tax revenues

Casino operations to be legalised under new gambling law

April 4, 2019 by Thiha

Casinos will soon be able to legally operate in Myanmar after the 2018 Gambling Law is enacted in May, replacing the existing 1986 legislation. The new law, which includes recommendations from President U Win Myint, is now in the process of being approved in Parliament, which will resume after Thingyan in April. The updated law […]

Filed Under: Latest News Tagged With: 2018 Gambling Law, border areas, Casino operations, legalized, Ministry of Home Affairs, Ministry of Hotels and Tourism, Myanmar, new gambling law, tax revenues, tourism

High e-commerce potential, but growth stunted, for now

January 14, 2019 by Thiha

On November 11, 2018, online shoppers in Myanmar purchased goods worth US$90,000 on the Internet within the first hour of Alibaba Group’s global 11.11 sale. It was the first time the Chinese e-commerce giant had opened up the annual event to Myanmar, where just 1 percent of the population is exposed to e-commerce. Alibaba knows […]

Filed Under: Latest News Tagged With: Alibaba, Asian Logistics, brick and mortar businesses, Chinese, Daraz Group, Department of Trade, E-Commerce, e-commerce law, Facebook, Hong Kong Office, insurance, license, LOGISTICS, logistics companies, Maritime Conference, McKinsey, mobile money, Myanmar, Myanmar Posts and Telecommunications, Myanmar Retailers Association, Shop.com.mm, shopping online, social media, tax revenues

Illegal trade more rampant than before, govt measures not effective

August 3, 2018 by Thiha

Government efforts to prevent illegal border trade have not been effective or sufficient and counterfeit goods are still being smuggled into the country. In fact, things are worse than before. “Illegal trade can’t be controlled. Illegal trade is worse than before even though measures were taken to reopen some of the border gates by the […]

Filed Under: Latest News Tagged With: 105th Mile trading zone, Assistant Director, assistant secretary, cheaper prices, China, Foreign Liquor, fuels, gemstones, illegal border trade, illegal products, illegal trucks, Indonesia, inspection gates, Kayin, Kayin State government, Kyaingtong-Mine Yan, legal taxation team, Livestock, Local Market, Magwe Regions, mandalay, Mayanchaung, minerals, Mineyan-Minekhat road, Ministry of Commerce, Mon states, Muse, Myanmar Times, Myanmar-China border, Naung Cho, Oo Zwe port, Products, Revenue, Sagaing, Shan, Shan border gates, Shan State, supervision, Tachileik, Tar Kaw Bridge, Tarlay-Pasho-Kyinelat Road, Taunggyi, tax revenues, Thailand, Timber, U Khin Maung Lwin, U Min Aung, Wanpone port, Yaypu

Construction sector under threat from high tax, interest rates

January 31, 2018 by Thiha

Unreasonably high tax and interest rates could lead to the collapse of Mandalay’s already ailing construction sector, U Shein Win, vice chair of the Myanmar Construction Entrepreneur Association (MCEA) told The Myanmar Times last Friday. Capital gains tax on the sale of a property in Myanmar is currently 30 percent, which is deterring activity in […]

Filed Under: Latest News Tagged With: bank loans, Central Bank of Myanmar, chair of the Young Developer Association, Condominium Rules, Construction Sector, Financial Statements, high tax, Interest Rates, MCEA, Ministry of Planning and Finance, Myanmar Construction Entrepreneur Association, Parliament, Parliament session, property, real estate, tax revenues, U Myo Myint, U Shein Win, Union-level discussions, wages, working capital

China’s latest Myanmar megaproject courts controversy

November 11, 2017 by Thiha

Nearly two years ago, Myanmar chose a Chinese consortium led by the state-run Citic to develop a $10 billion port and industrial park that could turn into the country’s largest foreign investment. With Beijing pledging to create 100,000 jobs and transform a poor region, the Kyaukpyu port plan potentially represents a huge win for Myanmar. […]

Filed Under: Latest News Tagged With: Beijing, Beijing's Belt and Road Initiative, China, Chinese Export-Import Bank, Chinese loans, Dawei, government-led committee, Guangxi, Guizhou, Gwadar, Hambantota Port, Indian Ocean, Japan, Kyaukpyu port plan, Laos, local education programs, local media reports, Muslim Rohingya refugees, Myanmar, Myanmar megaproject, Myitsone dam project, National League for Democracy Government, Naypyitaw, Oo Maung, Pakistan, port and industrial park, Rakhine State, Sino-Laos railway, Special Economic Zones, Sri Lanka, tax revenues, Thailand, Thein Sein government, Thilawa SEZ, Vice Chair, Yangon, Yunnan

Change in fiscal year insufficient to address shortfalls in budget process

October 25, 2017 by Thiha

While seen as positive, Nay Pyi Taw’s proposed change of fiscal year alone cannot address the lack of flexibility in the annual budgeting process, according to businesses. The adoption of multi-year budgeting should be implemented instead. Lawyers, investors and financiers told The Myanmar Times that while changing the fiscal year could bring some advantage to […]

Filed Under: Latest News Tagged With: agricultural firms, agriculture, breeding businesses, budget process, budgetary process, Christmas, co-chair of legal advocacy group, construction, Construction Companies, Eric Rose, EuroCham, finance manager at Parami Energy, Financial Statements, Fiscal Year, forestry, general tax revenue flow, Head of Yoma Strategic Melvyn Pun, international retailers, Japan, Kyaw Htay, Laos, lead director of Herzfeld Rubin Meyer & Rose, Livestock, new budget, Nishant Choudhary, private sector, public construction projects, single-year budgeting system, tax approach, tax efficiency, tax revenues, tenders, Thailand, The Myanmar Times, the United States, trading partners, us

Number of Tax payers reaches over 300,000 in this FY

November 17, 2016 by Thiha

The number of taxpayers reached over 300,000 as of the end of October in the 2016-2017 fiscal year, allowing the nation to increase tax revenues, said U Myint Thaung, Yangon Region minister for planning and finance. Over Ks2,005,895 million have been received from a total of 363,266 taxpayers from April to the end of October […]

Filed Under: Latest News Tagged With: Customs Department, fiscal and monetary policies, Internal Revenue Department, licence fees, Ministry of Commerce, Ministry of Electricity and Energy, Ministry of Natural Resources and Environmental Conservation, Ministry of Transport and Communications, tax revenues, taxpayers, the Department of Road Transport Administration, The Forest Department, The General Administration Department under the Ministry of Home Affairs, The Hotels and Tourism ministry, U Myint Thaung, Yangon Region minister for planning and finance

Crackdown on illegal imports nets US$18 million

July 3, 2014 by thiha

Mobile teams patrolling for illegal trade have seized more than US$18 million in goods over the past year and a half, according to the Central Committee for Preventing and Controlling Illegal Trading. It said 3,391 cases of illegal trade have been transferred to the Customs Department as of June 26. The crackdown on illegal trade […]

Filed Under: Latest News Tagged With: Central Committee, Customs Department, Illegal Trade, import, Increasing, low-quality goods, Mobile teams, tax revenues, Yangon Port