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Chapter (1)
Title and Definition
1.
2.
The following expressions contained in this Law shall have the meanings given
hereunder:-(a)
(b)
Commission means the Union
Commission formed under this Law;
of
Myanmar
Foreign
Investment
(c)
Union Government means the Union Government of the Republic of the
Union of Myanmar.
(d)
(e)
(f)
Promoter means any citizen or any foreigner submitting an investment
proposal to the Commission;
(g)
Proposal means the prescribed application submitted by a promoter to the
Commission for getting Permit of an intended investment and accompanying draft
contract, financial standings and documents relating to the company.
(h)
Permit means the order in which the approval of the Commission of a
proposal is expressed;
(i)
Foreign Capital includes the followings which are invested in an economic
enterprise by any foreigner under a permit:
(1)
Foreign currency;
(2)
(3)
(4)
Technical know-how;
(5)
(j)
(k)
Bank means any bank within the country permitted by the Union
Government.
(l)
(m)
(1)
(2)
(3)
(4)
(5)
Person holding right to lease the land or Person granted to use the land
means the person who is granted to lease the land to do the business within
the prescribed period by paying the prescribed land lease rate to the State.
Chapter (2)
Applicable Economic Businesses
3.
This Law shall apply to economic businesses prescribed by the Commission from
time to time with the prior approval of the Union Government.
The Commission shall, with the prior approval of the Union Government, prescribe
the following investments as restricted or prohibited businesses:
(a)
Businesses that cause damage to customs and culture of the national races in
the State;
(b)
(c)
(d)
Businesses which may bring harmful or toxic disposals into the State;
(e)
(f)
(g)
(h)
(i)
(j)
(k)
5.
The Commission shall, with the approval of the Union Government, permit the
investments restricted or prohibited under the Section 4 for the benefits of the State
and the public especially of the national peoples.
The Commission shall through the Union Government submit to the Union Hluttaw
any major foreign investments which may cause huge affect to security, economy,
environment or socio-economy of the State and citizens.
Chapter (3)
Objectives
7
It aims for enjoyment and consumption of the people efficiently of rich natural
resources of the State being extracted, and for exporting their surplus; for creation
and accumulation of jobs for the people as those business extended; for
development of human resources; for development of infra-structure such as
banking and financial business, modern thoroughfares, inter-state highways,
production of national electricity and energy, high technologies including modern
information technology, all technical sectors nationwide including communication
network, transportation of rail, water and air in international standard; for enabling
citizens doing business internationally; for advent of businesses and investments
which stands in line with international norms.
Chapter (4)
Basic Principles
8
(b)
(c)
Expansion of exports;
(d)
(e)
(f)
(g)
Supporting for the manufacturing and services businesses that required heavy
capital;
(h)
(i)
Regional development;
(j)
(k)
(l)
Conservation of environment;
(m)
(n)
(o)
(p)
(q)
(r)
Chapter (5)
Form of Investment
9.
10
(b)
(c)
(a)
(b)
(1)
(2)
(3)
(4)
Chapter (6)
Forming of Commission
11
Chapter (7)
Duties and Powers of the Commission
12
Scrutinizing a proposal by taking into account that its compliance or not with
the Basic Principles under Chapter (4), financial credibility, feasibility of the
business, appropriateness of technology, conservation of the environment,
etc.;
(b)
(c)
Scrutinising the proposal whether they are contrary to the provisions of any
existing laws;
(d)
(e)
(f)
13.
(g)
(h)
(i)
Scrutinizing whether or not the investor is in compliance with the law, rules,
regulations, procedures, orders, notifications and directives made under this
Law; If not so complied, causing to comply with and taking action against
him who does not comply with;
(j)
(k)
Performing the duties assign by the Union Government from time to time.
(b)
(c)
(d)
(e)
(f)
14.
The Commission may form such committees and bodies as may be necessary.
15.
The Commission shall, from time to time, submit report on its working performance
to the meeting of the Union Government.
16
The Commission shall report every three months to the meeting of Union
Government on the performance and progress of the businesses permitted by the
Commission.
Chapter (8)
Duties and the Rights of Investors
17
(b)
(c)
Complying with this Law and the Rules procedures, notifications, orders,
directives issued under this law, and prescription under the permit;
(d)
Utilizing the land in which he has the right to lease or use according to the
prescription set out by the Commission and as per the prescription under the
contract;
(e)
(f)
Not altering the landscape and level of the land leased or permitted to use
without the approval of the Commission.
