Myanmar Oriental Bank aims to improve with IFC support

The International Finance Corporation (IFC) is looking to strengthen its partnership with Myanmar Oriental Bank, according to the bank’s chair U Mya Than. Although foreign institutions are currently forbidden from owning any part of domestic banks, many expect the laws to change to allow more foreign participation. In the meantime, Myanmar Oriental and the IFC […]

Revenue Dept to Improve Tax Collection from Soaring Rent Rates

YANGON — The Department of Internal Revenue announced Monday that it would improve tax collection on income earned from rent rates across Myanmar and warned property owners to submit their earnings from rent soon. The announcement comes at a time of skyrocketing rent rates in the country’s commercial capital Yangon, which has seen companies and […]

Japan to Finance $24.5m to Improve Education

The Japan International Cooperation Agency (JICA) will fund ¥2.5 billion ($24.51 million) to help improve Myanmar’s education sector, the agency said. The project aims to improve quality of teacher education in the educational college, JICA said. Education colleges in Myanmar are institutes to train teachers in basic education. The said grant amount will cover for […]

IRD launches special taxation office

The Internal Revenue Department (IRD) has launched a taxation office on April 1 to improve tax services for large businesses and corporations. Experienced tax officers have been hired to provide high quality services at the newly opened Large Taxation Office, which will work together with the taxpayers to provide accurate information on filing taxes. The […]