Gold and jewellery trade centres to open in three cities

Gold and jewellery trade centres will be opened in Yangon, Mandalay and Nay Pyi Taw soon, said Planning and Finance Minister Kyaw Win on August 28. “We have already negotiated with various businessmen to open gold and jewellery trade centres, which will be open all year long. It will facilitate business for whatever they sell […]

Tax hike on auto imports ‘not right solution’: merchants

Japanese used cars being imported across the Thaungyin River. Myanmar merchants on the Myawady border with Thailand complain that a pending increase in tax on imported vehicles is negatively impacting ordinary people. The border point has seen a rise in vehicle imports this month after the government declared it would increase vehicle import taxes from […]

Ex-MP warns of possible corruption in Yangon development projects

It is crucial that land development projects carried out by the Yangon City Development Committee go ahead only after rigorous verifications regarding tax evasions and money laundering, said former MP Dr Nyo Nyo Thin. She said current MPs lacks a full understanding of legal and regulatory processes that city development projects require. “It must all […]

Traders seek to recoup losses on K5 billion in seized rice

About 50 rice traders from Mandalay Region and Katha, Banmauk, Htigyaing and Kawlin townships in Sagaing Region said their partner’s detention for the past two months has hurt their business. Their meeting at the Banmauk rice traders association office on Wednesday was attended by National League for Democracy MPs from Banmauk. U Aung Thein, who […]

As the World Moves to Renewable Energy, Myanmar Will Follow

YANGON — The government has been pushing plans for coal-fired power plants to address Myanmar’s great need for electricity. Renewable energy expert Hans-Josef Fell talks about how Myanmar can develop its energy plan. Fell is a former parliamentarian in Germany and the current president of the Berlin-based Energy Watch Group. The Myanmar government has been […]

Tenders to be invited for sub-Ks100 million projects in Rakhine

Subscribe to our tender alert mailing list Rakhine State government has announced yesterday that it will invite tenders for projects with investments of not more than Ks100 million. The announcement came at the coordination meeting on inviting tenders for the projects for the 2016-2017 financial year. “We envision development and security in Rakhine State with […]

Local airlines squeezed by expensive petrol and taxation

In Myanmar, there are 10 domestic airlines and 58 planes in total which are serving local and international passengers. Compared with the rest of ASEAN, flights are rather costly, according to local airlines and the Union of Myanmar Travel Association (UMTA). “During rainy season, only three out of 10 airlines can run. The main problem […]

Traders wish for negotiations with Chinese for blocked bank accounts

Traders want the State to enter into negotiations with the Chinese government over 1,000 bank accounts of Myanmar merchants which are frozen by Chinese banks, merchants said. The Chinese government blocked the bank accounts which are used in transactions in the course of taking actions against illegal importers from Myanmar and Viet Nam. The bank […]

Effort to get tax exemption to export garment

Local garment factories are attempting to export their own branded garments, according to the Myanmar Garment Entrepreneurs Association. Currently, local garment factories export their products with the Cut-Make-Pack (CMP) system. “We are unable to export our products with the Free-On-Board (FOB) system. Currently, we are trying to get tax exemption for the FOB system. “We […]

Homebuyers Must be Transparent When Buying Property, Say Lawyers

Real estate lawyers have urged buyers and sell­ers to stop the practice of lowering the price of their properties on paper agreements to avoid pay­ing tax, saying it could damage the image of the industry. “Lowering prices on payment agreements to avoid tax could have far reaching consequences,” said U San Win Aung, Managing Director […]