(g)
(h)
(i)
In case of foreign company, when selling out of all its shares to any foreigner
or citizen for good, registering of share transfer in accordance with the law
only after surrendering the Permit and securing the prior approval of the
Commission;
(j)
In case of foreign company, when selling out of some of its shares to any
foreigner or citizen for good, registering of share transfer in accordance with
the law only after re-obtaining the approval of the Commission;
(k)
18
Right to sell exchange or do any other means of transfer of the capital assets
with the approval of Commission;
(b)
(c)
(d)
Right to apply to the Commission to review and amend its entitled rights
under existing laws in order to having fully enjoyed;
(e)
Right to apply to the Commission to enjoy the full rights entitled under
existing laws and to take action for its losses;
(f)
(g)
Chapter (9)
Application for Permit
19
20
After receiving the proposal as submitted under section 19, accept or deny
the same after making necessary scrutiny within 15 days;
(b)
If the proposal is accepted, Permit shall be issued to the person who submits
the proposal within 90 days.
21
The Investor or the Promoter shall, upon obtaining the Permit issued by the
Commission, established investment business by making contract with relevant
government department, government organization or personnel, organization as
may be necessary.
22
If it is applied by the relevant body, the Commission shall allow extending, reducing
or amending the term of contract or the agreement as may be appropriate under this
Law.
Chapter (10)
Insurance
23
An investors shall effect prescribed types of insurance with any insurance business
being authorised in the State.
Chapter (11)
Employment of Staff and Workers
24
Investors shall:
(a)
(b)
Enabling for employing under sub-section (a), arrange and provide necessary
training for improvement of the skill of the citizen employees and staff;
(c)
Employ only citizens for the works where expertise is not required;
(d)
Carry out labour recruitment through the Work and Labour Recruitment
Office, local labour recruitment agents or by own arrangement;
(e)
(f)
25
Application shall be made to the Commission for foreign workers in the investment
enterprise under the Permit to get the work permit and stay permit issued by the
State.
26
Investors shall:
(a)
(b)
In setting out the rights and duties of the employers and employees in the
employment agreement and work regulations, arrange for enjoyment of the
benefits prescribed under the existing labour laws and rules including
minimum wages, leaves, holidays, over-time wages, damages, workmen
compensation, social security and other insurances relating to the employee;
(c)
Chapter (12)
Exemptions and Reliefs
27
The Commission shall, for the purpose of promoting foreign investments within the
State, grant the investor exemption or relief of taxes mentioned in sub-section (a) out
of the following exemptions or reliefs from taxes. In addition, the Commission may
grant any one or more or all of the remaining exemptions or reliefs of tax:
(a)
(b)
(c)
(d)
If the goods produced by any enterprise are exported, relief from income-tax
up to 50 per cent on the profits accrued from the said export;
(e)
(f)
(g)
Right to carry forward and set-off up to 3 consecutive years from the year the
loss is happened in respect of such loss sustained within 2 years immediately
following the enjoyment of exemption or relief from income tax as contained
in sub-section (a), for each business;
(h)
(i)
Exemption or relief from customs duty or other internal taxes or both on such
raw materials imported for the first 3 years of commercial production
following the completion of construction.
(j)
(k)
Exemption or relief from commercial tax for goods produced for export.
Chapter (13)
Guarantees
28
29
30
On the expiry of the term of the contract, the Government guarantees an investor
for withdraw of foreign capital entitled to him, in the foreign currency in which such
investment was made.
Chapter (14)
Right of Land Use
31
The Commission shall permit initial period of up to 50 (fifty) years period for right to
lease or right to use of the land which are actually necessary for the investor
depending on the types of business, industrial business and the amount of
investment.
32
The Commission shall, after expiration of the terms permitted under Section 31,
permit the extension for 10 consecutive years and for extension of another 10
consecutive years after the expiry of the same depending on the investment size and
types of the investment Enterprise.
33
34
The Commission shall, with the prior approval of the Union Government, prescribe
the land lease rate of land owned by government department and organizations
from time to time.
