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Myanmar Business Opportunities

Content

• Myanmar at a Glance
• Economic Indicators of Myanmar
• Structural Changes of Gross Domestic Product
• Myanmar Foreign Trade Policy
• Salient Points of the Foreign Investment Law
• Salient Points for Business Opportunities in Myanmar
• Prospective Investment in the Promising Sectors
• The Role of Private Sector
• Myanmar Tax Structure
• Contact Address

Myanmar at a Glance

General Facts: -

* Location:                South East Asia
* Land Area:              676, 577 Square Kilometers
* Capital:                  Nay Pyi Taw
* Government:           The State Peace and Development Council
* Population:              58.38 million (2008)
* Population
   Growth Rate:          1.52 Percent
* Population              86 persons per sq.kilometer
   Density:                (22.3 persons per sq.mile)
* Life Expectancy:      63.2(male), 67.1(Female) (Rural)2007(P)
                               64.0(male), 69.0 (Female) (Urban) 2007(P)
* Adult Literacy
   Rate:                     94.4 percent (2005-06)
* Language:               Myanmar, local dialects, English widely used
* Religion:                  Majority are Buddhists 89.3%, Christians 5.6%, Hindus 0.5%,
                               Muslims and others 4.6%
* Currency:                Kyats(K)

Economics Profiles: -
• Economy:                           Market Oriented Economy (since 1988)
• GDP                                   K.15559.4 Billion (At 2005-06 Constant Prices)
• Per-Capita GDP                    K.405817
• Annual Growth
Rate of GDP:                          12.0 (2007-2008)
• Exchange Rate:                    K.5.5031=US$ 1 (2007-2008)
• Major Economic Sectors:        Agriculture, Trade, Mining, Industry and Services
• Principal Industries:               Agro-based Industries, Wood-based Industries
                                           Textiles,Garment, Food-stuff, Pharmaceuticals,
                                           Machine-Tools, Ceramic and Chemical Industries
• Principal Exports:                  Rice, Pulses & Beans, Marine Products (Fish /
                                           Prawn),Minerals, Timber, Rubber, Gems and Gas,
                                           Garment.
• Principal Imports:                  Machineries, Spare-parts, Refined Mineral, Oil,

                                           Fertilizers, Agricultural Machineries, Raw Materials of
                                           Chemicals, Base metals and manufactures, Edible
                                           vegetable oil and other hydrogenated oils, Fabric of
                                           Artificial and synthetics Fabrics.

Major Trading Partners: -
• Exports:         India, Singapore, Thailand, China, Hong Kong, Malaysia, Japan
                      and Indonesia.
• Imports:         China, Thailand, Singapore, Malaysia, Japan, India, Republic of
                       Korea, Hong Kong and Indonesia.

Economic Indicators of Myanmar

 

	Sr. No.	Particular	2003-2004	2004-2005	2005-2006	2006-2007	2007-2008
	1	2	3	4	5	6	7
			At 2000-2001 Constant Prices			At 2005-2006 Constant Prices
	1       2         3	Gross Domestic Product ( Kyat billion )   Per Capita Gross Domestic Product (At Current Prices) (Kyat )   Annual Growth Rates of Gross Domestic Product	3624.9       144984         13.8	4116.6       167202         13.6	4675.2       221799         13.6	13893.4       298200         13.1	15559.4       405817         12.0

Source: Ministry of National Planning and Economic Development

Exports and Imports of Myanmar

Source: Various Selected Monthly Economic Indicators, Central Statistical Organization,Ministry of National Planning and Economic Development

Structural Changes of Gross Domestic Product by Sector

(Percentage)

