A new Special Economic Zone (SEZ) will be implemented in Mon State, Connecting Myanmar with the Mekong Subregion East-West Economic Corridor, Government officials said at a Myanmar-Japan Investment Forum on July 29. The new SEZ aims to connect with Danang, Vietnam, and will be the largest SEZ in Myanmar if approved, said U Thaung Tun,..
Myanmar and Japan have signed an agreement to build a 1250-megawatt liquefied natural gas power plant worth up to US$2 billion in Yangon’s Thilawa Special Economic Zone. The Ministry of Electricity and Energy on July 24 granted a Notice to Proceed to Marubeni, Sumitomo Corp and Mitsui & Co to build the plant under a..
YANGON/TOKYO — Trading houses Marubeni, Sumitomo Corp. and Mitsui & Co. will build a liquefied natural gas-fired power plant in Myanmar, one of the biggest investments by Japanese companies in the Southeast Asian country, people familiar with the matter say. The three companies estimate total investment in the project at $1.5 billion to $2 billion…
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..
Revenue from the Myanmar oil and gas sector will decline in fiscal 2020-21 as a result of COVID-19, Deputy Minister for Planning and Finance U Maung Maung Win told the Pyidaungsu Hluttaw. This is because global oil prices have fallen, leading to a decline in gas prices and production at four of Myanmar’s offshore gas..
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..
A total of 450,000 people in rural Myanmar can expect to receive access to electricity following an agreement between the government and World Bank. The two parties have agreed to channel US$3.5 million in funds towards generating solar energy in off-grid areas of the country. “Getting electricity with solar technology in off-grid areas is important..
Construction business are calling for an easing of regulations and tax reductions over financial assistance to help them keep afloat in the wake of COVID-19. During a recent meeting between the construction sector and State Counsellor Daw Aung San Suu Kyi, U Shein Win, president of the Myanmar Construction Entrepreneurs Association (MCEA), said there are..