After having completed the first phase (2011/12 to 2016/17) of Reform Action Plan 2012, the Myanmar tax authorities recently embarked on the second phase (2017/18 to 2021/22). This is set to push forward its reform process, aimed at establishing an effective and fair tax system in order to increase the country’s tax income by enacting new tax laws. The first phase was focused on broadening the tax base while lowering rates, relying on indirect taxes, introducing self-assessment in direct taxation and rationalising the tax incentive system for investment.
Under Phase 1, the authorities initially issued several notifications and brought radical changes to the Income Tax Law (ITL) and Commercial Tax Law (CTL). As a result, the income tax sector saw the corporate income tax (CIT) rate reduced to 25%, threshold amounts introduced for imposing tax on income under different headings and progressive rates reduced. At the same time, basic, spouse and children allowances and other tax relief schemes were enhanced and capital gains were raised.
The commercial tax (CT) sector witnessed CT rates on various goods and services fall to a flat rate of 5%. The threshold amount for imposing CT was determined and the tax base was broadened with the inclusion of select goods and services in the list of taxable items. To implement these changes with greater momentum, the Union Taxation Law (UTL) was enacted on March 28, 2014 and is to be passed by the Pyidaungsu Parliament annually. Under UTL 2014, UTL 2015 and UTL 2016, the capital gains tax (CGT) rate and personal income tax (PIT) rate applicable to non-residents were aligned with lower rates prescribed for residents. Moreover, thresholds for salary incomes and CGT were increased.
Change & Progress
Another significant step was the Specific Goods Tax Law (SGTL) in 2016 for regulating higher rates, put in place under the CT. This is considered a step towards the transformation of CT into value-added tax (VAT) so as to be in line with international best practices. Progress in tax administration was also made through the introduction of a self-assessment system (SAS) in effect from FY 2014/15. Within a few years, SAS will replace the current Official Assessment System (OAS). Stamp duties relating to bonds, conveyances, leases and transfer of shares or debentures were also sharply reduced through the amendment of the Myanmar Stamp Act (MSA). Additionally, under Notification No. 51/2017 dated May 22, 2017 withholding tax (WHT) rates were further reduced, with respect to royalties for both residents and non-residents, and for payments to non-residents. At the same time, WHT for residents and non-residents regarding any lease rent was also introduced. Threshold amounts with respect to WHT on each payment under OAS and SAS were further increased as of April 1, 2017.
Under Phase 2, the reform plan includes: modernising tax laws by enacting tax administration procedure law; rewriting ITL and developing adequate VAT policy; establishing functional-based organisation with segmentation such as Large Taxpayers’ Office (LTO) and Medium Taxpayers’ Office (MTO) for enforcing SAS; implementing streamlined processes and procedures to ensure provision of effective and efficient services; and making technology improvements by implementing new core IT systems so as to provide a platform for facilitating registration, processing and accounting. The plan has been designed based on the successes achieved and lessons learned from the Phase 1 implementation.
As planned, UTL 2018 prescribed that partnership enterprises will be taxed at progressive rates ranging from 0% to 25% after deducting legitimate allowances regarding rental income, instead of a flat rate of 10%, effective April 1, 2018. In addition, legal reforms have been pushed forward by enacting the new Revenue Appellate Tribunal Law on August 1, 2018. The law aims to establish an independent legal body in order to comprehensively hear and decide on matters arising from any taxation by government organisations, to foster competent administration machinery for statutory taxation, and to earn taxpayers’ trust by ensuring equity and justice in fulfilling tax obligations.
The draft Tax Management Law (TML) was also presented to the current Pyidaungsu Hluttaw Session on May 22, 2018 for approval. The purpose of enacting the law is to facilitate operation of the tax office without corruption by using modernised computers so as to sever direct dealing between the assessee and tax office staff, as well as to collect tax efficiently and effectively.
Tax Structure & System
Three major taxes – categorised as income tax under Myanmar Income Tax Law (MITL) 1974, the Specific Goods Tax (SGT) under SGTL 2016 and CT under CTL 1990 – are collected by the Internal Revenue Department (IRD).
Income is computed under the classifications of “salaries”, “profession”, “business income”, “property rent”, “capital gains”, “income escaped from assessment” and “other sources”. Of these, income pertaining to professions, business and other sources is calculated with tax obligations assessed on total income. Income under the remaining headings is taxed separately and individually. Income tax is imposed on net income (gross income less deductible expenses) accrued by a taxpayer over an income year.
