Businesses Urge Government to Ensure Careful Crafting Of new Investment Rules

Local businesspeople are optimistic that the country’s new investment law will help create a better environment for domestic and international investors. But the government needs to take care not to spoil the new legislation by making the ac The long-awaited Myanmar Investment Law passed through both houses of parliament last week. When it comes into force, local […]

To pay or not to pay? INGOs wrangle over income tax

With a new government in office and the start of a new financial year, international non-government organisations (INGOs) are holding intense discussions over whether their well-paid expat staff should pay income tax in Myanmar. Some have been paying tax for years; others claim to have deals that exempt their foreign staff; and others would not […]

Central Bank to limit payments to only the kyat

The Central Bank of Myanmar is moving to strengthen the kyat’s use in the local economy, eventually pushing the country’s hotels, restaurants and shops to list prices only in the local currency. It has issued a letter directed at government ministries and regional governments, stating they must use only local currency for charges as well […]

Union Tax Law 2015 Lowers Rates for Expats, Foreign Industry

The Union Tax Law, which went into effect this fiscal year starting in April, will lower several significant taxes on foreigners and foreign companies residing in Myanmar. The non-resident income tax rate will be lowered from 35 to 25 percent, which will affect branch offices operating out of Myanmar, foreigners working in the country, as […]

Two years after the government passed a law to set a minimum wage, it still has not come into existence.

The issue has been a source of tension particularly in the garment industry, with a number of strikes so far this year revolving around issues of wages and overtime. Yet experts say it has been a difficult process to put a minimum wage into place, with the topic more complex than it first appears. “We […]

Yulchon opens in Myanmar

Yulchon has opened its doors in Yangon to capitalise on an increasing amount of investment from Korean companies into Myanmar. Partners Eric Eungyong Yang and Yong Geun Bae, who are based in Seoul and Hanoi respectively, are heading the office alongside two foreign attorneys and an external consultant who are based in Yangon. The office […]

Big change for foreign lending

An unnamed Myanmar firm has locally registered security on a cross-border loan from an international lender for the first time in the modern era, according to officials from VDB Loi legal and tax advisory, which assisted in the process. The revamped regulatory framework including the 2012 Foreign Investment Law has encouraged foreign participation in Myanmar’s […]

IFC looks at financing burgeoning tower sector

The International Finance Corporation (IFC) intends to invest in Myanmar’s mobile tower industry, keen on the economic and financial benefits the sector will bring to the country, according to IFC resident representative Vikram Kumar. While improved mobile connectivity will generate additional business activity, there are also direct advantages for Myanmar firms. “There’s a huge spill-over […]

Investment Commission Could Have Wings Clipped

The Myanmar Investment Commission (MIC), the body that vets would-be foreign investors into Burma, could have its discretionary powers curbed as part of a review of investment policy being undertaken by the Burma government and the Organization for Economic Co-operation and Development (OECD). Dr Khin San Yee, Burma’s Deputy Minister of National Planning and Economic […]

Ford launches as govt revamps import rules

Industry observers said they welcomed the notice, which was obtained by The Myanmar Times last week, from the ministry’s Directorate of Trade outlining parameters for distributors to sell new cars in Myanmar though some added it is at most a first step and further clarification is required. Ford became one of the first among other […]