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Parliament approves tax law with rates starting at 3pc

Parliament on Thursday approved the 2019 Union Tax Law, under which the tax rate for unassessed income is now as low as 3 percent. The motion was approved after the majority of MPs voted in favour of the new tax rates, which will take effect in the new fiscal year beginning October 1. Out of […]

Nation’s electricity production expected to exceed estimates

Myanmar can produce about 200 more megawatts of electricity than estimated in fiscal year 2018-2019, said U Maung Maung Win, deputy minister of the Ministry of Planning and Finance. He made the comment while discussing the Joint Public Accounts Committee report on the six-month national plan and income in the Pyidaungsu Hluttaw (Assembly of the […]

Announcement of Non-Life Insurance Winners by MOPF

THE REPUBLIC OF THE UNION OF MYANMAR MINISTRY OF PLANNING AND FINANCE ANNOUNCEMENT NO (4 /2019) 15th Waning of Waso, 1381 ME (31 July 2019) Announcement of successful applicants for non-life insurance business in Myanmar to be operated by a joint venture between a Myanmar insurer and a foreign insurer (“Non-Life Insurance JV”) Following the […]

Foreign partners poised to aid growth in Myanmar’s life insurance sector

YANGON—While joint-venture proposals from foreign insurance companies are being reviewed by the country’s insurance business regulatory board, some of Myanmar’s largest insurance companies are already building bridges to leverage foreign expertise for the growth of Myanmar’s nascent insurance industry. After two years of delays, Myanmar began allowing insurance companies to operate in the country’s life […]

Local, Foreign Insurance Cos. readying to sell in Myanmar

YANGON—Myanmar’s Ministry of Planning and Finance is set to give the go-ahead to joint ventures between local and foreign insurance companies next month. The country’s insurance business regulatory board, which is overseen by the Ministry of Planning and Finance, is currently scrutinizing companies that have submitted requests for proposals (RFP), U Zaw Naing, the board’s […]

One in 4 people in Myanmar still poor, report says

One out of four people are still under the poverty line in Myanmar, according to the “Myanmar Living Conditions Survey 2017” released on Thursday by the Ministry of Planning And Finance. The survey was conducted with financial and technical assistance from the World Bank and United Nations Development Programme (UNDP). However, the percentage of the […]

Invitation For Bids – Advertisement, Modernization of Public Finance Management Project, Deadline: 30th July, 2019

The Republic of the Union of Myanmar Modernization of Public Finance Management Project ICT: Supply of Software: Lot 1:VMware for DR Site of JPAC, Lot 2:Security for DR Site of JPAC Ref No: MPFMp-JPAC-D1-GS-604 This Invitation for Bids is for ICT supply of software – a total of two packages – Disaster Recovery Site for […]

Finance ministry cuts microfinance loan interest rates

A new directive from the Ministry of Planning and Finance (MOPF) has reduced interest rate for microfinance loans and compulsory saving. The new rates are to take effect at the beginning of this month but the announcement was released after four days of the effective date, causing microfinance institutions to be in a difficult position. […]

Inflation higher than expected in first half of 2018-19

Inflation in the first six months of the current fiscal year of 2018-19 exceeded the government’s forecast by 2.7 percent, U Maung Maung Win, deputy minister of the Ministry of Planning and Finance, said at the Pyidaungsu Hluttaw meeting held yesterday. Inflation averaged 7.3 percent during the six month period ending in March compared to […]

Myanmar opens insurance market to Prudential, Dai-ichi and 3 other foreign firms

YANGON — Myanmar’s government on Friday provisionally authorized five multinational insurance companies, including U.K.-based Prudential and Japan’s Dai-ichi Life Holdings, to establish wholly owned subsidiaries in one of Southeast Asia’s least-insured countries. The Planning and Finance Ministry’s announcement came as a surprise as it had earlier said it would allow only up to three foreign […]