A corporation formed under the Myanmar Companies Law (MCL) is a resident, while a corporation incorporated overseas and registered locally as a branch is a non-resident. Resident companies are taxed on worldwide income. However, foreign branches (non-resident) and companies operating under the Myanmar Investment Law (MIL) 2016 are taxed only on income from Myanmar sources. Both resident and non-resident companies are taxed at the uniform tax rate of 25% on net profit. However, public companies listed with Yangon Stock Exchange are taxed at the reduced rate of 20%. In computing taxable income, all expenditures incurred exclusively for the purpose of earning income are deductible. Payments made to a company or cooperative society or for professional services are also deductible. However, expenditures deemed to be capital, personal, not commensurate with the volume of business, or an inappropriate expense, not incurred for the purpose of earning income or payment made to a member of an association, are not deductible.
Depreciation allowance in respect to capital assets is allowed as a deduction at prescribed rates on a straightline basis for the income year. A full year’s depreciation can be claimed for the year in which a capital asset is acquired, irrespective of whether the asset is used for the whole or part of that year. However, no depreciation is allowed in the year of disposal. Dividends received are exempt from income tax. The taxable income of foreign branches is computed according to (i) branch profits, if accounts are complete or acceptable; (ii) a proportion of worldwide profits adjusted in accordance with MITL; (iii) deemed profit, a reasonable percentage of gross income ranging from 5% to 10% or any other basis deemed reasonable if income cannot be ascertained accurately.
This tax is payable on gains from the sale, exchange or transfer of any capital asset (including shares, bonds and securities) of the business in any currency if the sale value of all assets disposed in an income year exceeds MMK10m ($7070). The CGT at the uniform rate of 10% is applied to both residents and non-residents. However, for businesses in the oil and gas sector, progressive rates ranging from 40% to 50% are applicable on capital gains. Tax returns with respect to capital gains must be filed within 30 days from the date of transaction, and tax payment in the currency in which such gains arose shall also be made within this period.
Offset & Loss Carry Forward
Business losses from any source may be offset against profit from any other source of income earned within the same income year. Capital losses cannot be offset against future capital gains or taxable profits. Unabsorbed losses of a year can be carried forward for up to three consecutive years and offset against future profits.
A payer is required to withhold income tax at the rates shown below in respect of the following payments at the time of disbursement:
• Interest payments rates are 0% for residents and 15% for non-residents;
• Royalty payments for the use of licences, trademarks and patent rights are 10% and 15% for residents and non-residents, respectively;
• Payments by union organisations, ministries, Naypyidaw Council, region/state governments, state organisations and enterprises, development committees for purchase of goods, work performed or supply of services, under a tender, auction, contract, quotation or other modes are 2% and 2.5% for residents and non-residents, respectively;
• Economic enterprises in joint cooperation with state entities, partners, joint ventures, companies, associations, organisations, cooperative societies, foreign companies and foreign-owned enterprises registered under an existing law for purchase of goods, work performed or supply of services within the country under a contract or other modes are 0% and 2.5% for residents and non-residents, respectively.
Tax withheld shall be deposited in the name of the recipient to the IRD within seven days from the date of withholding. Payments made within seven days after the end of a fiscal year will be deemed as payments within the relevant fiscal year. Tax withheld from payments to residents and branch offices of non-residents will be offset against the tax due under final assessments, whereas tax withheld from payment to non-resident foreigners is a final tax.
WHT is not applicable if the total payments does not exceed MMK1m ($707) within one year having elapsed. There is no threshold for payments made to non-residents with respect to WHT.
Advance income tax of 2% is imposed by the IRD on imports and exports. However, goods exported by tax payers under the jurisdiction of SAS are exempted from the 2% advance income tax, effective January 2, 2018.
Under UTL 2018, the government fiscal year end was changed from March 31 to September 30 effective April 1, 2018. According to UTL 2018/19, the fiscal year shall be October 1, 2018 to September 30, 2019 for state-owned enterprises (SOEs). As for all taxpayers other than SOEs, the government fiscal year ending September 30 will commence from October 1, 2019.
Therefore, all private enterprises are required to first adopt accounts for six months, from April 1, 2019 to September 30, 2019, prior to adopting the government fiscal year.
