The MSA has been amended to reduce the penalties for late payment of stamp duties or payment of deficient stamp duties required for agreements or instruments listed in Schedule 1 of the MSA, e.g. service agreements, bonds and financing instruments, conveyance and transfer instruments, and leases, from 10 times to 3 times of the outstanding… Read More
On 15th November 2019, the Directorate of Investment and Company Administration (“DICA”) issued its Directive on Disclosure of Beneficial Ownership Information under the Anti-Money Laundering Law 2014 and the Presidential Notification No. 104/2019 to enhance the transparency and accountability of beneficial ownership of legal entities and legal arrangements, and to prevent tax evasion, money laundering… Read More
On 28th October 2019, the Board of Investment of Thailand (“BOI”) issued:- (1) the Notification No. 4/2019 re: Measures to Accelerate Investment; (2) the Notification No. 5/2019 re: Measures to Support Training; and (3) the Notification No. 6/2019 re: Measures to Support Establishment of Institutions for Development of High Skilled Workforce by Private Sectors. Subject… Read More
On 3rd October 2019, the Myanmar Investment Commission (“MIC”) issued its Announcement on Working Overtime according to the Overtime Procedures of the Factory and General Labour Laws. Companies operating business under MIC permits, MIC endorsements, or Region/State Investment Committee’s permits are required to comply with the followings:- 1. Companies must obtain written consent from the… Read More
On 22nd October 2019, the Directorate of Investment and Company Administration (“DICA”) issued its Announcement to set out the procedures and deadlines companies registered under the Myanmar Companies Law 2017 (“MCL”) to file Annual Returns (“AR”). 1. Private limited companies and public limited companies registered under the MCL are required to file (1) the AR… Read More
The Ministry of Commerce (“MOC“) issued its Notification No. 58/2019 dated 10th October 2019 to set out import license fees for importation of products into Myanmar. The rates of the import license fees are based on the CIF (Cost, Insurance and Freight) value of products according to Section 13(b) of the Export and Import Law 2012… Read More