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MIC to Prioritise Needy Townships

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Under the new Myanmar Investment Law, investment promotion plans will identify zones 1, 2 and 3 to prioritise the townships most in need, according to the Directorate of Investment and Company Administration under the Ministry of Planning and Finance.

For income tax exemption under the new law, underdeveloped regions are designated as zone 1, the regions with moderate development zone 2 and developed regions zone 3.

With government approval, the Myanmar Investment Commission (MIC) may give income tax exemption to zone 1 investors for seven consecutive years, zone 2 investors for five years and zone 3 for three years.

Aung Naing Oo, secretary of the MIC, said: “We have not released official information about zone designation yet. The MIC has asked for the region or state governments to designate which townships are zones 1, 2 and 3. The MIC will decide, based on the recommendations of regional governments.”

 

Source: Eleven Myanmar

To see the detailed list of the 3 zones by States or Region please go to https://consult-myanmar.com/designation-of-development-zone-under-myanmar-investment-law-notification-no-102017/
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