The taxpayer estimates his annual income and pays the estimated tax advance in quarterly instalments within 10 days after each quarter ending on June 30, September 30, December 31 and March 31. Advance income tax paid within 10 days following the last quarter will be deemed a payment within the income year.
The law prescribes fines at 10% to 100% of additional tax due, depending on the type of default or offence relating to income tax provisions, and imprisonment from one to 10 years for not disclosing or concealing income.
Administration & Compliance
Starting from FY 2014/15, the IRD introduced the SAS to replace OAS in phases, to encourage voluntary tax payments and to modernise the assessment processes to suit the needs of Myanmar. Implementation of the SAS began with targeting large taxpayers through the establishment of an LTO. The Companies Circle Tax Office was restructured internally by establishing MTO 1, MTO 2 and MTO 3 so as to extend SAS coverage in phases, from the highest taxpayers to the next levels of taxpayer, according to the taxpaying ranges determined by the IRD. SAS implementation was extended to MTO 1 in FY 2016/17. Preparation for SAS implementation to MTO 2 and MTO 3 is ongoing. Unless extended, MTO 2 and MTO 3 will remain under OAS jurisdiction. MTO 2 handles foreign entities, while MTO 3 handles local companies.
Under the SAS, taxpayers must assess their own tax liabilities, completing tax returns by furnishing the necessary financial and other relevant data, and filing them on or before June 30 with the relevant taxpayers’ office. A signed declaration confirming the correctness and completeness of information given on the tax return shall be made by the taxpayer or their representative. It is not necessary to submit financial statements.
Tax Analysis & Audit Process
The tax offices conduct audits on the tax returns selected on the basis of risk analysis procedures according to the Tax Audit Manual adopted by the IRD. The tax audit is performed by the verification of documents and the physical inspection of assets in accordance with the manual. During the course of the audit, findings are communicated verbally. If business profits are accepted as per the returns, a demand notice specifying nil tax liability is issued. In cases where adjustments result in additional tax liability, the taxpayer is asked to sign, signifying concurrence to the adjustments. The taxpayer has the right to decline and lodge an appeal. The audit report – covering weaknesses, suggestions on improving maintenance of accounts and justifications regarding adjustments needed in respect of profit reported in returns, and other issues deemed to be important – is then issued.
Taxpayers, who are subject to the SAS, must maintain a number of documents and records broadly classified as prime records, summary records, corporate records, contracts and financial statements. Income records, expenditure records, inventory records, asset records (fixed assets register) and other relevant records must also be maintained. These records may be paper-based and/or electronic, in either English or the Myanmar language. Records must be kept for a minimum of five years. Failure to keep records or failure to preserve them for the necessary five years will be considered an offence and will be subject to penalty.
Income tax returns must be filed with MTO 2 and MTO 3 within three months of the end of the income year, together with financial statements audited by Certified Public Accountants. However, tentative unaudited financial statements may be filed with the prior approval of the IRD on specified reasonable grounds. Revised tax returns may be filed before or at the time of hearing for assessment. MTO 2 and MTO 3 review the income tax and CT returns simultaneously and issue a summon to the taxpayer for submission of supporting documents for the tax hearing. Statements given in response to queries raised during the hearing are also officially recorded. After computing final tax liability, the notice of demand is issued specifying the tax amount payable and the due date of payment. Excess tax may be refunded or carried forward as an advance for the subsequent year’s tax payment.
If there is suspicion of concealment or fraud, the IRD will conduct an audit according to its audit manual. There is no time limit for a tax audit.
Taxpayers may lodge a first appeal to the Union Region Revenue Officer, Region/State Revenue Officer or Head of Office of relevant LTO or MTOs provided the tax amount exceeds MMK30,000 ($21.22). The Memorandum of Appeal must be submitted within 30 days from the date of receipt of Notice of Demand or Assessment Order after paying the demanded tax amount in full or fulfilling conditions set by the revenue authorities if the tax amount is not paid in full. A second appeal to a revenue tribunal lies within 60 days from the date of receiving an appeal order passed by tax offices in which the first appeal was lodged, if the tax amount exceeds MMK100,000 ($70.73). A final appeal to the Supreme Court can be lodged only on questions of law.
