Myanmar’s state-owned enterprises show how much reform is still needed

NOTHING has been made in the engine factory in Thagaya, in the south of Myanmar, since April last year. Yet around 350 employees still turn up each day. In 2016 government-owned factories like this one made a loss of more than $200m. When Myanmar moved from military dictatorship to a form of democracy, its new […]

Shrouded in secrecy, SOE profits are not financing country’s development

Reallocation of excess savings from Myanmar Gems Enterprise (MGE) and Myanma Oil and Gas Enterprise (MOGE) alone could provide more than K2.8 trillion in available financing for the government’s budget in the fiscal year starting from October, on top of covering expenses of the two state-owned enterprises. The government has lost more than US$2 billion […]

India -Myanmar -Thailand highway: Project likely starts next month

Mumbai — To strengthen connectivity with Southeast Asia, the government is likely to kickstart work on highway from Meghalaya to Myanmar, as part of the India-Myanmar-Thailand trilateral pact, from next month. To strengthen connectivity with Southeast Asia, the government is likely to kickstart work on highway from Meghalaya to Myanmar, as part of the India-Myanmar-Thailand […]

JICA loans worth Ks358bn approved

Loans from the Japan International Cooperation Agency, totalling 31.051billion yen (Ks358.39bn) were approved during the 6th Day Meeting of the 2nd Pyidaungsu Hluttaw, 3rd Regular Session to fund the economically vital Thanlyin Bridge project that will span the Bago River, the finance ministry said. “Thanlyin Bridge No. 3 is the main one linking to the […]

New China Refinery Faces Delay as Myanmar Seeks Extra Oil Tax: Sources

A newly built Chinese refinery near its border with Myanmar is facing a delayed start-up after state firm PetroChina balked at paying an extra tax for piping crude oil through the Southeast Asian nation, two senior Chinese industry sources said. PetroChina parent CNPC early last year began trial operations of a deep sea port and 2,400-km (1,490 […]

Licences to be issued at SEZs

Licences to invest in Myanmar special economic zones will soon be issued at One-Stop Service Centres within the zones. According to the special economic zone by-law, this provision is being introduced for the convenience of investors. One-Stop Services Centres in SEZs will provide services such as company registration, visa application, labour registration and import and […]

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. […]

Ministry to announce the list of 1,000 top tax payers

The list of 1,000 top tax payers who has paid tax volume ranging from below the Ks. 50 million (US$50,000) to above Ks. 10,000 million (US$10 million) will be announced this week, according to a senior official of the Internal Revenue Department. After submitting the top tax payers’ list to the Parliament, the Ministry of […]

SMID Bank to lend Ks 20 billion to SMEs

The Small and Medium Industrial Development Bank plans to grant loans worth Ks 20 billion to small and medium enterprises this month. “We are checking to approve SME loans for applicants. The lending date is not confirmed yet but it will be within this month. We are expecting to lend a total amount of Ks […]

Govt to issue revised tax brackets

Parliament is expected to announce new tax rates as early as next month in a bid to raise revenue from 3 to 4 percent of GDP to 4.5pc for the 2014-2015 fiscal year – and to more than 10pc in future years, officials said. U Win Myint, a member of parliament’s Banks and Monetary Affairs […]