On 10th July 2018, the Cabinet approved in principle the draft of the Private Asset Management Act as proposed by the Ministry of Finance.  The key elements of the draft are as follows: 1.  A trust as a legal relationship between its trustor, trustee, and beneficiary will be allowed under the Act. 2.  A trust... Read More

On 18th June 2018, the Ministry of Planning and Finance (“MOPF”) issued the Notification No. 47/2018 to replace the Notification No. 51/2017 on Types and Rates of Withholding Tax (“WHT”) effective from 1st July 2018.  The new rates of the WHT are as follows:- The minimum amount for deduction of the WHT has been changed... Read More

On 12th June 2018, the Myanmar Investment Commission (“MIC”) issued its Announcement on Submissions of Annual Performance Report by Companies Operating Businesses with MIC Permits and Endorsements (“Investors”) as follows:- 1.  Each Investor must submit an Annual Performance Report to the MIC in a prescribed form within 3 months from the end of the fiscal... Read More

On 22nd June 2018, the Directorate of Investment and Company Administration (“DICA”) issued an announcement to require all existing companies and legal entities established under the Myanmar Companies Act 1914 and the Special Company Act 1950 to be re-registered with DICA through the Myanmar Companies Online (“MyCo”) system.  MyCo system is a new online registration... Read More

The Myanmar Companies Law 2017 (“MCL”) was issued on 6th December 2017 to replace the Myanmar Companies Act 1914 but the President of Myanmar did not determine its commencement date until last month. On 21st June 2018, the Office of the President of the Republic of the Union of Myanmar issued Notification No. 48/2018 to... Read More