On 11th November 2016, the National Legislative Assembly (“NLA”) accepted the Bill on Tobacco Products Control (the “Bill”) in principles at its first reading.  The Bill is being reviewed by a 21-member reviewing committee of the NLA before its second and final readings within 60 days from 11th November 2016. If finally passed, the Bill... Read More

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