IRD to Tax Gem and Jewellery Traders

Commercial and income tax would be collected from Myanmar gems and jewellery entrepreneurs under the newly-enacted Union Tax Law 2015, a top government official said. U Min Htut, director general of Internal Revenue Department (IRD), said, “Gem companies did not need to pay income tax last year. Under the new 2015 tax law, income tax […]

Jewellers worry over tax hike on cut stones

Gem entrepreneurs will be required to pay a 10 per cent commercial tax on sales of finished stones, plus 15 per cent for uncut stones, even as other commercial taxes have been reduced under the 2015 Taxation Law, according to the Internal Revenue Department under the Ministry of Finance. Min Htut, director-general of the Internal […]

Gem Traders to Establish Bank

The Myanmar Gems and Jewellery Entrepreneurs Association is preparing to establish a bank for the purpose of allowing greater oversight to combat money laundering, said chairman U Yone Mu. “The inspection of bank accounts will be done by the government. We have a plan to open a bank not only in Yangon but also in […]

Jade jitters for 2015 trade

After 2014’s slump in Chinese demand and continued clashes in jade mining areas, dealers are looking to the year ahead with some anxiety. A shortage of quality stones coming to market, reduced interest from China and continued fighting in jade-rich Kachin State are the main reasons, according to the dealers. Mandalay jade dealers are largely […]

Jade market planned for Muse economic zone within six months

Mandalay – Muse Central Economic Zone Project Director U Ngwe Soe says arrangements are being made to build a jade market in the Muse economic zone within six months. The director told Mizzima October 23 that the aim is to create a market for local gem merchants to sell jade, gems and Ingyin fossils without […]

Massive jade, gem sale underway in Nay Pyi Taw

Almost 7,000 gem and jade lots were put on the bidding table at Maniyadana Jade Hall in Nay Pyi Taw on October 14, according to the central committee of Myanmar Gems Emporium, which also said sales would take place from October 16 to 19. A total of 341 companies, including 230 private companies, will sell […]

Vietnamese Entrepreneurs Eye Myanmar Gem

The joint secretary of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) U Myo Thant says there is growing interest from Vietnamese entrepreneurs in the Myanmar gem industry. Vietnamese businessmen came to the Myanmar Gems Emporium held from May 26 to June 7 to seek investment opportunities in the sector. “Vietnam will […]

Police to Beef Up Security for Foreign Buyers at Jade Expo

Myanmar Police Force will arrange special security for foreign gems buyers at the upcoming Myanma Gems Emporium at Nay Pyi Taw, U Kyaw Htay, secretary of Gems Entrepreneurs Association, said. The authorities will deploy a special tourist police force unit, which will also provide health services and other assistances to foreign gems buyers, he said. […]