Recent Legal Changes Affecting Business
The Myanmar Ministry of Planning and Finance has announced the lowering of stamp duty rates for certain documents. Under Notification No. 146/ 2016 dated September 30, 2016 by the Ministry of Planning and Finance, the following instruments are now subject to lower stamp duty rates: bond ( Section 15) stamp duty rates were decreased from 1.5% to 0.5%; conveyance ( Section 23) from 3% to 2%; fine or premium or money advanced in addition to rent ( if the lease agreement was previously subjected to stamp duty) ( Section 35( c)) was decreased from kyat 600 to kyat 300; and transfer of shares or debentures ( Section 62( a, b)) went down from 0.3% to 0.1%. The Notification amends Stamp Duty Schedule 1 from October 1, 2016.
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