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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 […]

Myanmar’s parliament approves proposal to assess quality of private schools

YANGON, Aug. 15 (Xinhua) — The House of Nationalities (upper house) of Myanmar has approved a proposal to assess the quality and credibility of certificates of private schools, parliament sources said on Thursday. Private schools are conducting the courses in affiliation with overseas universities, education foundations or in their own curriculum. Supporting the proposal, parliament […]

Myanmar to Join International Anti-Corruption Academy

YANGON—Myanmar’s Union Parliament has approved a proposal for the country to sign on as a member in the International Anti-Corruption Academy (IACA), in a bid to expand the capacity of the country’s own anti-graft body. The proposal to join the global institution was put forward by President U Win Myint last month. During parliamentary sessions […]

IRD to introduce Income tax bill to parliament

The Internal Revenue Department (IRD) drafted a new income tax law with the help of International Monetary Fund (IMF) expert, U Min Htut, director general of Internal Revenue Department (IRD), told The Myanmar Times. He said the new legislation will modernise the rules and “effectively cover” different parts of the economy, catching up with international […]

Parliament Approves $40M French Loan to Upgrade Hydropower Plants

YANGON—The Union Parliament approved on Thursday a €35.7-million (US$40 million or 60-billion kyats) loan from Agence Française de Développement (or the French Development Agency) to be used for major upgrades to five hydropower plants in four regions as Myanmar experiences country-wide waves of regular power cuts. Of the 606 lawmakers in attendance, 546 voted in […]

Don’t stinge on budget to avoid power cuts during summer: MOEE

In Parliament yesterday, the Ministry of Electricity and Energy (MOEE) said the annual budget for power generation should be sustained in order to avoid power cuts and blackouts in the summer. “The budget proposed by the MOEE should be maintained and not cut to avoid power outages. Power generation is not something that happens overnight […]

Government seeks parliament nod on forming new ministry

President U Win Myint on Tuesday informed the Pyidaungsu Hluttaw (bicameral parliament) about a plan to establish a Ministry of Investment and Foreign Economic Relations to oversee overseas assistance. “To aid national economic development, the ministry will supervise assistance and aid provided by the UN, international organisations, and the international community in line with the […]

Govt deploys strategy to raise tax revenues

Myanmar will implement plans to raise tax revenues in the coming years. “Our target is collect over 15 percent in taxes to GDP,” said U Min Htut, director general of the Internal Revenue Department under the Ministry of Planning and Finance. The tax to GDP ratios of other ASEAN countries are all above 10pc, with […]

Investments declined in 2017-18: MIC

Despite an increase in the volume of projects, total investment in value terms fell by around US$900 million in 2017-18 compared to 2016-17, U Thaung Tun, chair of the Myanmar Investment Commission (MIC), said in Parliament last week. In the 2017-18 fiscal year, Myanmar received $5.7 billion for 222 projects. Around $1 billion of the […]

Construction sector to submit draft Apartment Law to parliament

The Myanmar Licensed Contractor Association (MLCA) has drafted a proposed Apartment Law to address a regulatory gap in the property sector. Its aim is to generate more demand and create a market for apartments in Myanmar. The MLCA’s Apartment Law seeks to regulate apartment buildings developed on land areas of less than 20,000 sq ft. […]