Business

Govt unveils 5-year trade strategy

The government's second five-year National Development Plan, running to 2020-21, aims to boost exports with market-friendly legislation, increase competition and help for small- and medium-sized enterprises.

The plan also prepares to provide loans, cooperate with international organisations, offer human resource development, consumer protection, boost production of value-added goods, the services sector and information technology. 

MP demands resumption of farm loans

 

Sandar Min, the Yangon Region lawmaker for Seikkyi Kanaungto Constituency-1, has demanded the resumption of loans to farmers in the Yangon New Town Project area.

Farmers in Twantay and Seikkyi Kanaungto townships have been unable to apply for loans for the past two years because their fields are located within the project area. The project, which covers 30,000 acres in the western portion of Yangon City, was approved by the previous government.

Govt to crack down on tax evasion

 

People who evade paying taxes will be prosecuted soon, though tax evasion went unpunished for many years, said Min Htut, the chief director of the Domestic Tax Revenue Department.

He explained that the Domestic Tax Revenue Department plans to implement a policy adopted by the current government that will raise taxes and combating tax evasion. He said the strategy will encourage people to pay taxes.

Myanmar businesses anxious about economic policies

LOCAL businesses are pressing the government for national economic policies as they expect to know where the economy is headed and how they should prepare for the future.

There are concerns the new government, which took office in April, has not yet revealed its economic policies. Businesses are also concerned that if the policies further open up the economy, some companies would not be ready for potentially intense foreign competition.

Trade dependency around 30 pc

Myanmar’s trade dependency is around 30 per cent, said Vice President Myint Swe at a ceremony for the release of a report on trade in Myanmar at the Hilton Hotel in Nay Pyi Taw yesterday.

“The new government mainly focuses on the market-oriented economic system. Sluggish economic growth in the world is coupled with slow economic growth in Asia. The country’s swift integration into the world economy is of great importance, especially in the trade sector,” the vice president added.

Myanmar to export 515 billion cubic feet of natural gas this fiscal year

The Yadana, Yetagon, Zawtika and Shwe gas projects are expected to collectively produce 515 billion cubic feet of natural gas for export and 160.6 billion cubic feet for local use in the 2016-2017 fiscal year, according to the second five-year National Development Plan (from 2016-2017 to 2020-2021).  

According to the plan’s projections, the Yadana project will produce 206.2 billion cubic feet; Yetagon, 73.4 billion cubic feet; Zawtika, 89.4 billion cubic feet; and Shwe, 146 billion cubic feet.

Citizens' bank to float next month

Myanmar Citizens Bank will be the third listed company to begin trading on the stock market next month, according to the Yangon Stock Exchange (YSX). 

Thet Tun Oo, a Yangon Stock Exchange manager, said: “Myanmar Citizens Bank will be a listed on the YSX in July. No price has been fixed for the shares. It has one month to make necessary preparations. We are scrutinising it.”

Top taxpayers set to pay Ks1.1 trillion

The Large Taxpayers' Office (LTO) should collect Ks1.1 trillion from 500 big companies last year, said Mya Mya Oo, director of the body, a subsidiary of the Internal Revenue Department (IRD). 

A seminar on tax education at the Sky Star Hotel in Yangon was jointly organised by the Myanmar Rice Federation and the IRD. The LTO was inspecting the taxpayers included on its books, said Min Htut, director-general of the IRD. 

Gems and food named as export targets

The Ministry of Commerce's Myanmar Trade Promotion Team is making efforts to promote gem and agricultural exports, claims its director general Aung Soe. 

The priority sectors under the National Export Strategy were chosen based on trade activity, socio-economic development and employment opportunities, he said. 

France pledges €200m aid

France is ready to grant €200 million in aid and will provide more assistance for development, according to Jean-Marc Ayrault, the visiting French minister for foreign affairs and international development.

Aung San Suu Kyi, foreign affairs minister, and Ayrault held a joint press conference after the meeting in Nay Pyi Taw. 

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