Myanmar citizens and resident foreigners are taxed on their worldwide income. A foreigner is a resident if they stay in Myanmar for 183 days or more in a fiscal year, whereas total income comprises salary, profession, property, business and other sources of income. Non-resident foreigners are taxed only on income accrued in or earned from Myanmar. Foreigners working in companies operating under MIL are permitted to pay income tax on income received within Myanmar only. Personal allowances (basic, parents, spouse, children, insurance premiums and social security contributions) can be deducted from residents’ assessable salary income. Tax rates on income of residents after deducting legitimate allowances are set at progressive slab rates ranging from 0% to 25%. The rate applicable to the taxable income of residents amounting up to MMK2m ($1410) after deducting legitimate allowances is 0%. Annual salary income not exceeding MMK4.8m ($3400) is not assessable. Employers must withhold salary tax monthly at the time of salary disbursement and deposit the sum deducted within seven days. Monthly salary statements showing the salary amount and tax deducted must be filed with the relevant Township Revenue Office before paying tax. An Annual Salary Statement must also be filed on or before June 30. Non-resident foreigners are required to pay tax in the currency in which income is earned. Tax rates applicable to the income of a non-resident are also at progressive slab rates ranging from 0% to 25%. The rate applicable to the taxable income of non-residents amounting up to MMK2m ($1410) is 0%. Non-resident foreigners cannot enjoy allowances.
This tax is applicable to 17 items termed “specific goods” as of April 1, 2016. Previously they were subject to CT under CTL. Some items are subject to an SGT on both local and export sale. The items and their SGT rates are as follows: cigarettes are taxed between MMK6 ($0.004) and MMK21 ($0.01) per stick on criteria determined on the basis of market price per packet. Tobacco and Virginia cured tobacco are at 60%. Cheroots are taxed at MMK50 ($0.04) per stick. Cigar, pipe tobacco and betel chewing materials are at 80%. Liquor taxes range from MMK122 ($0.09) to MMK6703 ($4.74) per litre based on criteria pertaining to the market price per litre, ranging from MMK1000 ($0.71) to MMK29,000 ($20.51) per litre, and 60% of the one-litre value if the one-litre price exceeds MMK29,000 ($20.51). Wine can be taxed up to MMK81 ($0.06) to MMK5254 ($3.72) per litre based on criteria pertaining to the market price per litre, ranging from MMK750 ($0.53) to MMK26,000 ($18.39) per litre, and 50% of the one-litre value if the one-litre price exceeds MMK26,000 ($18.39). For logs and hardwood conversion, tax is 5% on local sale and 10% on export sale. Raw jade is taxed at 15% on local sale and export sale. For both local and export sale, raw ruby, sapphire and other precious gems and jewellery are taxed at 10% while polished jade, ruby, sapphire and other precious gems and jewellery studded with the same polished gems are taxed at 5%. Light vans, saloons, sedans, light wagons, estate or station wagons and coupes from 1501cc to 2000cc are taxed at 10%, from 2001cc to 4000cc at 30%, and 4001cc and above at 50%. For local sale of kerosene, gasoline, diesel oil, and jet fuel, the tax rate is 5% and the local and export sale of natural gas is taxed at 8%. Effective April 1, 2018, raw and polished diamonds and emeralds, as well as jewellery studded with diamonds and emeralds, are exempt from SGT on the importation, exportation, production and sale within the country.
Charge of Tax
The SGT is charged on importation, manufacturing within the country and exportation of Specific Goods (SG) (luxury and natural resources) at prescribed rates: first, in case of importation, on the date of Customs clearance of duty; second, in case of manufacturing within country, on the date of selling; and third, in case of SG owned, but not paid, on the date of finding. However, any manufactured goods on which SGT is levied under notification by the Ministry of Planning and Finance will be taxed at the prescribed rates on the date of manufacturing.
Timing for Payment
For importation, SGT is payable prior to clearance of SG. For manufacturing, SGT is payable within 10 days after the end of the month of sale; for exportation, SGT is payable within 10 days after the end of the month of exportation; and in case of finding untaxed SG, this is payable within seven days from the date of finding or scrutinising the SG. However, for any manufactured goods on which SGT is levied under notification by the Ministry of Planning and Finance, payment must be made within 10 days after the end of the month of manufacturing.
The manufacturer or exporter who imported or purchased any SG from another manufacturer of SG specifically for their own use in manufacturing or for export is fully entitled to offset the SGT paid during the process of importing or purchasing against the SGT payable on sales or export.
