The Social Security Board (SSB) has changed how it calculates and how it reimburses maternity costs incurred at private medical facilities. This is applicable for all workers insured under Myanmar’s social security scheme. Changes to maternity entitlements, result from Directive No (7) 2021 issued by the SSB on 7 December 2021 with letter No.0905/3/LaMaPha(Med)2021(10927) (Directive). (more…)

We are delighted to be a contributing firm to the Insolvency Guide with Chambers Global Practice Guides. Our commentary on insolvency in Myanmar provides expert insights on the current development and trends relating to insolvency in Myanmar. We review the implementation of the new insolvency regime in the context of the challenges facing the country. (more…)

As part of Myanmar’s path of economic liberalisation embarked on a decade ago, Myanmar moved away from a managed exchange rate, through a managed currency float. Starting from April 2012 Myanmar had an exchange rate set by the Central Bank of Myanmar (CBM) which was based on the market exchange rate with some restrictions on fluctuations. In 2018 foreign currency transactions were fully liberalised with restrictions dropped that foreign exchange transactions must be carried out within a 0.8% range of the CBM reference rate. Further liberalisations in 2019 meant that the reference rate was calculated by the CBM based on foreign exchange transactions in the interbank market and was only meant to be an indicative rate for foreign exchange market participants. (more…)

The Central Bank of Myanmar (CBM) issued a letter on 1 March 2021 imposing weekly withdrawal limits of MMK 2million for individuals and MMK20 million for corporate account holders. In reality due to a lack of liquidity, most banks have set their own withdrawal limits significantly lower than those set by the CBM, making it challenging to withdraw cash from banks, exchanging Myanmar Kyat to foreign currency and remitting funds overseas. (more…)

Investments in Myanmar are regulated by the Myanmar Investment Law 40/2016 (MIL), which includes a number of tax and other investment incentives for both Myanmar and foreign investors. Key tax incentives include: (more…)