Over Ks56m paid to 180 employees after Taiwanese employer absconded

Workers of the Unipolar garment factory at Shwe Linpan Industrial Zone in Hlaing Tharyar received their months salary and compensation yesterday. Over Ks56m was paid out to the 180 employees from the Factories & General Labor Law Inspection Department under the Ministry of Labor, Immigration and Population. The factory, which was opened two years ago, […]

SMART Myanmar launches 2nd phase of European Union funded project

SMART Myanmar held a kick-off launch event on 19 January at the UMFCCI with approximately 200 guests from factories, embassies and other stakeholders, according to a press release on the 20 January. More than 200 guests gathered at the UMFCCI on Tuesday to listen to speeches by the Ambassador of the European Union, Mr. Roland […]

Myanmar anticipates good prospects after opening of AIIB

Myanmar is anticipating good prospects after the opening of China-initiated Asian Infrastructure Investment Bank (AIIB), a finance official said here Thursday. “Our expectation and view on the opening of the AIIB are good and clear, that was why we participated as a founding member. The AIIB is assumed as a dependable bank which supports regional […]

Telecom Tax Delayed Until New Gov’t

Finance minister U Win Shein has presented to a union parliamentary meeting a plan to collect commercial tax on every mobile phone top-up credit starting from April 1 when the new government starts their term. The commercial tax on mobile phone users was planned to start in the current government’s term but members of the […]

Trade at Yangon Stock Exchange unlikely to start until March 2016

Myanmar Vice President Nyan Tun marked the opening ceremony of the Yangon Stock Exchange (YSX) by ringing a bell on Wednesday with six local campanies listed. Yet officials say it is unlikely that any trading will take place until March 2016. Finance Minister U Win Shein said that YSX would only be open to Myanmar […]

Agreement reached on amendment of labour laws

Government representatives have agreed with factory owners and workers to amend labour laws and review standard terms in employment contracts, according to the Ministry of Labour, Employment and Social Securities, The Global New Light of Myanmar reported on 29 September. U Win Shein, the Director-General of the Factories and General Labour Law Inspection Department told […]

Govt targets 10% for tax to GDP ratio

Finance Minister U Win Shein said the country has aimed to increase the tax to GDP ratio to 10 percent this year. Myanmar has the lowest tax-to-GDP ratio in ASEAN, at 8pc in 2014-15, though it has improved markedly since 3.7pc three years ago. The minister said he hopes foreign investment will grow and the […]

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. […]

Gov’t Sues Firms for Violating Holiday Law; Minister Pledges Better Protection for Labourers

Deputy Union Minister for Labour, Employment and Social Security Daw Win Maw Tun pledged to improve labour rights in Myanmar, only days after the ministry sued companies for not giving employees the day off on July 19, a public holiday. At a parliament session, Daw Win Maw Tun vowed to protect the rights of workers […]

Next change for new-look MIC? Independence

The Myanmar Investment Commission is to be made independent of the Ministry of National Planning and Economic Development in the near future, the body’s new secretary told The Myanmar Times last week following a reshuffle that saw it expand from 11 to 13 members. “The MIC will become independent like the Central Bank. But we […]