclude certain parts of cannabis and hemp from the Type 5 Narcotics under the Narcotics Act B.E. 2522 (1979) as amended (“NA”). The Notification was published in the Government Gazette on 14th… Read More
On 20th October 2020, the Directorate of Investment and Company Administration (“DICA”) issued its Notification No. 92/2020 to rule that the stay period of resident directors of companies registered under the Myanmar Companies Law (“MCL”) will not include the Covid-19 lockdown period. Pursuant to Section 4 Sub-section (a) (v) of the MCL, a company must… Read More
On 14th October 2020, the Directorate of Investment and Company Administration (“DICA”) issued its Notification No. 90/2020 to specify the qualifications of independent directors (“ID”) of listed and non-listed public limited companies (“PLC”) registered under the Myanmar Companies Law for good corporate governance. According to this Notification, the major qualifications of the ID are: • … Read More