Chinese companies that are attempting to invest Ks 7 trillion in New Yangon City were not listed on this year’s top tax-payers list.
Myanmar Setana Myothit Public Co is owned by a Chinese entrepreneur and was planning to develop the Yangon Myothit Project. The project has never held an open tender, and its details have not been disclosed to the public.
The Chinese entrepreneur has registered four companies in Myanmar, according to the Directorate of Investment and Company Administration. They are Yangon Crown Wire and Electric Cable Product Factory Ltd, Yangon Crown Wire and Electric Cable Trading Co Ltd, Crown Advanced Construction Company Ltd and Crown Advance Trading Co Ltd.
Lhyo Kyin Mint, Nan Mya Han, Kyin Thein, Aye Aye Khine, Hla Hla New are the directors of those companies, respectively.
Some speculate that the reason for the absence of Crown Advanced Trading and Crown Advance Construction on the top tax-payers list is that the companies are under three years old. However, this does not explain the absence of the other two Chinese companies, which have been operating in Myanmar for much longer.
The Internal Revenue Department published the Top 100 Tax Payers List for the 2011-12 fiscal year, the Top 500 Tax Payer List and Top 500 Commercial Tax Payer List for the 2012-13 fiscal year and Top 1,000 Tax Payer List and Top 1,000 Commercial Tax Payer List for the 2013-2014 fiscal year. Yangon Crown Wire and Electric Cable Product Factory and Yangon Crown Wire and Electric Cable Trading have not been listed on any of these lists.
The minimum amount of tax payments required to be included in these lists was Ks 10 million. This suggests that the aforementioned Chinese companies paid less than that amount in taxes over the last fiscal year.
Despite not being on list, the company has plans to implement the multimillion-dollar Yangon Myothit Project. Meanwhile, Crown Advanced Construction has been permitted to an office building at the former site of the Hanthawady Auto Sales Center.
Source: ELEVEN MYANMAR