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Following liberalisation of trading (i.e. importation, sale and distribution of finished products) of fertilisers, seeds, pesticides, hospital equipment and construction materials ("Prescribed Goods") in 2015 and 2016, to foreign-Myanmar joint venture companies, the Ministry of Commerce ("MoC") recently announced on 12 June 2017, by way of Notification No. 36/2017, that foreign companies (including 100% foreign-owned companies registered in Myanmar) are now permitted to undertake trading of the Prescribed Goods, provided the prescribed conditions are met. Such conditions include the requirement to obtain a trading permit, having a bank account in Myanmar, and undertaking to ensure compliance with applicable laws and that the Prescribed Goods meet the prescribed quality and standards.
In addition, the MoC further issued two notifications on 21 June 2017, namely, Notification No. 37/2017 and Notification No. 38/2017. The first relates to the removal of materials related to aircrafts from the MoC's "Negative List" (a list of goods which by default require a specific import licence), and the second is a statement requesting companies to avoid intentionally presenting false invoices and sale contracts when applying for import licence from the MoC. All three notifications are available in Burmese on the MoC's website at http://www.commerce.gov.mm/.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann
Myanmar Company Limited
Room No. 408(A), Prime Hill Business Square, No. 60,
Shwe Dagon Pagoda Road, Dagon Township,
Yangon, Myanmar
http://mm.rajahtannasia.com
Contacts: Chester TohDirectorD +65 62320220chester.toh@rajahtann.comJainil Bhandari DirectorD +65 62320601jainil.bhandari@rajahtann.com| Rajah & Tann Asia is a network of legal practices based in Asia. |
Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. |
This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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