Source : Ministry of National Planning and Economic Development

Myanmar Foreign Trade Policy

Myanmar’s foreign trade policy is a very independent one. We can trade with any country in the world except with some countries that are trade embargoed by the United Nations Resolutions or a few countries and territories with which we have cut off diplomatic relations.
Myanmar believes in trade liberalization and also wants free and fair trade in the world. Myanmar is a founder member of the old organization GATT, and a member of the new organization WTO. Hence, our foreign trade policies are generally governed by the rule-based multilateral trading system.
Myanmar’s foreign trade is mainly with Asian countries. In 2008-2009, 56.81% of total export went to the Asian region and 44.97% of total imports came from this region. Like most developing countries, Myanmar is still an exporter of agricultural and other primacy products. The country’s imports consist largely of manufactured goods, particularly capital goods and raw materials which constitute about 65 percent of the total imports. Myanmar’s foreign trade is mainly with Asian countries; China, Singapore, Japan, Thailand, Malaysia, Indonesia and India are its main trading partners.
Myanmar has bilateral trade agreements with the Republic of Korea, People’s Republic of China, Thailand, Bangladesh, India, Pakistan, Vietnam, Laos, Philippines, Malaysia, Sri Lanka and Israel on the principle of equality of rights and mutual benefits.
Myanmar has signed 5 Border Trade Agreements with its neighbors. With China in August 1988, with India in January 1994, with Bangladesh in May 1994 and with Thailand in March 1996, with Laos in 2000, with a view to legalize and normalize the increasing border trade, which is an integral part of the Myanmar foreign trade. The value of total border trade has increased from US$ 505.834 million in 2001/02 to US$ 1356.92 million in 2008/09, an increase of 168.25 percent during the last seven years. Myanmar-China border trade is the most developed, accounting for 72.83% of the total. Thailand comes next with 24.66%, Bangladesh 1.82% and India 0.69%.

Salient Points of the Foreign Investment Law

Foreign Investment Law
 

1. Since the Union of Myanmar Foreign Investment Law (FIL) was promulgated on November 30, 1988 and its procedures prescribed on December 7, 1988, Myanmar has opened the doors to foreign investors to participate actively in exploiting natural resources thereby enhancing long-term mutually beneficial economic cooperation. The impact so far has been quite satisfactory. In fact, the policy on foreign investment can be seen as an important component of the overall economic restructuring and development policy of the State.

The Basic Principles of Foreign Investment are as follows:-
(a) promotion and expansion of exports;
(b) exploration of natural resources which require heavy investment;
(c) acquisition of high technology;
(d) supporting and assisting production and services involving large capital;
(e) creation of new employment;
(f) development of works that would save energy consumption; and
(g) regional development.

Functions of Myanmar Investment Commission
 

2. Myanmar Investment Commission (MIC) was formed in order to oversee and administer the FIL. MIC is an initial approving authority for investment proposals under Foreign Investment Law. MIC scrutinizes the foreign investment proposal put up by the investors from technical, financial, commercial, economic, social and environmental aspect, within the framework of the policy objectives of the Foreign Investment Law.

3. If the proposal meets the requirements set out in the FIL, MIC puts up the proposal to Trade Council and Cabinet for final approval. It will take about six weeks to issue MIC permits. The Government is now encouraging resources based, labor intensive and export oriented manufacturing industries for the benefit of the State. Existence of fairly trained and literate labor force attracts labor intensive and export oriented industries.

Form of Organization

4. Foreign investors are allowed to establish the enterprises in the form of wholly-foreign owned or a joint-venture with any Myanmar counterpart. In the form of a joint venture, the foreign capital shall not be less than 35 percent. The minimum foreign capital to be brought into Myanmar has been notified by the Myanmar Investment Commission, as US $ 500,000 for manufacturing and US $ 300,000 for services.

Benefits Enjoyable under the Foreign Investment Law

5. For the purpose of promoting foreign investment and bringing in more foreign capital into the country, it offers investment incentives and guarantees to foreign investor. Regarding tax incentives an enterprise covered by the Foreign Investment Law is entitled to an income-tax holiday period of three years including the year in which its commercial operations are first launched and also to a further reasonable period provided by the Commission on application. In addition, the enterprise may enjoy any or all of the following exempting and relief:-
(a) exemption or relief from income-tax on reinvested profits within one year;
(b) accelerated depreciation rates approved by the Commission;
(c) fifty percent relief from income-tax on profits acquired from exports;
(d) right to pay income-tax on behalf of foreign experts and technicians employed in
     the business and the right to deduct such payment from the assessable income;
(e) right to pay income-tax on the income of foreign employees at the rates
     applicable to Myanmar nationals;
(f) right to deduct Research and Development expenditures from the assessable

     income;
(g) right to carry forward and set off losses up to three consecutive years from the
     year the loss is sustained;
(h) exemption or relief from customs duty or other internal taxes or both on;
    (1) imported machinery, equipment, instruments, machinery components, spare
         parts and materials used in the business during the period of construction;
         and
    (2) imported raw materials for the first three years of commercial operation after
         completion of construction.

