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MIC Permit & Myanmar Citizens Investment Law


JV: Myanmar Citizens Investment Law, Myanmar Foreign Investment Law & MIC Permit


Myanmar Citizens Investment Law was enacted on 29th July 2013 by The Pyidaungsu Hluttaw.


According to the Myanmar Citizens Investment Law, the investment can be carried out either form of following:

  • 100 percent local capital contributed by the citizens

  • Joint venture between citizen and the government department and organization;

  • Various form of cooperation system between government and private including BOT system, BOT system and any other form according to the Joint Venture Agreement;


Tax Incentive under the Citizens Investment Law

(1) Income tax exemption for a period of five consecutive years beginning with the year in which the operation commences
(2) The Commission may also grant:-

- Exemption or relief for the project which has been performed for the requirement of the Union.
- Exemption or relief from income tax on profit, earned from above item (1), which is reinvested within one year.
- Relief from income tax up to 50 percent on the profit from export.
- Right to deduct the research and development expenditure.
- Right to carry forward and set off losses up to 3 consecutive years, from the year the loss is sustained within 2 years following the enjoyment of exemption or relief from income tax.
- Exemption or relief from customs duty and other taxes on (a) imported machinery and equipment for use during the construction period (b) imported raw materials for the first 3 years commercial production following the completion of construction
- If the volume of investment is increased with the approval of the Myanmar Investment Commission and the original investment business is expanded during the permitted period, exemption or relief from custom duty or other internal taxes or both on machinery , equipment , instruments, machinery components, spare-parts and materials used in the business which are imported as they are actually required for use in the business expanded
- Right to deduct depreciation from the profit.
- Exemption or relief from commercial tax on the goods produced for exports;


Conversion of MIC Permit under Myanmar Citizens Investment Law to Foreign Investment Law


According to the Provision of the Myanmar Citizens Investment Law, in case the citizen investor wishes to sell or transfer a certain portion of shares or all shares to a foreigner or foreign company, it can be carried out according to the foreign Investment Law. The investor shall have the right to form and operate in accordance with the Foreign Investment Law, if desirous of establishing a joint venture with a foreigner or with any foreign company. The investor, wishing to carry out an economic activity in the form of joint venture with a foreigner or a foreign company, shall apply to the Commission in accordance with the Union of Myanmar Foreign Investment Law and procedures issued there under. The Company shall surrender MIC permit granted under the Myanmar Citizens Investment Law. Meanwhile the investor shall have to apply MIC permit under the Foreign Investment Law in accordance with the procedures above mentioned. The joint venture may be formed only after obtaining the permit from the Commission.


Myanmar is in transition and Government is making new investor friendly rules & regulations. The laws & regulations are changing very fast. You may contact relevant Government Ministries or consulting companies advising investment in Myanmar for updated information in this connection. You may please Contact MiTA for updated information and to know more about the process of obtaining MIC (Myanmar Investment Commission) permit and company registration in Myanmar with Directorate of Investment and Company Administration (DICA).


Prior to apply for MIC permit Investor/ company need to prepare initial environmental examination (IEE) report, environmental impact assessment (EIA) report, and social impact assessment (SIA) report. We also do IEE, EIA & SIA along with market research and due diligence. For details of our services please visit SERVICES page.


MiTA is also organizing a series of Myanmar investment and business summits, conferences and exhibitions covering almost all the major industries in Myanmar.

MiTA Myanmar Investment Conferences & Exhibitions

 

Corporate Social Responsibilities

MiTA Services is committed to Green Environment, Sustainable Development and Value Creation for the Ecological Society where man coexists with nature. MiTA Services commits to use minimal papers in office work to save the trees and encourages everybody using electronic media as much as feasible. MiTA's research, engineering design and management practice will follow green business philosophy.