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Illegal trade takes a heavy toll on country’s economy

Smuggling and illegal trade continue to be a major problems for the country’s economy, says the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). According to the Business Sentiment Survey issued by UMFCCI in May, illegal trade stands at sixth among the top 10 issues hampering the country’s economy. The survey was […]

Traders expect better business on wider trade financing options

Now that the Central Bank of Myanmar (CBM) has allowed a total of seven foreign banks to provide trade financing services in Myanmar, traders are anticipating much better business in the months ahead. Last December, the CBM permitted 13 foreign banks to apply for approval to offer trade financing services in the country. Since then, […]

UMFCCI members push for lower tax rates

BUSINESSES at the Union of Myanmar Federation of Chambers of Commerce and Industry have urged Nay Pyi Taw to lower the tax rate, while the Internal Revenue Department said the tax rate has been lowered on an annual basis. Businesses collectively asked the tax rate to be reduced during the Chief Financial Officer conference (CFO […]

New rules, incentives will boost taxpayer numbers

Paying tax is the duty of every Myanmar citizen. Without sufficient tax revenues, the country must rely on resource exports and foreign debt to fund its growing fiscal budget. However, many say the benefits of paying taxes to the government, which typically involve public infrastructure and subsidised healthcare and education, have so far been lacking. […]

Rejoining Asia’s Rice Bowls

Rice is one of the major sectors prioritised by the Myanmar National Export Strategy. The Strategy was designed to fuel the country’s sustainable development through export promotion and was first launched in March 2015 under the previous administration. At one time, the country was the top rice exporter internationally until the Second World War. Subsequently, […]

Exports Prioritised to Meet Trade Target

​​ According to official figures from the Ministry of Commerce, trade volume reached US$23 billion until the end of January in this fiscal year. The ministry has set the target trade volume to be $31 billion, therefore the ministry will continue trying to achieve its target over the next two months, said U Khin Maung […]

Incentives needed to legalise business, says DICA chief

According to the Directorate of Investment and Company Administration (DICA), around 71,000 companies have officially registered since 1988 when Myanmar amended its investment laws. This number is lower than the official figures in other ASEAN nations. However, DICA’s director general U Aung Naing Oo stressed that the real number of companies in Myanmar is much […]

Mifan not Htamin: Rice Bags Must be Printed in Chinese

Legal exports of rice to China must include rice bags printed in Chinese language, according to an official from the Myanmar Rice Federation (MRF). The export of rice occurs mainly through the Muse border, where legal exports have recently started, but most rice passes through unsanctioned and illegal trade routes. According to the an agreement […]

Criticism dogs Myanmar Rice Federation’s China choices

The Myanmar Rice Federation’s choice of companies that will be registered for legal exports to China is receiving criticism from small-scale players as well as large businesses. Some of the country’s largest exporters were left off last month’s list of nine companies that would be permitted to handle the rice trade, while several of the […]

Myanmar to Pour Rice into China Slowly

The Myanmar Rice Federation (MRF) and China’s state-run agri business company COFCO Ltd signed a memorandum of understanding to export up to 100,000 tonnes of rice to China in accordance with market prices at the time of shipment, said an official from MRF. The agreement aims to prevent losses from both sides, as Myanmar cannot […]