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

The Myanmar Investment Commission (“MIC”) has issued its Announcement on Obtaining Prior Approval from the MIC dated 26th September 2019. Under this Announcement, companies operating businesses under MIC permits, MIC endorsements or Region/State Investment Committee endorsements must obtain prior approval from the MIC for the followings:- (a)   an extension of time for remittance of foreign... Read More

The Union Parliament of Myanmar passed the Union Tax Law 2019 (“UTL”) on 24th June 2019 as the Pyidaungsu Htuttaw Law No. 30/2019.  The UTL entered into force from 1st October 2019.  Its major provisions are summarized below. 1.   Special Commodity Tax (“SCT”) 1.1   Sale of special commodities as prescribed under Section 6 of Special... Read More