Business

Huawei brings leading digital solutions to Myanmar

 

Rice export earnings hit over $ 280 million

 

From April 1 to August 2 of the mini budget year, Myanmar earned US$ 288.986 million from exports of 833,663.820 tonnes of rice and broken rice according to Myanmar Rice Federation.

Exports of 363,878.420 tonnes of rice and broken rice via sea routes hit US$ 121.121 million and exports of 469,785 tonnes via border route, US$ 167.865 million.

Most of foreign companies fail to contact IRD for tax clearance

 

More than 5,000 foreign companies fail to contact Internal Revenue Department (IRD) for taxation in 2017-2018 FY, according to an educative talk on taxation at the State Lottery Department (branch) in Yangon on August 15.

Tun Than, Director of the Medium Taxpayers Office-2 at the IRD said: “Only around 1,000 out of 6,000 foreign companies contacted the IRD for the scrutiny of taxation till the end of 2017-2018 FY.”

Myitkyina to create as economic development zone

Union Minister for Commerce Dr. Than Myint said that an economic development zone will be created in Myitkyina.
The zone will be established in Myitkyina, the capital and largest city of Kachin state with agricultural and produce section given priority and value added goods will be produced, according to Dr. Than Myint.

Greenback hits record highs after the CBM ditches reference rate

 

The value of a US dollar hits a record high of Ks-1488 after the Central Bank has abolished the reference rate for currency exchange.

On August 13, the CBM issued an announcement that abolishes the currency exchange system with a variation of +/- 0.8 per cent of the reference rate fixed in November 2012. It will be applicable to all banks with Authorized Dealer License (A.D) and exchange counters with Money Changer License (M.C).

Trade deficit at nearly $1 bn despite over $12-bn foreign trade in four months

Myanmar's foreign trade value hit over US$12 billion over the past four months, exceeding over US$1.4 billion compared to the same period of last year, but trade deficit has reached nearly US$1

CBM cannot control local currency depreciation effectively: critics

 

Central Bank of Myanmar (CBM) is unlikely to effectively control the greenback appreciation against local currency due to the lack of control over illegal currency exchange markets, a drop in foreign reserves and huge external debts, banking experts and economists have criticized.

Local currency has reached a record low. The value of US dollar is expected to hit up to Ks-1500.

Additional service charges will be added to commercial taxes: IRD

 

Internal Revenue Department on August 13 issued an announcement that hotels, guest houses and restaurants will collect bottle charges, room service charges and service charges in addition to the commercial taxes levied on accommodation and foods.

Apart from goods and services exempted under the Union Tax Law, commercial taxes will be levied on all goods and services.

Local and foreign companies invited to cooperate in Yangon staff housing project

Yangon Region government has invited local and foreign companies to cooperate in implementing a staff housing project on 183 acres of land, according to government sources released on August 12.

Myanmar rice export earns less profit as Chinese currency declines

As Chinese currency declines in the world financial market, rice produce from Yangon and Ayeyawaddy Region when exporting via Muse 105 mile wholesale market, Myanmar got less profit according to director Tin Ye Win, in charge of Muse 105 mile wholesale market.