Aeon’s Myanmar bid highlights supermarket uncertainty

Japanese retail giant Aeon’s ambitions in Myanmar’s lucrative retail sector have highlighted uncertainty about what foreign firms are allowed to do as far as trading is concerned, with local industry heads calling for more clarity and a level playing field for domestic and international players. Aeon has provided most of the US$8.1 million in capital […]

New rules planned for government tenders

The new rules will govern tender practices for this financial year, said U Saw Hla Tun, a member of the committee. Existing rules relating to contracts awarded by ministries have not been widely followed, he said, resulting in a lack of transparency in government-led projects. In 2013 the President’s Office issued a directive with rules […]

Central Bank of Myanmar prepares action plan to stop dollar payments

While the kyat predominates in most domestic transactions, foreign currencies are still widely used. Many tourism businesses targeting foreigners deal in foreign currency, while importers and exporters make extensive use of dollars, and international companies often prefer their own currencies. Letter 904/2015 from the Central Bank of Myanmar’s Foreign Exchange department posted to its website […]

Condo defaults forecast as the cash runs out

Off plan sales of condominium units in Yangon have slowed this year, following a three year boom. As a result, some developers are likely to be left without enough money to continue to build and will be forced to default on their projects, which could further hurt market confidence, say experts. “Of over a hundred […]

Union Tax Law 2015 Lowers Rates for Expats, Foreign Industry

The Union Tax Law, which went into effect this fiscal year starting in April, will lower several significant taxes on foreigners and foreign companies residing in Myanmar. The non-resident income tax rate will be lowered from 35 to 25 percent, which will affect branch offices operating out of Myanmar, foreigners working in the country, as […]

Big change for foreign lending

An unnamed Myanmar firm has locally registered security on a cross-border loan from an international lender for the first time in the modern era, according to officials from VDB Loi legal and tax advisory, which assisted in the process. The revamped regulatory framework including the 2012 Foreign Investment Law has encouraged foreign participation in Myanmar’s […]

IFC looks at financing burgeoning tower sector

The International Finance Corporation (IFC) intends to invest in Myanmar’s mobile tower industry, keen on the economic and financial benefits the sector will bring to the country, according to IFC resident representative Vikram Kumar. While improved mobile connectivity will generate additional business activity, there are also direct advantages for Myanmar firms. “There’s a huge spill-over […]

Ford launches as govt revamps import rules

Industry observers said they welcomed the notice, which was obtained by The Myanmar Times last week, from the ministry’s Directorate of Trade outlining parameters for distributors to sell new cars in Myanmar though some added it is at most a first step and further clarification is required. Ford became one of the first among other […]

Ooredoo eyes Myanmar network sharing with Telenor to cut cost

Ooredoo is in talks with Norway’s Telenor to share transmitter towers in Myanmar, seeking cost savings as they build networks in one of the world’s least developed telecom markets, a top executive at the Qatari firm said. Myanmar awarded the country’s first foreign-held mobile licences to the two companies in June after receiving interest from […]

Arbitration on tap for Myanmar Brewery owner

The Myanmar Brewery ownership dispute has further escalated after Singaporean company Fraser and Neave said it received a Notice of Arbitration from its local partner last week. Military-owned partner Union of Myanma Economic Holdings Limited (UMEHL) is seeking to force the foreign firm to sell its majority stake to UMEHL over an alleged breach of […]