The Myanmar Internal Revenue Department (IRD) has confirmed that all tax payers including state-owned enterprises, co-operatives and private enterprises shall adopt the financial year 1 October – 30 September effective from 1 October 2019. This confirmation is in line with the provisions as set in the Union Taxation Law (UTL) 2018 and UTL 2018/2019. Previously the change of financial year only applied to state-owned enterprises and financial institutions governed by the Central Bank of Myanmar (CBM).
Singapore’s Finance Minister; Mr Heng Swee Kiat delivered the country’s Budget Statement on 18 February 2019. Calling it ‘expansionary’, Budget 2019 focuses on broader economic changes and enhances enterprise transformation. This year, the government will be rolling out several initiatives for businesses in Singapore. This blog post will give you an overview of the key features of these initiatives, and what it means for you and your business.
As Myanmar is expected to experience rapid growth, the country’s overall infrastructure will need to be upgraded to cater to the growing needs of its urban population. This is where numerous foreign investments come in to develop and improve the country’s infrastructure. As a result, a larger middle class will also emerge as these investments usually lead to increasing jobs and incomes. Over time, these middle class citizens with increased income will demand more sophisticated products and services.
Singapore Government Access (also known as CorpPass), is a digital service created and monitored by the Government Technology Agency (GovTech) of Singapore. It is now the only login method for businesses to transact with the government. This is effective from 1 September 2018. This means that previous login methods such as Singapore Personal Access (SingPass) and e-Services Authorization System (EASY) will no longer be available.
As Myanmar’s economy continues to grow, foreign investors will always have ample opportunity to establish their business presence. In this blog series, we look into Myanmar’s individual services sector, highlighting their specific challenges, opportunities and its general outlook in the long term.
Sectors we have covered:
Hotel and Tourism Part I – Tourism: an Economic Generator & Infrastructure Constraints
Hotel and Tourism Part II – Challenges, Government Support & Outlook
Banking & Finance – The Economic Driver, Challenges, Opportunities & Forecast
Telecommunications – More than Just Talk-time, Challenges, Opportunities & Outlook
Transportation – Better Transport to Boost Economic Growth, Challenges, Opportunities & Outlook
Retail – Myanmar’s Economy Fueling the Retail Boom, Challenges, Opportunities & Outlook
Education – Educating Myanmar’s Future, Challenges, Opportunities & Outlook
A Look into Myanmar’s Services Sector: Oil & Gas
Myanmar is one of the world’s oldest oil producers. The country exported its first barrel of crude in 1854. Despite this, its upstream sector is still not mature. This is due to a number of factors; sanctions, government policy and insufficient investments have all hindered Myanmar’s efforts to realize its Oil & Gas (O&G) potential.
Myanmar's Directorate of Investment and Company Administration (DICA) announced late last year that it will be replacing the colonial-era Myanmar Companies Act of 1914. The new law combines the elements of the Myanmar Companies Act of 1914 and the Special Companies Act of 1950, in hopes that the new law will be more attractive to foreign investments.
In this blog post, we will outline some key developments in this new law.
ACRA’s legislative amendments targeted to be implemented by the first half of 2018.
Aligning corporate compliance timelines to the Financial Year End (FYE). The timelines for holding Annual General Meetings (AGMs) and Annual Returns (AR) filing will be aligned with the company’s FYE. This will provide a greater clarity and improve the companies’ compliance requirements as stated in the Companies Act.
Singapore Budget 2018 was said to be visionary and forward looking with an eye for the long run. It is about laying the foundation for Singapore’s development in the next decade, helping businesses to transform thus ensuring that Singapore companies remain competitive. Here is how Singapore Budget 2018 affects your business.
As Myanmar’s economy continues to grow, foreign investors will always have ample opportunity to establish their business presence. In the next few months, follow us as we look into Myanmar’s individual services sector, highlighting their specific challenges, opportunities and its general outlook in the long term.
Sectors we have covered:
Hotels and Tourism Part I – Tourism: an Economic Generator & Infrastructure Constraints
Hotels and Tourism Part II – Opportunities, Government Support & Outlook
Banking and Finance – The Economic Driver, Challenges, Opportunities and Forecast
Telecommunications - More than Just Talk-time, Challenges, Opportunities & Outlook
Transportation - Better Transport to Boost Economic Growth, Challenges, Opportunities and Outlook
Retail - Myanmar’s Economy Fueling the Retail Boom
A Look into Myanmar's Services Sector: Education
Myanmar’s education system was once the best in the region, with its Rangoon University being the most prestigious university in Southeast Asia. But due to its previous military regime, the quality of education declined significantly and the country is now far behind regional norms.
While the country looks to resolve its unpleasant domestic situation which have attracted global attention, there are still many more systemic fixes which are key to Myanmar’s long-term stability, and reforms in education is one of the most important. Sustaining Myanmar’s political transition depends on improving its education sector.
Singapore has followed the lead of The Financial Action Task Force (FATF) in its effort to combat money laundering and financing of terrorism acts which have been major concerns for international law enforcement authorities.
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