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Business News in Brief

Over 10,000 local companies yet to pay taxes
 

A total of 10,670 local private companies have not paid taxes for the fiscal year ending on March 31, an announcement by the Internal Revenue Department said.

Myanmar’s rice exports fall this fiscal year
 

Myanmar has so far exported about 1 million tonnes of rice this fiscal year ending on March 31, down from over 1.4 million tonnes in 2012-2013, local media quoted Commerce Minister Win Myint as saying. The unstable political situation in Thailand and the fall in demand from China had some impacts on Myanmar’s rice exports this year.

Authorities permit 166 hotel projects in 2 months

Myanmar authorities have permitted 166 new hotel projects with over 7,800 rooms at major tourist spots in the past two months to cater to growing tourist arrivals, local media reported quoting Aung Zaw Win, director general at the Hotels and Tourism Ministry.

US may grant GSP on 5,000 Myanmar products soon

US may grant Generalised System of Preferences (GSP) trading privileges on about 5,000 Myanmar products in April or May, local media reported, citing Maung Maung Lay, Vice Chairman of the Federation of the Chambers of Commerce and Industry. Myanmar is entitled to GSP for 5,000 items of goods as it is one of the least developed countries, and marine products, pulses, beans, gems and handicrafts will be on the top of these items, Lay said.

Myanmar to allow import of alcoholic drinks

Liquor, beer and wine will soon be allowed to be imported into Myanmar after ongoing talks among respective government departments and chambers of commerce finalise taxes and duties, local media reported, citing Commerce Minister Win Myint. Overtaxing can lead to smuggling, while under-taxing can encourage free flow of drinks into the country, Win Myint said.

Myanmar banks to launch int’l co-branded cards

Myanmar Payment Union (MPU), an association of local banks, is planning to introduce international co-branded cards that can be used in over 100 countries in cooperation with JCB (Japan Credit Bureau) and CUP (China Union Pay), local media quoted Zaw Kin Htut, MPU CEO, as saying.

Myanmar earns over $1.1b from garment export

Myanmar earned more than $1.1 billion in 2013 from garment exports due to EU’s restoration of GSP (Generalised System of Preferences) trading privileges, local media reported, quoting Myint Soe, chairman of Myanmar Garment Manufacturers Association. Garment exports in Myanmar are expected to reach $1.5 billion in 2014, the report said.

Myanmar ends cotton export ban

At the request of dealers, the Ministry of Commerce will allow cotton export effective March 3, for the first time in over 20 years, local media reported, citing industry sources. The ban on the export of cotton has made cotton growers incur losses, the daily added.

Myanmar adds emergency medical

Shwe Zanaka Company will provide emergency healthcare services for tourists visiting Kyaiktyo, Mon state effective April 1 and will expand the service ultimately to other popular tourist sites in Myanmar. Endorsed by the Ministry of Tourism, the company will cooperate with ambulance services, the Ministry of Health and local hospitals to offer medical services for foreign visitors.

DICA says no to full foreign investment in tourism

The government has no plans to permit full foreign investment in Myanmar’s tourism sector, according to the Directorate of Investment and Companies Administration (DICA). Joint ventures in tourism sector will be allowed only with Myanmar citizens and DICA is soon going to release an announcement stating which industries will or will not be permitted for joint ventures, Aung Naing Oo, director general of DICA, said.

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