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Over 220 factories in Yangon file for complete closure, temporary closure or redundancy

As Myanmar experiences the Covid-19 second wave outbreak, over 220 factories in Yangon Region have filed for complete closure, temporary closure or redundancy starting from the end of this month, said Region Minister for Immigration and Human Resources Moe Moe Su Kyi. “There are 223 factories. Among them, 53 will close down, 146 lay off […]

Myanmar parliament suggests gradually raising taxes on undeclared income

The Pyidaungsu Hluttaw Joint Bill Committee has suggested reinstating tax rates on undeclared sources of income at a gradual pace in the new fiscal year. “We suggest that the government amend the proposal to reinstate the 30 percent tax. It should instead adjust the tax brackets for undeclared sources of income so as to provide […]

Govt seeks parliament approval for US$131M loan

The government is seeking approval for a loan of US$131 million from South Korea that will be used to upgrade the country’s natural-gas infrastructure, a senior official says. “The financing is meant to be used for a project to build a pipeline for the Shwe offshore gas field that will connect to the Myanmar-China gas […]

Myanmar MPs Vote to Regulate, Tax Chinese-Backed Banana Trade

NAYPYITAW – The Upper House of Myanmar’s Parliament on Monday approved a proposal to regulate China-backed banana plantations and levy a tax on the industry. Earlier this month, parliamentarian Dr. Khun Win Thaung of Kachin State submitted the proposal to the Upper House, saying tissue-culture banana plantations operated by Chinese companies are threatening the community’s […]

Union parliament approves treaty to abolish child labour

The Pyidaungsu Hluttaw (Assembly of the Union) has approved Myanmar’s ratification of an international treaty to abolish child labour in the country, but some legislators doubt the government’s ability to implement it. The Minimum Age Convention (138) of the International Labour Organization (ILO), which includes the abolition of child labour, was approved on Tuesday. The […]

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 […]