Business

Long term and short term plans to be formulated for prohibiting illegal trade

Long term and short term plans are being formulated to prohibit illegal trade at border points.

The Ministry of Planning and Finance and the Custom Department are going to use long term and short term plans in order to prohibit the illegal transportation of commodities.

Somkid promises responsible Thai investments in Myanmar

YANGON

THE BUSINESS communities of Myanmar and Thailand have been encouraged to foster economic cooperation by Thai Deputy Prime Minister Somkid Jatusripitak’s high-level business delegation.

Somkid last Friday delivered a speech at the Thai-Myanmar Business Cooperation Forum, which gathered hundreds of businesspeople from both countries. There, he assured responsible investments by Thai firms.

US tech firm opens in Myanmar

YANGON

DIEBOLD NIXDORF, a leading US tech firm with a presence in more than 130 countries, announced the opening of its office in Myanmar’s commercial hub.

Neil Emerson, the firm’s senior vice president and managing director for Asia Pacific, said that its customers’ positive feedback and satisfaction drove them to establish an on-the-ground presence in Myanmar.

Tax on alcohol, beer and cigarette to be increased next year

Tax levied by the government on alcoholic spirits, beer, wine and cigarettes will be increased in the upcoming fiscal year 2017-2018.

For example starting from April 1, 2017, tax levied for various kinds of cigarettes containing 20 pieces per unit will be Ks. 4 for a cigarette from Ks. 3 for a cigarette, which is Ks. 400 for a unit. Also, tax levied per cigarette for one unit rises from Ks. 401 to 600 It will be Ks 9 per cigarette, up from   8 last year.

Myanmar likely to receive more foreign investment

More foreign investment will flow into Myanmar in 2017, says Secretary Aung Naing Oo of Myanmar Investment Commission.

“I’m optimistic about foreign investment for this year. We have a new investment law enacted on Oct 1, 2016. By-laws are coming soon. The Parliament is discussing a law for companies.” said Aung Naing Oo.

Currently more new industrial zones are being planned in regions and states across the country.

Yangon expecting water taxi service

Authorities will select private companies for running a water taxi service in Yangon’s waterways in coming week, says Secretary Dr Maung Aung for the Yangon Region Transport Authority.

Gold buyers to pay 3% tax under new law

According to the Union Taxation Law (2017), which will take effect in April, gold buyers will have to pay a 3-percent commercial tax, said Kyaw Win, the secretary of the Myanmar Gold Entrepreneurs Association. This is down from a 5-percent rate under the current law.

Rice exports fall from last year

 

Myawaddy export earnings decline

Export earnings have declined at the Myawaddy border, compared with the figures from the last five years, according to official sources.

Trade increased after the New Asia Road crossing the Dawna hills was opened, according to the Ministry of Commerce.

Until January this fiscal year, border trade reached US$723.7 million with exports making up a feeble US$46.17 million.

Gas export profits fall

Myanmar has earned US$2.4 billion from natural gas exports until the end of January this fiscal year, US$1.1 billion less than last year, according to the Ministry of Commerce.