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Business News in Brief

Myanmar, S’pore firms to develop projects worth $268m in Yangon

Local Thukhayadana Co Ltd and Singapore’s Mega One Investment Pte Ltd will invest $267.88 million to develop hotels, serviced apartments and retail business under build-operate-transfer (BOT) system on a 7.5 acre plot owned by the defence ministry, in Dagon township at the centre of commercial city Yangon, local media reported citing an official from the Myanmar Investment Commission.

Parliament sets tax rates for property purchase with black money

The Myanmar Parliament has fixed new tax rates for property purchases with illegal money, local media reported, quoting Lower House law maker Win Oo. A 3 percent tax will be levied on property worth up to K50 million, 10 percent on property worth K50 million to K150 million, 25 percent on K150 million to K300 million, and 30 percent on property worth more than K300 million, he said. Earlier, properties purchased with illegal money were taxed 30 percent regardless of value.

Parliament turns down proposal for 200pc duty hike on liquor

The Myanmar Parliament last week turned down a proposal of law maker Khin San Hlaing to increase duty and taxes on alcoholic drinks, cigarettes and other tobacco products by 200 percent, local media reported. The duty and taxes will remain at 100 percent on cigarettes and 50 percent on alcoholic drinks and other tobacco products.

Govt sets credit guarantee insurance premium for SMEs

Small and Medium Enterprises (SMEs) will have to pay 3 percent premium as Credit Guarantee Insurance for the first year, 2 percent for the second year and 1 percent for the following years, Deputy Finance Minister Maung Maung Thein said. State-owned Myanmar Insurance Enterprise will introduce Credit Guarantee Insurance for SMEs on an experimental scale for one year effective April 1, before 12 private insurance companies are allowed to do it, he said. There are over 120,000 officially registered SMEs in Myanmar.

Foreigners eye Yangon Stock Exchange listing

Some foreign investors are buying shares in local public firms, which have the potential to get listed when the Yangon Stock Exchange launches in 2015, an official of Daiwa Securities Exchange, which is helping the government launch the bourse, said. However, the companies selling shares are not abiding by the company law and their reports about shareholders are not sufficient, he added. Only five to ten public companies will be allowed to get listed in the first six months of the bourse, according to earlier reports.

Myanmar eyes comprehensive environmental management system

Myanmar Vice President U Nyan Tun has called for a comprehensive environmental management system as part of an effort to limit the impact of mineral exploration on the environment in Myanmar. He urged the law enforcement bodies to take action against those who are exploring natural resources illegally and businesses which do not follow rules and regulations protecting the environment.

Myanmar parliament approves two tax bills

Myanmar Union Parliament has approved two tax-related bills, amending the Income Tax Law and the Commercial Tax Law during the ongoing ninth regular sessions in Nay Pyi Taw. The newly-approved income tax law will come into effect from 2014-15 fiscal year.

Marine products export to drop 15.6pc this fiscal year

Myanmar’s exports of marine products will drop 15.64 percent to about $550 million this fiscal year ending on March 31, compared with $652 million in 2012-13, local media reported, quoting Myanmar Fishery Federation Vice-Chairman Han Tun. Han Tun attributed the fall to a rise in production cost and depletion of fish stocks in Myanmar waters. However, Deputy Minister of Fishery Khin Maung Aye had earlier said that the drop in exports of aqua-products was because of a rise in domestic consumption.

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