At a glance: Taxes in Myanmar

Attracting investments into its recently opened-up economy is a clear priority of Myanmar’s tax regime, with a slew of tax incentives for foreign investors. But that is tempered by a need to collect more tax revenues – less for the government to spend on developing public infrastructure creates roadblocks to Myanmar’s economic development too. Despite […]

CMP garment’s export earnings up $ 382 m

Garment sector earned US$ 759.172 million from exports of CMP garment, up US$ 382 million from the same period last year, according to the Commerce Ministry. Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry said: “Last year, export earnings from the CMP garment sector reached US$ 377.031 million.” The Commerce Ministry has prioritized […]

Yangon clothes factory blames closure on rising operating costs

A garment factory with over 400 workers has closed in Yangon due to rising operational cost, a company statement said. Seduno (Myanmar) Fashion Co Ltd in Hlaing Tharyar Industrial Zone announced on Saturday it was facing difficulty keeping the business running because of a decline in production, delays in exporting their products and a hike […]

Businesses warn govt not to backtrack on retail and wholesale reform

AMID news that the commerce ministry might backtrack on the retail and wholesale sector reform and impose further restrictions on foreign investments, business leaders warn that any such retraction will be “extremely disappointing” and seriously derail efforts to attract foreign investments for the country. The ministry insisted that they currently have no plans for additional […]

Govt Investment Body to Share Regulations for Companies Law Soon

YANGON — The Directorate of Investment and Company Administration (DICA) said it would release regulations relating to the new Companies Law before it takes effect on Aug. 1 with instructions on electronic registration, company constitutions and capital structures. “We submitted the regulations to the [government’s] Economic Committee already; the cabinets will review it later,” said […]

Corruption Prevention Units to be formed in government departments

The Anti-Corruption Commission is planning to form Corruption Prevention Units (CPU) in government departments to prevent corruption, said U Aung Kyi, Chairman of the Anti-Corruption Commission at the Anti-Corruption Declaration Ceremony, held at the UMFCCI office yesterday. The commission will conduct three activities to prevent corruption: the forming of CPUs, drawing up codes of conduct […]

Myanmar ops to boost Daibochi’s FY18 earnings

KUALA LUMPUR: End-to-end flexible packaging solutions provider Daibochi Plastic and Packaging Industry Bhd is confident of performing better in its financial year 2018 (FY18), which will recognise a full year’s contribution from its new Myanmar plant, while the group maximises the operation’s capacity. “In the past five years, we have recorded high single-digit growth in […]

Over $231m paid so far for Chinese oil and gas loans

Myanmar loaned over US$1.6 billion from China for three oil and gas projects and has paid back over US$231 million plus interest of over US$418 million, according to a press conference on the report of EITI (Extractive Industries Transparency Initiative) for 2014-2015 fiscal year and 2015-2016 FY. The press conference was held at Sule Shangri […]

Big Holes Still Exist in Financial Reports of Extractive Companies

YANGON – Myanmar’s state-owned enterprises (SOEs) involved in the extractive industries still lack transparency and need to reform to meet international standards, according to the Multi Stakeholder Group (MSG) tasked with implementation of the Extractive Industries Transparency Initiative (EITI), on Thursday. Myanmar became a global EITI candidate in July 2014 but it has yet to […]

Grab on fast track to growth in Myanmar

Grab, a leading ridehailing service provider in Southeast Asia, is making plans to continue as the market leader in Myanmar with its new offerings for passengers and driver-partners, according to Alvin Loh, the firm’s acting country manager for Myanmar. Loh said in an interview that more and more passengers are enjoying ridehailing services operated by […]