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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 […]

Myanmar to borrow more than 1.4 billion baht for more electricity

The Pyidaungsu Hluttaw has approved the borrowing of 1.4 billion baht from Thailand’s Neighbouring Countries Economic Development Cooperation Agency (NEDA) to supply more electricity in Yangon Region. With this loan, the Ministry of Electricity and Energy will make sure that Yangon’s power distribution system is improved and the frequency of power shortages reduced, said deputy […]

Myanmar real estate service law to be enacted within three months

The Pyidaungsu Hluttaw will approve a real estate service law within three months, said U Tin Maung Win, chair of Transport, Communication and Construction Committee at Myanmar Real Estate Services Association annual meeting on March 23. “Although some have said that it is too early, the law will be enacted within three months if it […]

Hluttaw passes amendments to consumer law

The Pyidaungsu Hluttaw (Assembly of the Union) approved amendments to the Consumer Protection Law at its session on Tuesday. The bill passed by 410 votes for and 156 against. There was some debate among MPs over a provision in the bill requiring the labelling of goods in the Myanmar language that would take effect a […]

Parliament passes gemstone bill amid criticism

Myanmar’s parliament has passed a controversial bill governing the gemstone sector, paving the way to restart the licensing of mining companies after a two-year moratorium. Upon taking office in 2016, the National League for Democracy-led administration suspended issuing new or extension of existing gemstone licences pending a governance review intended to clean up the sector. […]

Trademark Law and Industrial Design Law enacted

Myanmar has enacted legislation to protect intellectual property (IP)in another step forward for businesses in the country. On January 30, the Trademark Law and Industrial Design Law were passed into legislation by the Pyidaungsu Hluttaw. However, both laws provide that they will be effective only after a notification is issued by the President of Myanmar. […]

Traders hope for a boost from new gem laws

The new amendments to the law governing the extraction of gemstones in Myanmar are expected to offer relief for the gem industry in Mandalay. Industry insiders interviewed by Myanmar Times said they hope the market in Mandalay will bounce back this year after the Pyidaungsu Hluttaw on December 18 amended the tax rates and restrictions […]

Amended Labour Law Likely to Impact on the Country’s Economy

A panel discussion was held on the 14th of July, under the name of; Implications of Business Related Law: Impact on Investment and Economic Development. It was held at Amyothar Hluttaw (upper house), of the Pyidaungsu Hluttaw (The Assembly of Union). The aim of this meeting was to discuss and dispute an increasing of fines, […]

Electricity sector could lose K630billion in 2018-19

The electricity supply sector is forecast to lose about K630billion in the coming 2018-19 fiscal year, said Dr Tun Naing, deputy minister for Electricity and Energy, told Pyidaungsu Hluttaw yesterday. “Power generation and distribution is expected to lose about K629.9 billion in the fiscal year of 2018-19,” Dr Tun Naing said during his presentation. In […]

Govt racks up larger debt, but more is local

The NLD government has accumulated debt totaling K6.7 trillion during the duration it has been in power, according to documents supporting the 2018-19 Budget. That’s more than half the K11.7 in debt racked up by U Thein Sein’s former administration during its entire five-year term. However, while U Thein Sein’s Union Solidarity and Development Party […]