Myanmar Investment Law.
Country
Type of law
Legislation
Abstract
This Law is enacted to achieve the objectives as descrbed in Article 3: a. to develop responsible investment businesses which do not cause harm to the natural environment and the social environment for the interest of the Union and its citizens; b. to protect the investors and their investment businesses in accordance with the law; c. to create job opportunities for the people; d. to develop human resources; e. to develop high functioning production, service, and trading sectors; f. to develop technology, agriculture, livestock and industrial sectors; g. to develop various professional fields including infrastructure around the Union; h. to enable the citizens to be able to work alongside with the international community; i. to develop businesses and investment businesses that meet international standards.
The Myanmar Investment Commission shall be formed under this Law (art.6-13). The duties of the Commission include: a. carrying out the investment promotion activities of the Union; b. providing investment facilitation to investors and their investments; c. allocating powers, in Coordination with the Nay Pyi Taw Council, Region and State Governments, for investments business that the Government may approve according to the type of investment businesses or the condition of natural resources or development of job opportunities for the economic development of the Regions and States including Union Territories; d. submitting advice to the Government in order to facilitate or encourage local and foreign investment businesses; etc. The Commission shall, for the purpose of supporting the development of the Union by allowing investment in sectors which need to be developed, and for the proportionate development of Regions and States, scrutinize and may grant one or more tax exemptions or reliefs if the investor applies for such exemptions or reliefs (art.74). The investor shall submit a proposal to the Commission and invest after receiving the Permit for the businesses stipulated in the Article 36, incluiding: a. investment businesses that are essential to the Union strategy; b. large capital intensive investment projects; c. projects which are likely to cause a large impact on the environment and the local community; etc. After obtaining a permit or an endorsement from the Commission, the investor shall execute and sign necessary contracts with the relevant government department or a government organization or government organizations, and conduct its investments (art.69). The investor shall ensure to obtain the entitlements and rights in the labor laws and rules, including minimum wages and salary, leave, holiday, overtime fee, damages, compensation of the workman, social welfare, and other insurance relating to workers in stipulating the rights and duties of employers and employees and occupational terms and conditions in the employment contract (art.51).
The Law further makes provisions, inter alia, for: treatment of investors, rights to use land, investment guarantee, transfer of funds, responsibilities of investors, insurance, disputes and dissolution.
The Myanmar Investment Commission shall be formed under this Law (art.6-13). The duties of the Commission include: a. carrying out the investment promotion activities of the Union; b. providing investment facilitation to investors and their investments; c. allocating powers, in Coordination with the Nay Pyi Taw Council, Region and State Governments, for investments business that the Government may approve according to the type of investment businesses or the condition of natural resources or development of job opportunities for the economic development of the Regions and States including Union Territories; d. submitting advice to the Government in order to facilitate or encourage local and foreign investment businesses; etc. The Commission shall, for the purpose of supporting the development of the Union by allowing investment in sectors which need to be developed, and for the proportionate development of Regions and States, scrutinize and may grant one or more tax exemptions or reliefs if the investor applies for such exemptions or reliefs (art.74). The investor shall submit a proposal to the Commission and invest after receiving the Permit for the businesses stipulated in the Article 36, incluiding: a. investment businesses that are essential to the Union strategy; b. large capital intensive investment projects; c. projects which are likely to cause a large impact on the environment and the local community; etc. After obtaining a permit or an endorsement from the Commission, the investor shall execute and sign necessary contracts with the relevant government department or a government organization or government organizations, and conduct its investments (art.69). The investor shall ensure to obtain the entitlements and rights in the labor laws and rules, including minimum wages and salary, leave, holiday, overtime fee, damages, compensation of the workman, social welfare, and other insurance relating to workers in stipulating the rights and duties of employers and employees and occupational terms and conditions in the employment contract (art.51).
The Law further makes provisions, inter alia, for: treatment of investors, rights to use land, investment guarantee, transfer of funds, responsibilities of investors, insurance, disputes and dissolution.
Attached files
Web site
Date of text
Repealed
No
Source language
English
Legislation Amendment
No