MIC warns com­pa­nies to fol­low re­port­ing re­quire­ments

The Myanmar Times - - Business - HTIN LYNN AUNG htin­lyn­naung@mm­times.com – Trans­la­tion by Emoon

THE Myan­mar In­vest­ment Com­mis­sion will be­gin field in­spec­tions of com­pa­nies that fail to sub­mit quar­terly per­for­mance re­ports, in the hope of en­cour­ag­ing bet­ter cor­po­rate prac­tice, sec­re­tary U Aung Naing Oo told The Myan­mar Times.

Both the For­eign In­vest­ment Law and the Myan­mar Cit­i­zens’ In­vest­ment Law re­quire com­pa­nies with MIC-ap­proved projects to sub­mit a re­port each quar­ter, he said, but a num­ber of busi­nesses have failed to do this for the first quar­ter of the 2016-17 fi­nan­cial year.

The dead­line was yes­ter­day. U Aung Naing Oo said the MIC will carry out on-site in­spec­tions of com­pa­nies that failed to sub­mit re­ports, and take le­gal ac­tion if nec­es­sary. “As part of th­ese in­spec­tions we will take ac­tion in ac­cord with the rules and reg­u­la­tions of in­vest­ment laws,” he said.

The MIC has power to im­pose a fine, re­voke an in­vest­ment per­mit, or ban a com­pany from in­vest­ing in any new projects. MIC ap­proval is re­quired for many large-scale projects in Myan­mar and al­lows in­vestors ac­cess to tax breaks and other ben­e­fits.

Myan­mar is in the process of com­bin­ing its two in­vest­ment laws into a more eq­ui­table law gov­ern­ing both lo­cal and for­eign in­vest­ment. A draft copy of the Myan­mar In­vest­ment Law was posted to the Di­rec­torate of In­vest­ment and Com­pany Ad­min­si­tra­tion web­site ear­lier this week.

DICA is try­ing to clean up its com­pany reg­istry. In May it re­moved 2676 lo­cal firms and 15 for­eign com­pa­nies from the list after they failed to file per­for­mance re­ports and did not re­spond to con­tact at­tempts.

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