The “Golden Land”, officially known as the Republic of the Union of Myanmar and formerly as Burma, has undergone dramatic reforms in recent years under the administration of President U Thein Sein. The rapid transition from a military junta to an open economy has surprised the global community and will see Myanmar assume the ASEAN chair for the first time in 2014.
The Myanmar Companies Act requires companies to appoint an auditor, and the first auditor may be appointed by a company’s directors. Subsequent auditors may be proposed by the company’s directors and approved by the shareholders at the annual general meeting.
Myanmar’s tax system is mainly based on the Income Tax Law and the Commercial Tax Law. As the reform agenda put in place by the Myanmar government continues to change the country’s political and economic landscape, we also expect that these tax laws will be updated through notifications issued by the Internal Revenue Department (IRD) to...
4The IMF concluded its Article IV Consultation with Myanmar, as well as its first review of the Staff-Monitored Programme, in May 2013. Shortly thereafter it made an announcement to the press, which said, “Sustained increases in tax revenues are crucial to boost expenditure and reduce dependence on natural resources. This requires broadening the...
The emirate posted robust economic expansion across all sectors in 2013, and its resilience in the years following the global economic downturn has helped to re-build confidence among the global business community. Dubai has set itself the target of reaching 20m visitors per year by 2020 and the emirate received a major boost to this end when it won the right to host World Expo 2020 in November 2013.
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