In December 2017, the Internal Revenue Department (“IRD”) abolished the 2% Advance Income Tax (“AIT”) on goods exported via the Border Trade System for companies under self-assessment due to an increase in the tax compliance level of self-assessed taxpayers. Currently, only the Large Taxpayers’ Office (“LTO”) and Medium Taxpayers’ Office (1) (“MTO”) are under self-assessment; […]

Although many taxpayers think that the withholding tax (“WHT”) regime in Myanmar has only been in place since 2010, it has actually been on the books since the enactment of Income Tax Law in 1974. With the issuance of Notification 41/2010, a formal WHT regime began to be implemented in Myanmar. The WHT regime is […]

1. The legal system As the legal system of Myanmar has its roots in the English common law system, laws in Myanmar are similar to English law. 2. Are there restrictions on foreign investment ownership? The Myanmar Investment Commission (MIC) from time to time issues notifications and regulation covering investment by foreign investors in various […]

From 1 April 2017, the withholding tax on interest payment to the Myanmar branches of foreign banks will no longer apply. However, foreign lessors of equipment will face a new 2.5% withholding tax. Also, companies paying royalties on trademarks and other intellectual property will need to apply new rates.   The MOPF released Notification 2/2017 (“new Notification”) […]

Slowly but surely, experience is building up with respect to project finance and international corporate finance for companies and projects in Myanmar. With the many different deals that we have completed, we prepared a quick overview of the key things to know. We also touch upon some of the remaining hot issues. Highlights of this […]