Businesspeople Urge State Counselor to Reduce Tax And Loan Interest Rates

Leading businesspeople urged State Counselor Daw Aung San Suu Kyi to reduce tax and bank loan interest rates during a meeting in the administrative capital Naypyitaw on Tuesday. Potential investors are maintaining a wait-and-see attitude and Myanmar’s economy is experiencing a slowdown, said leading builder U Maung Weik. Reducing bank loan interest and tax rates […]

Demand from education providers jolts real estate market

The Yangon real estate sector has received a much-needed boost from an unlikely source: education providers. Since foreigners were permitted to wholly invest in the provision of educational services in the country earlier this year, demand for high-standard condominium and office units has surged. This is because education investors find leasing or buying condominium or […]

Better PR, infrastructure needed to woo more Korean investors

Myanmar must be more proactive and enthusiastic across its attempts to attract foreign investors, such as visiting with the countries it plans to attract investments from. It should also better communicate developments that would be of interest to investors, such as recent directives on liberalising the education and retail sectors, Lee Hyuk, Secretary General of […]

Income Tax Law should be amended: MP

The Income Tax Law should be amended as there are weaknesses compared to those in the foreign countries, said Upper House MP Myo Win. According to him, the Ministry of Planning and Finance is making necessary changes to the law. As I mentioned earlier, another point is incentives for tax payers. For instance, a taxpayer […]

Property weak on canned tax amnesty bill

With interest in investment properties in Mandalay expected to be lackluster in the coming months, property agents reckon demand will likely centre on homes priced below K1,000 lakh. “Currently, most sectors of the economy are slowing, so we do not see much demand for resale properties,” U Wunna Soe, a property agent from Poe La […]

Confident of long term growth, Serge Pun bets big on tourism, property

Investors looking for clues on where the Myanmar economy is headed may glean some insight from Serge Pun’s recent corporate maneuvers. The 65-year-old Myanmar tycoon has not been idle of late. Last month, units of Peninsula Residences Yangon, a collection of 96 private luxury homes, went on sale. The homes are part of the Yoma […]

Construction sector under threat from high tax, interest rates

Unreasonably high tax and interest rates could lead to the collapse of Mandalay’s already ailing construction sector, U Shein Win, vice chair of the Myanmar Construction Entrepreneur Association (MCEA) told The Myanmar Times last Friday. Capital gains tax on the sale of a property in Myanmar is currently 30 percent, which is deterring activity in […]

Myanmar to learn from Malaysia on ease of doing business

In order to raise its rank on the World Bank’s ease of doing business index, a Myanmar delegation recently visited Malaysia, which is much higher on the index, to study the situation there. Their findings will be reported to the ministries and Vice President, said U Aung Soe, director of the Myanmar Trade Promotion Team. […]

IRD lowers stamp duty on property

The Internal Revenue Department (IRD) has announced that stamp duty for buying, transferring and mortgaging property will be reduced to 4 percent. The decision on the stamp duty reduction is a measure to boost the real estate industry. The current rate for stamp duty is 5pc. The 1pc reduction came after businesses on May 20 […]

Over 2500 villagers protest against MCL’s coal power plant

Over 2500 villagers, from 12 villages in Pyartaung area, Kyaikmaraw Township, Mon State, staged a protest on Saturday [Feb. 18], within the paddy fields of Kawpanaw Village, voicing opposition against the coal power-supplied electricity by Mawlamyine Cement Limited (MCL). The protesters want MCL to stop its coal-powered electricity supply aimed at powering its cement factory […]