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Casino operations to be legalised under new gambling law

Casinos will soon be able to legally operate in Myanmar after the 2018 Gambling Law is enacted in May, replacing the existing 1986 legislation. The new law, which includes recommendations from President U Win Myint, is now in the process of being approved in Parliament, which will resume after Thingyan in April. The updated law […]

High e-commerce potential, but growth stunted, for now

On November 11, 2018, online shoppers in Myanmar purchased goods worth US$90,000 on the Internet within the first hour of Alibaba Group’s global 11.11 sale. It was the first time the Chinese e-commerce giant had opened up the annual event to Myanmar, where just 1 percent of the population is exposed to e-commerce. Alibaba knows […]

Illegal trade more rampant than before, govt measures not effective

Government efforts to prevent illegal border trade have not been effective or sufficient and counterfeit goods are still being smuggled into the country. In fact, things are worse than before. “Illegal trade can’t be controlled. Illegal trade is worse than before even though measures were taken to reopen some of the border gates by the […]

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 […]

China’s latest Myanmar megaproject courts controversy

Nearly two years ago, Myanmar chose a Chinese consortium led by the state-run Citic to develop a $10 billion port and industrial park that could turn into the country’s largest foreign investment. With Beijing pledging to create 100,000 jobs and transform a poor region, the Kyaukpyu port plan potentially represents a huge win for Myanmar. […]

Change in fiscal year insufficient to address shortfalls in budget process

While seen as positive, Nay Pyi Taw’s proposed change of fiscal year alone cannot address the lack of flexibility in the annual budgeting process, according to businesses. The adoption of multi-year budgeting should be implemented instead. Lawyers, investors and financiers told The Myanmar Times that while changing the fiscal year could bring some advantage to […]

Number of Tax payers reaches over 300,000 in this FY

The number of taxpayers reached over 300,000 as of the end of October in the 2016-2017 fiscal year, allowing the nation to increase tax revenues, said U Myint Thaung, Yangon Region minister for planning and finance. Over Ks2,005,895 million have been received from a total of 363,266 taxpayers from April to the end of October […]

Crackdown on illegal imports nets US$18 million

Mobile teams patrolling for illegal trade have seized more than US$18 million in goods over the past year and a half, according to the Central Committee for Preventing and Controlling Illegal Trading. It said 3,391 cases of illegal trade have been transferred to the Customs Department as of June 26. The crackdown on illegal trade […]