On 18th October 2016, the Myanmar Investment Law 2016 (“MIL”) was enacted to replace the Foreign Investment Law 2012 (Pyidaungsu Hluttaw Law No. 21, 2012) (“FIL”) and the Myanmar Citizens Investment Law 2013 (Pyidaungsu Hluttaw Law No. 18, 2013). The MIL will notably introduce a new form of investment approval, called MIC Endorsement, to speed… Read More
The Prime Minister, Prayut Chan-o-cha, used Section 44 of the interim constitution of Thailand for extending the 7% value-added tax (“VAT”) for another year. The announcement was published on the Royal Gazette on 1st November 2016 and took effect retroactively from 1st October 2016. Under Section 80 of the Revenue Code, the VAT rate is… Read More
The Thilawa Special Economic Zone (“TSEZ”) is a 2,500 hectares industrial complex being developed in Kyauktan and Thanlyin Townships, 25 kilometers from Yangon under a joint venture between the governments of Myanmar and Japan and some other private investors. As of October 2016, more than US$800 million have been invested in the TSEZ. A total… Read More
On 27th September 2016, the Foreign Bank Licensing Committee (“FBLC”) under the Central Bank of Myanmar (“CBM”) granted approval for two foreign banks, the State Bank of India and E Sun Commercial Bank Ltd. of Taiwan for commencing operations from 3rd October 2016. Foreign Banks with Current Licenses As of October 2016, 13 foreign banks… Read More
On the 18th of August 2016, the Cabinet approved in principle a Ministerial Regulation Draft (the “MRA”) and a Prime Minister’s Office Announcement (the “PMOA”) for relaxing certain rules of the Working of Alien Act B.E. 2551 (2008) (the “Alien Act”) for long-term foreign residents in Thailand. Under the MRA, foreigners who had been living… Read More
On 12th October 2016, the European Commission released the news that the Commission has awarded intellectual protection to Khao Sangyod Muang Phatthalung (“Phatthalung Rice”), a golden rice registered as a GI in Thailand 10 years ago, as a Protected Geographical Indication (“PGI”). It is described in the Official Journal of the European Union granting the… Read More