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Higher revenue collection reported by the IRD

The Inland Revenue Department (IRD) has collected K4.9 trillion in revenue across five categories of taxes from October 2018 to June 2019. According to the IRD, the amount collected was more than the amount collected in the corresponding period of last year. Four-fifths of the amount collected this year came from income tax, commercial tax, […]

Better oil and gas deals needed in the future, say experts

Efforts must be taken to lessen Myanma Oil and Gas Enterprise’s (MOGE) tax burden from contracts signed with joint-venture firms to work offshore oil and gas fields, a report states. According to the “State-Owned Economic Enterprise Reform in Myanmar: The Case of Natural Resource Enterprises” report by the Natural Resource Governance Institute (NRGI) and Renaissance […]

Gas pipeline at Zawtika to be replaced

The replacement of a gas pipeline at the Zawtika project, offshore of Myanmar, will be conducted to reliably supply gas to Myanmar, said Mr. Piya Sukhumpanumet, general manager of PTTEP Myanmar Asset. Mr Piya was speaking to journalists during a media tour to Zawtika, located in block M-9 of the Moattama Gulf, Tanintharyi Region on […]

More foreign investments now likely in pearl farming industry

The Myanmar Pearl Law has been amended for the second time to allow foreign direct investments (FDI) in the sector, U Min Oo, managing director of the Myanmar Pearl Enterprise, told The Myanmar Times. According to U Min Oo, the pearl production sector is now among the extraction sectors that will be open up to […]

Businesses call for lower taxes amid slowing economy

Myanmar businesses are urging the government to lower the country’s tax rates to alleviate pressure from the rising dollar exchange rate and slowdown in demand in recent months. According to the quarterly Business Sentiment Survey by the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI) released last month, Myanmar’s high taxation rates are […]

Taxes on tobacco and alcohols increased in Union Taxation Bill

According to the Union Taxation Bill for 2018-2019 FY submitted by the Ministry of Planning and Finance on behalf of the Union government, taxes levied on cigarette, cheroots and alcohols are raised. Deputy Minister for Planning and Finance Maung Maung Win submitted the Union Taxation Bill for 2018-2019 FY at the session of Union parliament […]

Retailers flag need to regulate e-commerce industry

The Myanmar Retailers Association last week submitted a request to regulate the e-commerce industry to Vice President U Myint Swe and the government’s Private Sector Development Committee during a meeting between the latter and local businesses. Retailers say that while a rising number of consumers are now purchasing goods from individuals and businesses online, many […]

Mandalay warns business license holders who violate regulations

The Mandalay City Development Committee (MCDC) has vowed to crack down on abusive businesses, such as those that secure contracts for collecting parking fees under the government’s auction system. The warning was issued as the MCDC on Saturday auctioned off six-month business licenses for the April 1 to September 30 period and one-year business licenses […]

Yangon to get three fish-farming zones

The Fisheries Department will establish three livestock breeding zones for the production of international-standard marine products in three townships in Yangon in 2018-2019 fiscal year, said a department official. The department is working to develop livestock industries in Kayan, Thonegwa and Kwanchangone townships, said Tun Win Myint, director of the Fisheries Department. Some 10,000 acres […]

Yangon elevated expressway doesn’t need MIC approval: official

The Yangon elevated expressway project is a government-to-government project and it doesn’t need approval from the Myanmar Investment Commission (MIC), according to the MIC. “Government-to-government projects are not submitted to the MIC. If the investment is made by public, private and partnership and as a developer, it is submitted to the MIC. The infrastructure projects […]