MYANMAR Trends and Developments Contributed by: Kana Manabe, Thit Thit Aung, Julian Barendse and Nirmalan Amirthanesan, Myanmar Legal Mori Hamada
earnings into kyats. The CBM also issued Notifica - tion No 27/2023 dated 26 December 2023, replacing Notification No 27/2022 dated 6 May 2022, requiring exporters to deposit foreign currency-denominated export earnings into their bank account in Myanmar within 30 days (reduced from 45 days) from the ship - ment date for exports to Asian countries and within 60 days (reduced from 90 days) from the shipment date for exports to other countries. A further development is the publication by the Myan - mar Ministry of Planning and Finance of a Standard Operating Procedure (SOP) to be followed by banks and the Internal Revenue Department (IRD) to con - firm the payment of tax on all remittances above USD10,000 from 1 May 2023. On 11 May 2023, a list of documents required to be submitted to banks by
those wishing to make offshore foreign currency remit - tances was also published. Under the SOP, banks are responsible for confirming that all taxes payable on remittances worth more than USD10,000 have been paid, while the IRD is obliged to issue documentary evidence to the remitting person confirming payment of tax or that no tax is payable. The SOP was amend - ed in June 2023 to permit the IRD to issue a recom - mendation of tax clearance for use in processing remittances overseas where evidence of tax clearance could not be provided because a tax assessment had not been concluded. It is likely that the CBM will continue to amend the requirements for foreign currency transactions in future. Businesses are advised to monitor such devel - opments closely.
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