Home » Newsletter » Myanmar: Major Changes in the Union Tax Law 2023 (VDB Loi Insights)


April 2023


Major Changes in the Union Tax Law 2023

The Union Tax Law 2023 (the “UTL 2023”) was enacted on 30 March 2023 by the State Administration Council. The UTL 2023 applies to financial year (“FY”) 2023-2024 starting...


New Requirements for the First Annual Return of a Newly-incorporated Company

[From our Myanmar Office]

Per Section 97 of the 2017 Myanmar Companies Law, companies must file their first annual return (“AR”) with the Directorate of Investment and Company... 

Streamlined Process for Business Mergers Introduced in Cambodia’s New Sub-decree

[From our Cambodia Office]

On 6 March 2023, the Royal Government of the Kingdom of Cambodia issued a Sub-Decree on the Requirements and Procedures for Business Combinations (the... 

Circular No. 11 dated 25 April 2023 issued by the Banking Regulation and Policy Department of the Bangladesh Bank on the “Establishment of the Export Facilitation Pre-finance Fund (“EFPF”)”

[From our Bangladesh Office]

Bangladesh Bank stated that it has found that some companies, individuals, and firms that secured loans under the EDF against shipment orders but failed... 

Circular No. 04 dated 13 April 2023 issued by the Foreign Exchange Investment Department of the Bangladesh Bank on “Placement of Funds from Offshore Banking Operations (“OBOs”) with Domestic Banking Units (“DBUs”)”

[From our Bangladesh Office]

OBOs are allowed to place funds with their DBUs in an amount up to 25% of the total regulatory capital of the bank to... 

Circular No. 07 dated 13 April 2023 issued by the Foreign Exchange Policy Department of the Bangladesh Bank on “Interest Rates on Borrowings from the Export Development Fund (“EDF”)”

[From our Bangladesh Office]

EDF loans from the Bangladesh Bank are repayable by authorized dealer (AD) banks within 180 days from the date of disbursement, which can be... 



TMT shareholder loan in Vietnam: VDB Loi Vietnam is providing full-scale transactional support on a shareholder loan transaction for a global developer and operator of games for mobile and social platforms.

HR market entry in Bangladesh: The Bangladesh team advised on market entry and employment compliance for a regional HR software development company.

Solar power project in Myanmar: The Myanmar team was engaged to conduct due diligence, provide legal advice, and assist with project agreements and corporate filings for a 380MW solar power project.

Electricity project transaction in Laos: VDB Loi Laos is advising a global power asset investing company on one of the largest project transactions for the sale and export of electric power.

Groundbreaking bond issuance: The Cambodia team advised on a groundbreaking foreign bond issuance by a banking institution from Cambodia.