6. The FIL provides an irrevocable State guarantee that an enterprise permitted by the MIC under the FIL shall not be nationalized during the permitted period or the extended period (if any). It also allows repatriation of profit. In the case of termination or dissolution of the business, repatriation of foreign capital can also be transferable. In appointment of personnel, though preference should be given to citizens there is no restriction for the appointment of experts and technicians from abroad.

The Salient Points for Business Opportunities in Myanmar

The main attraction in Myanmar for foreign investment is its abundant natural resources of agricultural products, timber, minerals, marine products. Most of the natural resources are still under utilized or untapped.
In addition, Myanmar has favorable human resources. The work force is relatively skilled and quickly adaptive towards new working environments. Again the cost of labor is among the lowest in the ASEAN region with English being commonly spoken. Myanmar also has a long history that dates back to more than a thousand years. It has a cultural heritage which has so much to offer to the world. Commercial and tax laws are based on the English legal system and therefore, should not present undue difficulties for foreign investors. Most of the laws and rules are in English language, which is widely used in documentation, correspondence and accounting.

Prospective Investment in the Promising Sectors

Promising sectors, the production frontiers of which could be expanded in the shortest possible time with much efficiency, greater comparative advantages and attractive returns, are agriculture, livestock and fisheries (including off-shore and deep sea), forestry, mining, energy, and manufacturing sectors.
Agriculture: The agricultural sector as a dominant force in Myanmar’s national economic development, plays significant role in providing overall domestic agro-based industries. In 2007-08 Agriculture, livestock and fisheries and forestry contributed to 43.7% of Myanmar’s GDP, and to 26% of export earnings and remain as the principal pillars in the national economy. Myanmar possesses 19.39 million hectares of cultivable land of which only 13.15 million hectares are under cultivation at present. It is expected to reach 14.16 million hectares in the future. And also available in addition are 8.9 million hectares for cultivation through agricultural investment. Agricultural labor is relatively cheap. Myanmar is a leading producer as well as exporter of pulses and sesame to ASEAN countries and the second largest exporter in the global market. The strategic measures have been introduced to improve agricultural productivity through area expansion, yield increase, crop diversification, application of advanced post harvest technology related to better storage, milling and packaging systems.
The Ministry of Agriculture and Irrigation (MOAI) in line with the market-oriented economy and with the market-oriented economy and with the national economic development objectives, is undertaking necessary measures to maximize private sector participation, attract foreign investment and accelerating growth and development of agricultural sector. Endeavors are being made to attract local and foreign entrepreneurs to invest and establish mutually beneficial trade and business in the form to JV or 100% investment in the following areas:
(1) Land utilization
(2) Establishment of Agro-based industries
(3) Assembling and manufacturing of light agricultural machinery and small farm implements
(4) Manufacturing of agricultural commodities, input supplies and machineries
(5) Trading of agricultural commodities, input supplies and machineries

Land Utilization - With a view to develop agriculture, livestock and other affiliated enterprises, the State Economic Enterprises, Joint Ventures, Co-operatives societies and other organizations and private individuals are being granted the right to cultivate fallow and waste cultivable land upon application. Central Committee for the Management of Cultivable Land, Fallow Land and Waste Land (CCMCL) has been formed and duties and rights of the Committee have been prescribed. The Committee has prescribed the procedures for the right to cultivate or utilize land for agriculture and livestock production purposes. Foreign investors or local organizations consisting of foreign investors may also apply for the utilization of land to the Myanmar Investment Commission (MIC) through MOAI.
CCMCL has the authority to grant the right to cultivate of utilize cultivable land, fallow land and waste land up to the maximum area as stated in the table below. Larger land areas of up to 50,000 acres (or more depending on type of investment) can be allotted with the approval of the Cabinet through MIC.

