32 foreign investment proposals under scrutiny

The Myanmar Investment Commission (MIC) says it is scrutinising 32 foreign investment proposals worth US$1.5 billion and 20 domestic proposals worth Ks492 billion.

Aung Naing Oo, the secretary of the MIC, said: “These proposals were made under the old investment law. According to the new law, the MIC has received 26 foreign investment proposals worth Ks571 million and two domestic proposals worth Ks34.4 billion.”

In an attempt to promote investments, the Myanmar Citizens Law and Foreign Investment Law were combined into the Myanmar Investment Law which was approved in October last year.

The MIC accepted the proposals submitted under the old law until December last year. Currently, the MIC is still scrutinising the proposals under the old law.

The total foreign investment is expected to reach US$6.12 billion in the 2017-18 fiscal year, according to the Directorate of Investments and Company Administration. Last year, the inflow of foreign investment exceeded US$6.8 billion.

The Myanmar Investment Law has prioritised individual townships instead of regions and states.

The new law specifies least-developed regions as Zone 1 with a seven-year income-tax exemption and relief. Moderately developed regions are described as Zone 2, eligible for a five-year tax exemption, and developed regions are in Zone 3, available for a three-year exemption.

Source: Elevenmyanmar

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