In order to shore up the economy and investments affected by the COVID-19 pandemic; the state administration council has increased the income ranges at each rate level applicable for Personal Income Tax (“PIT”) in Union Tax Law (“UTL”) 2021 dated 30 September 2021. The changes under UTL 2021 are more favorable for taxpayers, since more […]

Notably, 3,070 types of goods have been added back to the list of goods requiring import licenses as per the new Newsletter no 18/2021 dated 9 November 2021 (“Newsletter 18”) issued by the Ministry of Commerce (“MOC”). With the purpose of reviving the economy after the significant impact of Covid-19 over the past year and […]

The Myanmar Social Security Law requires an employer with more than five employees to contribute to the social security scheme. Contributions must be made to the relevant township social security board within 15 days of the end of each month. Employers who fail to meet the contribution deadline are subject to a late payment penalty. […]

Clients have been often raising queries relating to the process and actions required to arrange for a travel to Myanmar by an expatriate employee. There are many cases when people have been outside of Myanmar since the beginning of 2020. For many, their previously issued Myanmar visas are about to expire. Although modern technology allows […]

With limited time left to settle outstanding tax payments for FY2019-2020 in order to avoid being exposed to penalties, taxpayers need to make sure their tax position is adjusted in accordance with the updated tax laws and regulations. Below is a checklist of key notes for preparing the FY2019-2020 year-end tax position. Have you considered […]

The Corona Pandemic hits Myanmar nearly at the same time as the new Insolvency Law 2020 (“the IL” was enacted on 14 February 2020). We all hope that the damage to the Myanmar economy will be as limited as possible, but it does not hurt to prepare for tough times ahead. Highlights of this note […]

VDB Loi is trying to do its part in Myanmar’s efforts to stimulate the economy after the COVID-19 pandemic. As the Ministry of Electricity and Energy has launched a 1 Gig solar project tender, we have asked our relationships at state and regional governments, local clients and other contacts if they have any suitable land […]

The evolving pandemic has substantial implications on all sectors and forms of business. In this report VDB Loi banking and finance experts are looking in particular detail into possible impact on lending transactions taking into account the local practices and regulatory regime in several jurisdictions in Southeast Asia. There has been quite a surge in […]

The Economic Relief Plan published the government on 27 April 2020 has put the infrastructure sector at the forefront of the government’s response to the COVID-19 crisis. Various government ministries are requested to do the following before the end of 2020:  Investment approvals: Approvals by the government and the Myanmar Investment Commission will be fast-tracked […]

As with all sectors of the economy, the infrastructure sector in Myanmar will likely be significantly impacted by the current COVID-19 outbreak. Although there is no nationwide mandated shutdown, delays in construction projects are expected nonetheless. Highlights of this note Force majeure provisions in Myanmar PPAs Entitlements for contractors under construction contracts When to claim […]

Although the number of confirmed cases of the coronavirus (“COVID-19”) in Myanmar is still one of the lowest in the region, companies have already observed quite a stir in their regular operations. The government has been releasing some instructions regarding precautions and safety measures to which everybody has to adhere. Highlights of this note If […]

The Internal Revenue Department (“IRD”) implemented an online tax payment system in 2018, supporting taxpayers who have obtained a Tax Identification Number (“TIN”) from the Large Taxpayers’ Officer (“LTO”) and the Medium Taxpayers’ Office-1 (“MTO-1”) in second phase.

With new travel documentation requirements, flight cancelations, and closed borders, many have found themselves stranded in Myanmar. From tourists forced to extend their holidays, residents with stay permit to business visitors running close to expiry of their 70-day business visas, they all faced the same issue – how does one stay in Myanmar legally and […]

Amid the outbreak of the COVID-19 pandemic, many courts and tribunals globally have suspended operations to halt the COVID-19 spread, with trials, hearings, and court mentions being postponed and rescheduled. Subsequent to the Ministry of Health of the Union of Myanmar announcing the first confirmed COVID-19 cases, the Supreme Court of the Union, on 24 […]

Tax Cuts and Soft Loans In Myanmar During Covid-19 Businesses around the world are suffering from the impact of Coronavirus 2019 (“COVID-19”), and there is no denying that Myanmar’s economy has also subsequently taken a hit. Due to the lockdown of border countries and travel bans around the world, the import/export industry as well as […]