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Construction industry hoping for less taxes

The construction industry is hoping for lower taxes for the industry, which had been lobbied for last year but was not approved when the Union Tax Bill 2019 was submitted to Pyidaungsu Hluttaw on August 7. Section 25 of the bill includes the tax reduction asked for by the industry. Construction executives pointed out that […]

Yangon to tax hostels in biggest migrant worker city

The Yangon City Development Corporation (YCDC) will tax hostels in Hlaing Tharyar township, which has the most domestic migrant workers in the city, said U Soe Thein Aung, YCDC chair of the township. There are over 6000 hostels that have at least 10 rooms each in Hlaing Tharyar. U Soe Thein Aung said that under […]

Samsung confident of staying on top in hot phone market

Zarni Win Htet, head of the information technology and mobile group at Samsung Myanmar, says his company is well-placed to solidify its position at the forefront of the country’s mobile phone market. With its mobile phones gaining in popularity in Myanmar, Samsung is also in a better position to capture more of the market because […]

Property market in Myanmar expected to stay flat till 2020

Myanmar’s property market has been lacklustre since 2015 and this situation is expected to continue until next year, said U Myo Myint, general secretary of the Myanmar Construction Entrepreneur Association during an industry discussion in Yangon last week. “This is the current situation. However, what is good is that there will be no worsening in […]

Govt collects more tax than expected

The government collected more tax revenue than expected during the six-month interim period between April and September last year, U Maung Maung Win, deputy minister for the Ministry of Planning and Finance (MOPF) explained during a Union Hluttaw session on January 21. A total of K3.4 trillion was collected compared to the K2.8 trillion projected […]

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 […]