FDI has risen under the NLD: U Set Aung

Foreign direct investments (FDI) have increased under the NLD government, said U Set Aung, deputy minister for planning and finance. “The total approved FDI during the two years from April 2016 to the end of March 2018 under the current government is 16 percent of the total FDI approved during the entire period from 1988 […]

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 […]

Anti-corruption drive dodges political donations and criminal liability

Nay Pyi Taw has stepped up its efforts to curb corruption by empowering the anti-graft body and reaching out to the private sector. Yet, the announcement from the Directorate of Investment and Companies Administration (DICA) has created confusion among businesses. Crucially, there are still no criminal liability for offering bribes and no effective regulations on […]

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 […]

Ten Reasons Behind Myanmar’s Economic Slump

YANGON—A recent business sentiment survey of the second quarter of 2018 outlined ten main reasons why Myanmar’s businesses are facing worse conditions now compared to the two previous years. Nearly 1,500 businesses from the service, manufacturing and trade sectors contributed to the survey which was conducted by the Republic of the Union of Myanmar Federation […]

IRD to build ICT system enabling tax payments

Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD). The IRD is now inviting qualified service providers including the banks and mobile money service operators to submit Expressions of Interest (EOI) to develop an information and communications […]

E-commerce sector under govt scrutiny for tax purposes

Government departments are rushing to manage and regulate e-commerce for tax purposes, according to the Ministry of Commerce (MOC) and Internal Revenue Department (IRD). Currently, e-commerce businesses mostly use Facebook to promote or trade products. Meanwhile, other online platforms created specifically for online shopping are growing quickly in the local market, according to the Myanmar […]

2.0 launches ride-hailing app which includes bikes, boats and horse carts

2.0 Limited has launched a new transport mobile app in Yangon, Mandalay and Nay Pyi Taw that could rival Grab’s taxi app. The new OK app, which launched earlier this month, offers both drivers and passengers more flexibility and options compared to the other taxi apps in Myanmar. ‘’We created this app with Myanmar citizens, […]

Shut down of Moehti Moemi gold mine helps no one: company

The government’s suspension of the Moehti Moemi gold mining concession had affected the lives of 5000 company workers, and had cost the government between 26.6 kilograms and 53.2kg of gold in lost monthly revenue, U Soe Tun Shein, chairman of National Prosperity Co Ltd, which operated the concession, said at a press conference last Friday. […]

Unfair taxes, illegal border trade stifle Carlsberg’s Myanmar plan

Michael Jensen, managing director of Carlsberg Myanmar, didn’t bother to hide his frustration at the environment in which his brewery has been forced to do business in the country. “We are faced with a tax regime that is completely unfair, incredibly bothersome bureaucratic procedures and illegal trading of beer across the Thai and China borders,” […]