ANZ’s Yangon branch wins approval

ANZ has received final regulatory approval from Myanmar’s central bank for the opening of a branch in Yangon . The decision clears the way for ANZ to open its office in Myanmar’s largest city on October 2. The new office will service multinational and joint venture companies with a presence in Myanmar, as well as […]

Retailers to charge commercial tax

Shops and supermarkets will begin charging a 5 percent consumer tax from the start of next fiscal year, officials said. The International Revenue Department (IRD) is preparing the ICT systems, ahead of the launch next April 1. Director U Tun Than from the ICT branch of the Yangon Region Revenue Department, said he has asked […]

15 foreign insurers operating through proxies

Although international insurance companies are not allowed to trade in the union, 15 representative offices of foreign firms are operating, according to Myanmar Insurance Business Supervisory Board. A spokesperson from Manulife Financial said: “The Ministry of Finance decides if a business can operate. Currently, as Myanmar is not familiar with insurance, discussions and public talks […]

First PSCs for offshore coming soon

The first of the long-delayed offshore production sharing contracts could be signed as early as next week, according to government officials. Discussions over the contracts, which are necessary before exploration and production can begin, have been ongoing since March. In March the government awarded 20 international companies preliminary rights to explore and produce at the […]

US-accredited MBA program launches

Myanmar Metropolitan College in Yangon’s Lanmadaw township has launched the country’s first US-accredited Master’s of Business Administration (MBA) program, the school announced. The MBA program draws materials from the University of the Potomac in Washington DC in the United States, as well as Switzerland’s University of Business and International Studies (UBIS), according to Daw Myin […]

Uneven development stifling Myanmar

Anyone arriving today at Mingaladon Airport and driving toward the center of Yangon would find it hard to imagine that just a few years ago Myanmar was an isolated country – poor, underdeveloped and labeled by the US as an “outpost of tyranny.” At the start of the 21st century there were few cars on […]

Reforming Myanmar Moves Up Global Corruption Rankings

YANGON — The Myanmar government’s reforms since a quasi-civilian government took charge in 2011 appear to be improving its poor reputation for corruption, with global watchdog Transparency International on Tuesday boosting the country’s ranking in its annual survey. The Berlin-based organization put Myanmar 157 out of 177 countries surveyed for its Corruption Perceptions Index 2013.The […]

Thailand’s Italian-Thai company to quit Dawei Special Economic Zone

Italian-Thai Development Co (ITD) is poised to cease operation at the Dawei Special Economic Zone (DSEZ) in Tanintharyi Region on Nov 20, according to local sources. The company has come under financial pressure since the project began in 2008 but failed to materialise. Its Myanmar partner Max Myanmar Group pulled out of the project last […]