Registration & Filing
The manufacturer, importer or exporter of any SG must register annually with relevant Township Revenue Offices and file quarterly returns within 10 days after the end of the quarter.
The threshold for selling tobacco, cheroot and cigars in Myanmar is MMK20m ($14,100) per year.
An SGT assessment may be made quarterly based on tax returns filed by the assessee if it is deemed correct and complete with all relevant details. However, if it is deemed to be unreliable, the SGT assessment will be made by scrutinising necessary evidence.
In Myanmar, in lieu of VAT, CT is levied on goods sold. This includes locally produced goods, exports of certain goods, importation, trading and services rendered within Myanmar. Exemptions may be granted on goods and services considered basic and essential.
There are 42 items of goods and 31 types of services exempted from CT.
Threshold for CT
CT threshold is MMK50m ($35,400) per year.
A flat rate of 5% is levied on non-exempted goods and services. It should be noted that 17 items of SG are now subject to SGT in addition to CT, which is calculated on the total sum of sales price plus SGT.
CT can be offset (within the relevant financial year) to businesses registered under CTL only if all conditions are met. Only CT paid on landed cost of goods imported, on domestic purchase of goods from another manufacturer or trader or importer, and on service charges for services procured in connection with manufacturing or trading or service enterprises can be offset. No offset is permitted on CT relating to the acquisition of capital and fixed assets.
Timing for Payment & Filing
Monthly CT must be paid within 10 days of the following month, and returns must be filed quarterly within one month after each quarter ending June 30, September 30, December 31 and March 31. Annual returns need to be filed within three months of the end of the income year.
Other Taxes & Duties
Customs duty is payable according to the Customs Tariff of Myanmar at rates between 0% and 40%. Excise duty as licence fees on alcoholic beverage sales are collected by the General Administration Department. Property tax is levied on immovable property as determined by the City Development Committee. Royalties at prescribed rates are payable on extraction of natural resources. Stamp duty is payable on instruments at different rates prescribed by the MSA and is payable in kyat prior to or on the date instruments are executed.
Punishments are listed below.
SGTL: The penalty for failure to register, failure to provide particulars for determination of market price equal to MMK5m ($3540), and acquiring and possession of SG on which no tax was paid is taxation of 100% of the value and seizure of goods. Failure to pay tax within the prescribed time will incur a penalty of 10% additional tax payable under assessment. If their quarterly returns are not provided in time, a penalty of 10% of the additional tax payable under assessment is required, while failure to affix tax labels incurs a fine at 50% of the value. Evasion of tax or concealment of particulars:
• If a taxpayer discloses in full within the specified time: payment required will equal tax due plus penalty equivalent to the amount of additional tax payable;
• Failure to disclose within the specified time or disclose complete particulars: payment required will equal tax due plus penalty equivalent to the amount of additional tax payable and either an imprisonment term not more than three years or a fine not more than MMK1m ($707), or both; and
• Deliberately furnishing a false return and false evidence will lead to a penalty of three times the tax due and imprisonment for a term not exceeding three years, or a fine not exceeding MMK3m ($2120), or both.
CTL: A fine of 10% or 100% of additional tax due, depending on default type, not more than one year’s imprisonment and/or a fine of MMK100,000 ($70.73) will be issued for not disclosing or for concealing income. Failure to issue an invoice or receipt to a purchaser or service provider is a fine of 100% of tax due on the value of an invoice or receipt and a fine of MMK200,000 ($141), MMK500,000 ($354), MMK700,000 ($495) and MMK1m ($707) for the first, second, third and every time thereafter, for each type of default made within a financial year. Stamp duty: Fine is levied at 10 times the prescribed duty or deficient portion for not duly stamping on or before executing the instrument.
Double Taxation Agreements
Myanmar has signed double taxation agreements (DTAs) with the UK, Malaysia, Singapore, Vietnam, Thailand, South Korea, India, Laos, Indonesia and Bangladesh. DTAs with all but Indonesia and Bangladesh are in effect.
Excess input CT may not be carried forward. Instead, it is permitted to be charged as expenses only. This limitation could be removed for fairness to tax payers.
