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Chapter VI
Auditing Bank Accounts
15. The investor shall assign to any auditing business
recognized by the State which is registered and carrying out
business in the State and accept regular audit once in 365 days
for each business invested by him.
16. The investor shall send
and submit the audit report to the Commission within 30 days
after accepting the audit as contained in article 15.
Chapter VII
Right to Transfer Foreign Currency
17. The investor may transfer the following currencies
abroad through the bank prescribed by the Commission in the
relevant foreign currency:
(a) foreign currency
entitled to by the person who has brought in foreign capital;
(b) foreign currency
permitted for withdrawal by the Commission to the person who has
brought in foreign capital;
(c)
net profit after
deducting relevant funds relating to various taxes from the
annual profits received by the person who has brought in foreign
capital;
(d) legitimate balance
after causing to pay the taxes due and after deducting living
expenses for himself and his family in the manner prescribed,
out of the salary and lawful income obtained by the foreign
service personnel by performing service in the State;
(e) money entitled to the
investor after liquidating the invested business;
(f) damages obtained
lawfully by the investor.
18. The investor shall, if desirous to transfer foreign
currency outside the country, apply to the Commission based upon
the audit report after auditing as contained in article 16.
19. The Commission may permit to transfer the same amount
as applied or lesser than such amount after scrutiny for the
application by the investor to transfer foreign currency outside
the country.
20. The investor has the right to make account transfer in
foreign currency from the foreign account opened in the bank by
a citizen or a citizen-owned business in the State after
submitting the sufficient documents of the local kyats obtained
from carrying out business that he has invested.
21. The investor shall, if desirous to extend and invest
the business without transferring to outside the country the
profits obtained from carrying out the economic business that he
has invested to the Commission and submit obtain permission.
Chapter VIII
Terms and Conditions
22. The investor shall not deposit into his bank account
the kyats obtained by selling any assets by converting as
foreign currency without the permission;
23. The investor shall not buy and use any foreign capital
to be brought from abroad mentioned in his proposal in kyat in
the country without the permission of the Commission.
24. The investor shall not pay the expenditures to be
expended in the State in kyat obtained by selling any assets
imported from abroad as contained in the proposal for the
business invested by him.
By order,
(Tin Myo Kyi)
Secretary
The Union Government
Letter No. 2/253-Ah Hpa Ra (Foreign Currency)
(21/2011)
Dated 30th September 2011.
Circulation
Office of the President of the Union
Office of Hluttaw
Supreme Court of the Union
Constitutional Tribunal of the Union
Election Commission of the Union
All Ministry of the Union Government
Union Attorney General’s Office
Union Auditor General’s Office
Union Civil services Board
Managing Director to
publish in the Gazette
Printing and Publishing Enterprise
By order,
(Aung Soe Thein)
Director
Office of the Union Government
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