Myanmar keyword: Foreign bank licensing

May 11, 2023

The Central Bank of Myanmar (“CBM”) issued Directive No. 2/2023 on 25 January 2023 requiring that withholding tax (“WHT”) and personal income tax (“PIT”) payment for non-resident taxpayers be made in foreign currency. However, due to lack of clear instructions and further guidance from the Internal Revenue Department (“IRD”),we noted that taxpayers still made WHT […]

November 9, 2019

On 7 November 2019 the Central Bank of Myanmar issued announcement confirming that a third round of foreign bank licensing will be initiated and opened to foreign banks with representative offices in Myanmar (the “Announcement”). Pursuant to the Announcement, foreign banks will be able to apply either for a branch or for a subsidiary license, […]