35
Where the investor carries out the contract system for the businesses of agriculture
and livestock breeding on the farm where the citizens obtain the right to carry out,
only in JV system with citizen investor shall be done.
36
The Commission shall with the approval of the Government permit longer land
lease or use period to those who invest in a less developed location where difficult
to access, for the sake of countrywide development.
Chapter (15)
Foreign Capital
37
The Commission shall register the foreign capital in the name of the investor as per
the types of foreign currency acceptable by the bank. In so registering, the type of
foreign capital shall be stated.
38
When the business is terminated, the person who has brought foreign capital in may
withdraw the same as prescribed by the Commission within the time stipulated.
Chapter (16)
Right on Remittance of Foreign Currency
39
The following shall be able to remit abroad in the relevant foreign currency at the
prescribed exchange rate through the bank which is authorized to do foreign
banking business.
(a)
Foreign currency entitled to by the person who has brought foreign capital
in;
(b)
(c)
Net profits after deducting prescribed funds related to all taxes out of the
annual profits earned by the person who has brought foreign capital in,;
(d)
Legitimate balance, after causing payment of taxes and after deduction in the
prescribed manner for living expenses incurred for himself and his family,
out of the salary and lawful income obtained by the foreign personnel during
performance of service in the country.
Chapter (17)
Matters Relating to Foreign Currency
40
41
be allowed to remit foreign currency to overseas through the bank which has
authorized to do foreign banking business at the prevailing exchange rate.
(b)
Chapter 18
Administrative Penalties
42
Commission shall impose a penalty or penalties set out below on investors who
violate; the provision of this Law, Rules, Regulations, Procedures, Notifications,
Orders, Directives or any provisions of the Permit;
(a)
Warning;
(b)
(c)
(d)
Black listing which will permanently bar from acquiring new permits in
future.
Chapter 19
Settlement of Disputes
43
(b)
Chapter 20
General Provisions
44
The Commission shall, after scrutinizing the proposal to make investment submitted
by the investor, permit to carry out, in production sharing basis between the
investor and the Union Government or the government department or the
government organisation that are vested with the right by the Union Government
under the law, feasibility study exploration, survey and to make it reach to the
commercial production by using the fund of the investor in oil and gas and mineral
exploration and production business which require heavy investment. If the same is
of commercial production scale, profit shall be divided between the Union
Government or the government department or the government organisation that are
vested with the right by the Union Government under the law and the investor to
recover investment and gain profits.
45
46
The investors who are revealed of falsifying or omission in proposal and other
supporting documents of financial documents, contractual evidences and financial
and employment documents which were submitted to the Commission, relevant
government departments and government organisations shall be criminal charged
under laws.
47
Notwithstanding anything contain in any other existing Laws, matters relating to any
provision of this Law shall be performed in accordance with this law.
48
49
The decisions of the Commission made under the powers conferred by this Law
shall be final and conclusive.
50
No suit, prosecution or other proceeding shall lie against any member of the
Commission or committee or body or any public servant for any act which can be
evidenced that the same had been done in good faith in accordance with the rights
accorded under this Law.
51
In order to implement the provisions of this Law, the Ministry of National Planning
and Economic Development or any organization shall:
(a)
(b)
52
Investors who are doing business with permission of the Commission under the
Union of Myanmar Foreign Investment Law (The State Law and Order Restoration
Council Law No. 10/88) which is to be revoked by this Law shall continue business
and enjoy benefits in accordance with the prescription under the Permit and
prescription under the respective agreement until the end of the permitted term.
53
54
If any of the provision of this law is inconsistent to any International Treaties which
have been ratified by the Republic of the Union of Myanmar, it shall follow those
facts contained in agreements of such International Treaties.
55
During the period in which the necessary Rules and procedures have not been
enacted yet, If not contrary to Laws, it can be continued to exercise procedures, and
les which have been promulgated in compliance with the Union of Myanmar
Foreign Investment Law (The State Law and Order Restoration Council Law No.
10/1988).
56
57
(a)
(b)
The Union of Myanmar Foreign Investment Law (The State Law and Order
Restoration Council Law No. 10/88) shall be repealed by this Law.
I sign in accordance with the constitution of the Republic of the Union of Myanmar.
Thein Sein
The President
Republic of the Union of Myanmar
Nay Pyi Taw, 2nd November, 2012