Over the last two years, the Ministry of Trade and Commerce has lifted the trading restrictions on fertilizer, seeds, herbicides, medical equipment and construction materials. Click here to see our previous alerts on this.
In the previous notifications that lifted the trading restrictions, it was stated that foreign joint venture companies could only import and trade the above goods with foreign currency that they had brought into Myanmar. This had an effect of limiting the volume of business that the joint venture companies could undertake in Myanmar.
On 22 November 2016, the Ministry of Trade and Commerce issued Notification 75/2016 which removed the above restriction which potentially allows joint ventures to obtain financing in Myanmar to fund the importation and trade and increase the volume of goods that could be imported into Myanmar.
KPMG has a wealth of experience in assisting our international clients to understand Myanmar’s business conditions. Thereafter, KPMG will also be able to support our clients in their chosen investments in Myanmar in various ways. KPMG in Myanmar can assist investors in their local joint venture partner search as well as subsequent to the incorporation of their entity in Myanmar.
KPMG Client Alerts highlight the latest tax and regulatory developments, impending changes to laws or regulations, current practices and potential problem areas that may impact your company. As certain issues discussed herein are time sensitive, it is advisable to make your plans accordingly.
“Client Alert” is issued exclusively for the information of clients and staff of KPMG Advisory (Myanmar) Ltd and should not be used or relied upon as a substitute for detailed advice on the basis for formulating business decisions.
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