Myanmar will take action against those carrying and trading foreign currencies illegally and those who hold cash exchange the kyats deposited in the bank account by taking a percentage, according to the Gold and Financial Markets Overseeing Working Committee. The committee announced that complaints could be lodged against those who involve in committing acts that..
Myanmar companies with a Taxpayer Identification Number (TIN) are urged to pay taxes using electronic payment systems made available online starting October 1, according to the internal Revenue Department (IRD). This is to facilitate ongoing efforts to control the spread of COVID-19 by avoiding mass gatherings in public places. Firms can now pay their taxes..
Myanmar is making official arrangements for foreign investors and key employees locked out of the country due to COVID-19 to return for business purposes. The country formally stopped all international commercial flights from landing since March 30, a week after the first cases of COVID-19 were detected. Officially, flights will remain suspended until July 31,..
The Union Tax Law for fiscal 2020-21 will include provisions supportive of small and medium-size enterprises (SMEs) in Myanmar, including incentives aimed at reducing tax burdens as well as simplifying compliance procedures, Deputy Minister for Planning, Finance and Industry U Maung Maung Win said upon submission of the bill at the Pyidaungsu Hluttaw (Assembly..
Myanmar’s competition watchdog says it does not intend to challenge the government’s controversial solar plant tender despite protests by foreign governments and business associations that conditions imposed during the COVID-19 pandemic effectively excluded many outside bidders. Responding to questions from the Myanmar Times, the Competition Commission said the solar tender requirements set by the..
The Ministry of Commerce has announced that it will fully adopt online procedures for issuing import and export permits for more than 100 types of goods starting April 1, 2020, as part of efforts to implement social distancing to stop the spread of COVID-19 in Myanmar. “The move is being made with the aim..
The Central Bank of Myanmar (CBM) slashed interest rates by an additional 1 percent today (March 24), taking total rate cuts to 1.5pc within the span of two weeks. Starting from April 1, bank deposit rates in Myanmar will be reduced a minimum of 6.5pc, while lending rates will not exceed 11.5pc for collateralised..