doing business in myanmar – what you need to know as a singaporean
World Bank (WB) has suggested five points to create a framework for e-government and redraft over-100-year-old taxation law in a bid to get the higher rank in the Ease of Doing Business, said Aung Htoo, Deputy Minister for Commerce.
The WB suggested the emergence of a law framework pertaining to Companies Act, e-Commerce and legislation in construction sector. Recently, Yangon region government has passed the Municipal Act and the YCDC Law. Another one is the emergence of a new land law. The WB’s suggestions also include secure transactions for commerce, the enactment of tax administration procedures and rewriting the outdated Custom Law, he added.
The e-commerce framework covers online registrations for businesses, the submission of online applications for construction permits, the digitalization of land and building ownership documents, the payment of taxes via online and the establishment of national single window system.
Vice-President Myint Swe said efforts are being made to reach the 99th rank in the Ease of Doing Business Index in 2020 which is the last term of the incumbent government.
A nation’s ranking on the index is based on the average of 11 points: Starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency.
In 2017, Myanmar reached the 171th rank out of the 190 countries. Myanmar got high scores in DTF in six sectors.
Source : Eleven Myanmar
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