Myanmar’s fintech startups go from strength to strength

Myanmar’s fintech sector is set to ride a tailwind in 2021, as strong interest from investors, government support, and consumer confidence provide a shot in the arm for the local fintech startups, with the COVID-19 pandemic hastening adoption in a country where cash has long been king. “Among different fintech verticals, payments have experienced the […]

Myanmar looks to agritourism, other novel ideas to boost revenue

There are plans to leverage on agritourism in five states and regions across Myanmar to support the ailing sector, according to Myanmar Tourism Entrepreneurs Association. Agritourism involves any agriculturally based operation or activity that brings visitors to a farm or ranch. Discussions are also being concurrently carried out with state and regional governments, with priorities […]

Tourism revenue in Myanmar dips 80% during COVID-19

Revenue from tourism has dropped by more than 80 percent, or around US$2.3 billion, since the pandemic in Myanmar, according to a survey by the Ministry of Hotels and Tourism. The survey covers the tourism sector together with other related sectors like international airlines, domestic transportation, food and beverage, accommodation, entertainment and culture as well […]

What Myanmar’s proptech industry is doing to stay afloat despite COVID-19

Since the first cases of COVID-19 were announced on March 23, the local economy in Myanmar, including the real estate industry, went into a rapid downward trend, especially due to the closure of borders, airports, public transport and blocked imports of building materials necessary for developers’ construction sites. By April, all major cities including Yangon […]

Taxpayers can pay tax on undisclosed income after September 30 in Myanmar

Taxpayers have been given until December 30 to pay a 3 percent tax on undisclosed sources of income due September 30. This is to avoid crowds at the tax office and also because a stay-home order has been imposed in Yangon since September 21. It does not mean that the deadline for payment has been […]

Domestic flight restrictions in Myanmar extended

The government has extended a domestic flight suspension until October 31 to control the spread of COVID-19, according to the Department of Civil Aviation (DCA). Some domestic flights have been suspended since March 29, five days after the first COVID-19 case was reported in Myanmar, said U Nay Win, director of the department. There are […]

Southeast Asia Courts Local Tourists as Virus Shuts Chinese Out

MANILA—Southeast Asia’s holiday hotspots, hit by billions in lost business from Chinese tourists, are turning to markets closer to home to soften the blow from travel restrictions caused by the coronavirus epidemic. To make up for lost revenues, firms in the region are dangling discounted airfares, hotel accommodation and tour add-ons in a bid to […]

Myanmar Strategic Revenue Rises But Loss Widens On “Subdued Tourism”

(Alliance News) – Myanmar Strategic Holdings Ltd said Wednesday its revenue rose due to acquisitions but its loss widened during the first half of its financial year, noting the results reflect its continued commitment to growth Myanmar. The developer and manager of consumer businesses said that for six months ended September 30, revenue increased 40% […]

Private household meter boxes permitted for YESC civil servants

The Yangon Electricity Supply Corporation (YESC) has allowed private metered electricity boxes for civil servants in particular shared households. Yangon Region minister for Electricity, Industry and Transportation Daw Nilar Kyaw said residents can apply for a household meter with the respective township electricity manager. “When electricity charges were raised in placeswhere residents use ashared meter […]

Higher revenue collection reported by the IRD

The Inland Revenue Department (IRD) has collected K4.9 trillion in revenue across five categories of taxes from October 2018 to June 2019. According to the IRD, the amount collected was more than the amount collected in the corresponding period of last year. Four-fifths of the amount collected this year came from income tax, commercial tax, […]