The SAS shifts the burden of computing tax liability onto the assessees. There are several limitations that currently impede SAS implementation. First, non-deductible expenses include subjective phrases, such as “expenses not commensurate with the volume of business”; “inappropriate expenses”; and “expenses not incurred for the purpose of earning income”. Second, in the absence of specific guidelines from tax authorities, it is difficult for taxpayers to compute their own tax liabilities. Third, the Myanmar Accountancy Council has issued Myanmar Accounting Standards (MAS) and Myanmar Financial Reporting Standards (MFRS) which shall be compulsorily and consistently applied in the preparation of financial statements so as to reflect true and fair financial performances. However, tax authorities do not recognise accounting standards based on fair value principles such as MAS 1-Presentation of Financial Statements, MAS 2-Inventory, MAS 11-Construction Contract, MAS 16-Property, Plant and Equipment or MAS 41-Agriculture. Lastly, the adoption of MAS 12-Income Taxes is also a challenge, as the tax authorities do not maintain records necessary for the application of the standards. Without the recognition of the MAS and MFRS, taxpayers will continue to have difficulties estimating their tax liabilities in a reasonable manner. Existing tax laws, rules and regulations, which are principally based on the OAS, could be amended to be brought in line with international tax administration.
The tribunal is integrated under a department of the Ministry of Planning and Finance. There may be no appeal against imposing inappropriate stamp duties due to misinterpretation of particularly clauses No.5(d) (Memorandum of Agreement) and No.35 (Lease) under Schedule I. Personnel with adequate knowledge should be assigned to administer affixing stamps on legal instruments.
The MCL promulgated on December 6, 2017 came into effect on August 1, 2018, replacing the Myanmar Companies Act (MCA), with the implementation of the regulations and electronic registry. Investors can now register companies within a few hours by using the Myanmar Companies Online System, which eliminates the red tape and delays that prevailed under the previous administrative system. The MCL provides greater flexibility for companies in conducting their business and managing internal affairs.
First, under the MCL, a company in which a foreign investor owns or controls, directly or indirectly, an ownership interest of more than 35% is defined as a foreign company, whereas under the MCA, a foreign company is defined as any company in which one or more shares are owned and controlled by foreigners. According to the administrative practice, a foreign company cannot trade or own immoveable properties. Moreover, a foreign company cannot lease land for more than one year at a time unless it is a company that is operating under the MIL. Therefore, foreign investors with investments up to 35% equity interest in a local company can carry out those activities which are previously restricted only to whollyowned Myanmar companies.
Second, under the MCL, foreign companies do not need to obtain a “permit to trade” in order to do business in Myanmar.
Third, instead of a memorandum of association (MoA) and articles of association (AoA), which were considered the principal documents of a company, the MoA and AoA of existing companies incorporated under MCA – prior to commencement of the MCL – will be deemed to be the constitution to the extent it is consistent with the MCL.
Fourth, the MCL allows a company to be formed with one shareholder instead of the minimum of two under the MCA.
Fifth, according to current administrative practice, a private company shall have at least two directors. Under the MCL a company in Myanmar must have at least one director who is ordinarily a resident in Myanmar (i.e., a resident in Myanmar for at least 183 days in each 12-month period, beginning from the commencement date of the MCL, in the case of an existing company registered under MCA, or the date of incorporation for companies incorporated under the MCL). A public company must have at least three directors, one of whom must be a Myanmar citizen who is ordinarily a resident in Myanmar. This residence requirement is not mandated in the MCA.
Sixth, a company having more than 30 employees and revenue of less than MMK50m ($35,400) in the previous year is defined as a “small company”. Small companies may reduce certain corporate compliance obligations if members so elect.
Lastly, adoption of a company’s object clause is subject to the constitution, and authorised capital and share par value are abolished, and dividends may be paid as long as the company remains solvent (not necessarily out of profit).
All existing registered companies are required to re-register within the six months, from August 1, 2018 to January 31, 2019. The name of those companies failing to complete re-registration within the aforementioned prescribed period will be struck-off from the register. Such companies shall also be dissolved.
The law prescribes the transition period as 12 months from August 1, 2018 to July 31, 2019. The law in Myanmar prescribes that, at the end of the stated period, object clauses deemed to be no longer applicable will be automatically removed, while share warrants not extended by application will be deemed surrendered and cancelled. Also, all extended managing agent arrangements will lapse.
OBG would like to thank Win Consulting for its contribution to THE REPORT Myanmar 2019
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