Gems and Jewellery Entrepreneurs Hustles for Lower Tax Rate

Gem entrepreneurs have urged the Ministry of Planning and Finance to review the commercial tax rate on the gems sector which is listed as a special item in the Special Commodities Tax Law. In 2015, the commercial tax rate was set at 15 percent for raw gem stones such as jade, rubies, sapphires, emeralds and […]

MIC to strengthen data on local companies

The Myanmar Investment Commission will work with the Ministry of Planning and Finance to collect accurate data on companies operating across the country, an exercise that officials say will help the government to form better economic policies. The MIC has data on large investments and companies, but many businesses in Myanmar are only required to […]

Thousands of car imports approved

A new government-led supervisory committee has released around 14,000 cars that had been held at Myanmar’s borders after an informal ban on vehicle imports was imposed last December. When the last vehicle import supervisory committee was disbanded at the end of last year, thousands of cars bound for Myanmar were held up, commerce minister U […]

JICA provides initial $40 million for realization of MACS

  Japan International Cooperation Agency (JICA) has provided an initial $40 million, together with technical assistance, for application of a Myanmar Automated Cargo Clearance System (MACCS). “We’ve provided technical assistance for application of this online system and for the drawing up of the system. We’ll also provide trainings related to usage of the system. Application […]

Yangon chief minister to strengthen tax system

The Yangon Region chief minister has outlined plans to strengthen the city’s taxation system by examining weaknesses in local business audits. During a meeting with industrial zone officials on April 25, U Pyo Myo Thein said that businesspeople never show their audits to tax officials. “We need to make sure their audits are reliable,” he […]

Burma’s Income Tax Code Clarified

RANGOON — Burma’s Internal Revenue Department released a notice on Friday regarding changes to the individual income taxation system for the 2016-17 fiscal year, including specific measures regarding monetary relief and exemptions. The IRD released an official notice in the state-owned newspaper The Mirror that any citizens with an annual income of less than 4.8 […]

Real estate income tax to rise five-fold from April 1

Imposition of income taxes on real estate is set to rise five-fold starting from April 2016, according to the Tachileik Internal Revenue Department. “The Imposition of land tax on real estate and buildings is going to increase about five times over. It has already been discussed in parliament. As such, whether it’s the buying or […]

Foreign wine imports to hit Myanmar’s shelves

Wine suppliers are distributing foreign brands into the local market legally for the first time after the Ministry of Commerce opened the door to imported wine earlier this year, though only a handful of companies have so far been licenced, industry sources said. U Tin Ye Win, a commerce ministry director in Nay Pyi Taw, […]

DICA issues revised list of ‘out of touch’ companies

The Directorate of Investment and Company Administration has published a revised list of companies to be struck off its register, after receiving a number of complaints from businesses named on the list that are still operational. In August, the regulator issued a request for confirmation from all companies still in business, as it seeks to […]

Myanmar to allow exports and imports of gold

NEW DELHI (Scrap Monster): According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold . The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under […]