Business

Largest foreign taxpayers for 2016-2017 FY announced

Internal Revenue Department has announced the list of foreign companies that paid most in tax for 2016-2017 fiscal year with Moattama Gas Transportation paying over K140 billion in income tax and Myanmar Brewery paying over K100 billion in commercial tax.

Top 10 lists for income and trading Tax payers announced

 

According to the Internal Revenue Department, Kanbawza Bank and Dagon Beverages lead the list of highest income tax payers among domestic companies for 2016-2017.

KBZ Bank lead the top 10 list with over Ks 20 billion and the rest under Ks 10 billion are Diamon Star, Myawaddy Bank, Shwe Taung Development, Myanmar Economic Holdings Limited, Myawaddy Trading, PT Power Trading, Thilawa SEZ Administration.

FDI expected to hit $3 billion in six months

From April to September this year, the country’s inflow of foreign investments is expected to reach as much as US$3 billion (4.06 trillion kyat), said Than Aung Kyaw, deputy director-general of the Directorate of Investment and Companies Administration.

More fish auction markets planned for Myeik despite local criticism

The government is planning to develop a quality fish-auction market as Japan helps draw up a masterplan for the development of Myeik town in Taninthayi Region, said Region Chief Minister Dr Le Le Maw.
The chief minister revealed the plan in a recent meeting with local people and departmental organisations in Myeik after local residents criticised the government for attempting to launch a new fish-auction market. Locals suggested the government instead provide assistance to the existing international fish-auction market.

MIC plans to reduce SME registration fee

The Myanmar Investment Commission (MIC) is planning to reduce the registration fee for small-and medium-sized enterprises (SMEs), it announced at a press conference. 
Aung Than Kyaw, deputy director-general of the Directorate of Investment and Company Administration, said: “The MIC plans to reduce fee significantly. It is too early to reveal the exact amount. The move is to enable starting businesses to reduce their costs as much as they can.”
The current company registration fee is around K500,000, but general expenses take the total to K1 million.

More investment made in Thilawa SEZ this year

 

More than US$280 million has been invested in the 2017-2018 fiscal year at the Thilawa Special Economic Zone (SEZ), including promotion of existing investment, according to the Directorate of Investment and Company Administration (DICA).

“There are nine new investments until January 19 in Thilawa SEZ, and investment is US$280.29 million,” said an official from DICA who did not want to be named.

Ooredoo Myanmar announces plans for 2018

Ooredoo Myanmar proudly announced on Thursday some of its plans for this year, with the main focus on its 4G network expansion.

VikramSinha, chief executive officer of Ooredoo Myanmar, was proud to say the telco currently offered the strongest and widest 4G coverage in Myanmar. He committed to ramp up its 4G rollout over the next few years.

Price of beans plunges with India ban, new markets emerge in Pakistan, China and Nepal

Myanmar, previously dependent on the Indian market to purchase green gram and pigeon peas, has had to develop markets in Nepal and Pakistan after India placed a ban on bean imports. And now China is emerging as a customer for the legumes.

Recently, China started buying beans via the border gate, said Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry.

CPI increases by 4.4% in last year’s December

With commodity prices increasing, the Consumer Price Index (CPI) that measures the cost of a mix of household necessities, in December 2017 stood at 138.29 per cent of its 2012 baseline, a 4.45 per cent increase over the same period last year.

The nationwide CPI for the food item group was 150.63 per cent, with non-food items at 120.92 per cent for non-food item and all other items at 138.29 per cent compared to the 2012 baseline, according to the Central Statistical Organization (CSO) at the Ministry of Finance and Revenue.

Local businesses fret over minimum wage hike

 

By KhineKyaw

Myanmar Eleven

Asia News Network

Yangon