The Upper House has approved the draft Myanmar Investment Bill from the Lower House.
The bill states that foreign investors can hire land or buildings for 50 years. With the permission of the Myanmar Investment Commission, they can extend their contracts for 10-year periods.
The new bill says the commission should seek the approval of Parliament and the government before it approves mega investment projects which may have a huge impact on national security, citizens, the economy and environment.
The bill says investors who stop their investment before the end of the agreed period must pay back their tax exemptions on imports of machinery, equipment and vehicles and lose benefits on imports.
Source: Eleven Myanmar
