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Myanmar Permits Over 100 Foreign Investments in 5 Months
Myanmar Investment Committee (MIC) permitted 109 foreign investments as of February in present fiscal year 2018-2019 which started in October last year, according to the Directorate of Investment and Company Administration.
From October, 2018 to February this year, over 1.7 billion U.S. dollars' investments from the permitted projects entered the country.
During the period, manufacturing sector topped the list with over 520 million U.S. dollars' investments from 79 projects, the figures said.
The foreign investments also flowed into the country's agriculture, livestock and fisheries, power, transport and communication, hotel and tourism, real estate, industrial estate and other services sectors.
As of February, China was the largest investor in Myanmar with 73 permitted projects which were worth over 369.1 million U.S. dollars.
Regionally, Yangon region attracted 60 percent of investments from both home and abroad, followed by Mandalay.
METRO Officially Kicks Off its Wholesale Operations in Myanmar
AUTHOR: ZIN THU TUN METRO officially announced its market entry into Myanmar, the occasion marks the 36th country in the German company’s international portfolio. Built on its modern warehouse in Yangon and empowered by its efficient digital ordering and delivery services, METRO Wholesale Myanmar is serving local professional customers in the fast-growing hospitality and tourism sectors.
Online Tax Payments Now Available
AUTHOR: SWE LEI MON With the goal of making tax payments easier for taxpayers and encouraging people to pay taxes, the government has been implementing the online payment system since 2014, Daw Khine Shwe War, the Deputy Director General of the Central Bank of Myanmar, once said in a meeting at the Ministry of Commerce.
Government Urges Foreigners To Register with Local Authorities
AUTHOR: TIN MG OO One way a foreigner can be found in violation of the law is by failing to register within 24 hours of arriving in the country, or by overstaying their visa. Foreigners that break the law by overstaying their visa are fined at the port of entry (airport or land border checkpoint) when they leave the country. A fine of $3 dollars per day will be charged for an overstay of less than 90 days, and a fine of $5 per day for anything 90 days and over.
CBM Allows up to 35 Percent Foreign Equity Investment in Local Banks
AUTHOR: TIN MG OO The Central Bank of Myanmar (CBM) will now allow local banks to have up to 35 percent of foreign equity investment from foreign banks or financial institutions, according to its directive released on January 29.