Business

Foreign investment in hotel and tourism reaches US $2.7billion

 

Myanmar has received foreign investment of more than US $2.687billion in 67 businesses in the hotel and tourism sector as of January 2017, the Directorate of Investment and Company Administration (DICA) reported.

The hotel and tourism sector is the 7th industry most invested in, accounting for 3.87 percent. 

Mapco expects to get listed on YSE

The executive director of Myanmar Agribusiness Public Corporation (MAPCO) said that the company will likely to be listed on the Yangon Stock Exchange.

According to the record, there were a total of 1,343 stakeholders of the company in 2014-15 FY. It was led by Chit Kaing, Zaw Zaw and Zaw Win.

Currently, the company has sold a total of 602,649 shares to the public.

The company is operating businesses such as port services in Thilawa, rice mills and agriculture.

Joint Bill Committee suggests reducing 3% commercial tax to 1% in buying gold jewellery

While the 2017 Tax Revenue Bill states that 3 per cent commercial tax shall be levied on sales of gold jewellery, the Joint Bill Committee has suggested that the amount should be only 1 per cent, in a report to a regular session of the Union Parliament held in Nay Pyi Taw on Monday.

According to the bill, buyers of gold jewellery are to pay 3 per cent commercial tax. The bill first fixed the commercial tax as 5 per cent, which jewellery shop owners said was impossible. Therefore, the bill was amended to collect 3 per cent.   

FDI brings about property market boom

 

The local property market, especially in industrial zones, is expected to boom as the country sees a massive influx of foreign investments, according to House.com.mm.

IRD fines 22 restaurants not abiding by tax law

From April 1 to January 31 of this fiscal year, the Internal Revenue Department fined 347 restaurant owners in Yangon who failed to stick tax stamps on receipts.

Legal vehicle trade declines

Although trading volume is increasing in Myawaddy, legal imports have declined. According to new import vehicle policy, only left-hand drive vehicles are  allowed into Myanmar, and the import of Toyota Vigo, which are used for business, are now prohibited to enter the country by land. The new policies have been largely ignored and legal imports have declined, according to businessmen from Myawaddy border gate.

Myanmar to promote private investment in coming fiscal year

Myanmar will promote private investment in the coming 2017-2018 fiscal year (FY) by reducing state investment in commercial sectors and focusing on infrastructure, according to the national planning figures for the next year. 

16m mobile users registered: MPT

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US company in Thilawa looks to export

The US Ball Corporation producing drinking cans for the 

Housing boss demands more land and investment