Updates on the designation of development zones
Further to the promulgation of the Myanmar Investment Law, the Myanmar Investment Commission (“MIC”) issued the above notice which sets out the respective regions as Zone 1 (less developed regions), Zone 2 (moderately developed zones) and Zone 3 (developed zones).
Please find the unofficial English version of the above on the Directorate of Investment and Company Administration’s website.
This above notification is one of the two key items that the MIC needs to finalise in order for new investments to be approved under the new Myanmar Investment Law. The other part which is the Myanmar Investment Rules is currently available as a draft.
KPMG will be happy to assist in the planning and submissions to be made to the MIC for investment permits. KPMG can also assist in the comparison between investing in the Special Economic Zones (“SEZ”) and outside of the SEZs. KPMG has a wealth of experience in helping our clients succeed in these areas and to help them understand the differences before they make a critical decision which would have a long term impact on their business.
KPMG Client Alerts highlight the latest tax and regulatory developments, impending change to law 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 in formation 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.