New China Refinery Faces Delay as Myanmar Seeks Extra Oil Tax: Sources

A newly built Chinese refinery near its border with Myanmar is facing a delayed start-up after state firm PetroChina balked at paying an extra tax for piping crude oil through the Southeast Asian nation, two senior Chinese industry sources said. PetroChina parent CNPC early last year began trial operations of a deep sea port and 2,400-km (1,490 […]

Licences to be issued at SEZs

Licences to invest in Myanmar special economic zones will soon be issued at One-Stop Service Centres within the zones. According to the special economic zone by-law, this provision is being introduced for the convenience of investors. One-Stop Services Centres in SEZs will provide services such as company registration, visa application, labour registration and import and […]

Investment laws re-considered

The government has begun accepting public feedback on a proposed amalgamation of two investment laws that it says will give equal opportunities to both domestic and foreign firms. The Directorate of Investment and Company Administration launched the public consultation window yesterday and will accept feedback on the draft of Myanmar Investment Law until March 26. […]

Ministry to announce the list of 1,000 top tax payers

The list of 1,000 top tax payers who has paid tax volume ranging from below the Ks. 50 million (US$50,000) to above Ks. 10,000 million (US$10 million) will be announced this week, according to a senior official of the Internal Revenue Department. After submitting the top tax payers’ list to the Parliament, the Ministry of […]

SMID Bank to lend Ks 20 billion to SMEs

The Small and Medium Industrial Development Bank plans to grant loans worth Ks 20 billion to small and medium enterprises this month. “We are checking to approve SME loans for applicants. The lending date is not confirmed yet but it will be within this month. We are expecting to lend a total amount of Ks […]

Govt to issue revised tax brackets

Parliament is expected to announce new tax rates as early as next month in a bid to raise revenue from 3 to 4 percent of GDP to 4.5pc for the 2014-2015 fiscal year – and to more than 10pc in future years, officials said. U Win Myint, a member of parliament’s Banks and Monetary Affairs […]

Myanmar announces figures of gold, forex reserves

The Central Bank of Myanmar announced that the country had 7.1539 tons of gold reserve and 8. 19 billion U.S. dollars worth of foreign exchange reserve as of the end of October 2013, the state media reported Wednesday. Daw Khin Saw Oo, vice governor of the bank, told the parliament that the 7.1539 tons of […]

Myanmar honing investment laws to ensure a level playing field for all, minister says

Myanmar is drafting several laws and regulations to create a more level playing field and more favourable investment climate. Set Aung, deputy minister of national planning and economic development and vice governor of the Myanmar Central Bank, told the recent Myanmar Global Investment Forum in Nay Pyi Daw that the foreign investment law was amended […]