On 12th November 2021, the Ministry of Commerce (“MOC”) issued its Newsletter No. 19/2021 to revoke the MOC Newsletter No. 3/2018 dated 26th July 2018 and prescribe a new priority list of goods (“Priority List”) which are permitted for foreign companies and joint venture companies to sell on demand of the market either by wholesale… Read More
On 22nd November 2021, the Directorate of Investment and Company Administration (“DICA”) issued its Notification No. 136/2021 on opening corporate bank accounts by companies and organizations incorporated under the Myanmar Companies Law 2017 (“MCL”). The DICA has found that several companies and organizations do not open their corporate bank accounts for their business operation in… Read More
On 9th November 2021, the Ministry of Commerce (“MOC”) issued its Newsletter No. 18/2021 to prescribe a new list of goods that are subject to an import license for foreign exchange control. The goods of approximately 4,498 items under the Harmonized System (HS) Codes that contain 6 digits and 10 digits HS, such as electronic… Read More
On 12th October 2021, the Central Bank of Myanmar (“CBM”) issued its Directive No. 16/2021 to allow local foreign exchanges of the Chinese Yuan and Japanese Yen. The authorized dealer banks and the authorized non-financial Institutions are now allowed to exchange Chinese Yuan and Japanese Yen in addition to US Dollar, Euro, Pound, Singapore Dollar,… Read More
On 1st October 2021, the Ministry of Planning and Finance (“MOPF”) issued its Notification No. 510/2021 on procedures for assessments of specific goods tax (“SGT”), commercial tax (“CT”), personal income tax (“PIT”), corporate income tax (“CIT”) and capital gains tax (“CGT”) for the transitional period of six months from 1st October 2021 to 31st March… Read More
On 30th September 2021, the State Administration Council (“SAC”) issued the State Administration Council Law No. 21/2021 as the new Union Tax Law effective from 1st October 2021. The UTL changes the rates of the personal income tax, the corporate income tax, the tax on income from undisclosed sources, and the specific goods tax. 1. … Read More