Business

New affordable flats to be sold under instalment plan

Residential flats of the Ayawon and Yadana housing projects will be sold under an instalment plan through the Construction and Housing Development Bank (CHDB), according to the bank.

"We have to negotiate how much money to lend and how to lend it because there is a small price gap between the cost of these apartments and that of others currently available in the market," said an official from the CHDB.

High demand for Thai-made cars

The demand for vehicles imported legally through the Myawaday border from Thailand is high with prices on some models increasing, say market observers.

"Trucks like the Toyota Hilux that are made in Thailand are in demand," said one auto dealer who was not identified. "Prices for those trucks have gone up at least 15,000 baht over the last three months. (The price for) used cars sold in Myanmar without a licence or registration seems to be going down."

KBZ Bank to pay more tax

KBZ Bank is expected to pay Ks 30 billion in taxes during the 2016-17 fiscal year, said Nyo Myint, the bank's senior managing director, at the Top Tax Payers Award Ceremony on April 4 in Yangon.

New housing in Dagon Seikkan Township to go on sale in October

Newly built apartments under the Yadanar and Ayerwut affordable housing projects located in Dagon Seikkan Township, Yangon, will go on sale in installments beginning in October, according to Kyaw Soe, the Regional Minister of Construction, Forestry and Energy.

The first phase of the housing projects, carried out by the Department of Human Settlement and Housing Development, consists of 7,200 units and will be sold according to the instructions from the Ministry of Construction and the Yangon regional government.

MIC accepts investments from 77 companies in first quarter of 2015

Myanmar has invited 77 local and foreign companies to make investment in all sectors of the economy, including oil and gas exploration, commodity goods production and hospitality, in first quarter of 2015, according to the Myanmar Investment Commission (MIC).

The MIC met five times between January and March, 2015.

The permissions were granted at the request of regional governments, Union ministries and other organisations. The investments are expected to boost local employment opportunities.

Audit firms vie for Myanmar contract

One of three international audit teams that will check the transparency of resources will be chosen after their financial reports are inspected, according to Myanmar EITI (Extractive Industries Transparency Initiative) Coordination Office.  

The three shortlisted audit firms are UK-based Moore Stephens, Australia’s ENY and EU-based Fair Link. 

Foreign insurance firms get green light

Myanma Insurance, the state-owned insurance company, has announced the completion of rules and regulations for foreign firms to operate in special economic zones, adding that foreign companies will be required to pay a US$30,000 licence fee.

They would be allowed to operate in special economic zones (SEZ) such as Thilawa, Kyaukpyu and Dawei which were under construction, it said.

Region prepares to scrap customs tax

As part of the plan to establish the Asean Free Trade Area (AFTA), Cambodia, Laos, Myanmar and Vietnam (CLMV) will be removing customs taxes in 2018.

“CLMV have exempted up to 60 per cent of trade lines which is over 4,200 lines in 2008, up to 80 per cent by 2012 and until January 1, 2015, 93 per cent. The remaining 7 per cent will be included in the exemption by 2018,” said Kyaw Win, director of the Customs Department.

The exemption of custom tax began in 1991. 

Mitsubishi, Capital Diamond Star to invest over US$200m

Mitsubishi Corporation from Japan and local firm Capital Diamond Star Group plan to invest over US$200 million in Myanmar through Lluvia, a joint venture set up by the two companies.

The plan calls for investment in the food and beverage industry within the next three years.

Inquiry into Kachin hydro projects rejected

The Kachin State Hluttaw on April 2 meeting rejected an inquiry seeking information concerning the termination of Confluence Region Hydropower Projects.

When In Pha yaung Gan, a representative of the Hpakant Township, asked for information regarding the final date for the termination of the hydropower projects which were temporarily suspended by the current government, it was rejected by Kachin State Hluttaw chairman on grounds that it is an issue that has to be discussed at Assembly of the Union, not at state level.