(a) Agriculture
     (i) Plantation Crops                5000 acres
     (ii) Orchard                           3000 acres
     (iii) Seasonal Crops                1000 acres
(b) Livestock, Poultry Farming and Aquaculture
     (i) Aquaculture                      2000 acres
     (ii) Livestock & Poultry Farming
        (a) Buffalo, cattle & horse    5000 acres
        (b) Sheep, goat                  1000 acres
        (c) Poultry, pig                   500 acres

Duration has been fixed for a maximum period of thirty years for cultivation and utilization of land for plantation crops and orchard, livestock and poultry farming and aquaculture purpose. The period may be extended upon negotiation, depending on the type of project or the nature of activities.
Exemption from payment of land revenue shall be granted for a period of 2 to 8 years from the granting of the lease depending upon the type of project i.e. agriculture, livestock and aquaculture. Moreover, other incentives such as three years of income-tax exemption may be granted from the year of commencement of commercial run of the business carried out on land developed and invested. An order permitting the right to cultivate/ right to utilize land shall be granted after a deposit of 10% of the investment as guarantee fee has been paid.

Indicative rate of annual land rent are described in the following table:-

                    Type of cultivation                         Annual rent per acre
      Perennial crop cultivation on fallow land                      US $ 8-15
      Crop cultivation on deep water area                           US $ 8-20
      Crop cultivation on fallow land in dry zone                   US $ 15-40

Remark: The rent mentioned above are just the indicative rates. It may vary from one location to another and may differ based on the type of investment project.

Livestock and Fishery Resources: Myanmar has vast pasture land with suitable climate for animal husbandry and poultry. Myanmar with a coastal line of 2832 km is also rich in marine resources. It has been estimated that one million metrics tons of fishery resources could be exploited annually on a sustainable basis.
The present exploitation is less than 60% of the sustainable yield. The continental shelf covers 228,781 sq.km and Myanmar’s exclusive economic zone is 486,000 sq.km wide. The fishery together with the livestock breeding is the important sector of the economy and it contributed 7.5% to GDP in2007-08. Sectoral policies and principle objectives of the livestock and fishery sector are:-
- to promote all round development in the livestock and fishery sector;
- to increase meat and fish production for domestic consumption and share the
   surplus with other countries;
- to encourage the expansion of aquaculture; and
- to upgrade the socio-economic status of livestock and fisheries communities.
The fisheries sector is considerably important in Myanmar’s economy, as fish constitutes a major source for animal protein in the diet of the people. The staple food in Myanmar is rice, pulses, beans and nuts, vegetables are also consumed in large quantities. Per capita consumption of fish was 18 kg and per capita consumption of meat was 6.2 kg last year.
 

The country is endowed with rich and varied marine and inland fishery resources, with a production potential (sustainable yield) of 1.05 million metrics tons per annum from marine source alone. Inland water bodies such as natural lakes, reservoirs, river systems, ponds, etc. cover an area of about 8.2 million hectares. There are 3474 flood fisheries (leasable fisheries) producing about sixty eight thousand tons of fish and prawns annually.

Production, processing and marketing of all fishery/ fishery related activities are carried out by the private sector. All state owned fishing vessels, carried vessels, ice plants, processing plants, cold stores, fishmeal plants, dehydration plants etc. are sold or leased to the private sector and the government and the Ministry of Livestock and Fisheries encourage and support the expansion, and role of the private sector.

Manufacturing : With the abundant natural resources, high labor quality available at low cost, existing manufacturing facilities and favorable geographic location, Myanmar has high potentials for industrial development. It contributed to 11.1% of GDP during the past 10 year period. The share in GDP by ownership in manufacturing sector is 26% state owned, 1% co-operative and 73% private sector respectively. The employment in this sector is relatively low, less than 10 percent of total labor force, which is about 1.7 million. The agro-based industries in terms of number as well as value are predominantly agricultural products processing industries such as rice milling, edible oil milling, beans and pulses processing, sugar milling, food and beverage, etc. Within the ASEAN, labor intensive and low tech industries are relocated to least developed countries. Myanmar has more rooms for such kind of opportunities. The priority industries in which investment is strongly encouraged:

Export Oriented Industries
Resource-based industries
- agro-based industries (canned fruits / vegetables)
- wood-based industries
- leather, rubber-based industries
- copper fabrication
- seafood industries

Non-Resource based industries
- garment / textile
- light manufacturing / electrical appliances
- electronic industry
- footwear industry
- other export oriented industry

Domestic Market Oriented Industries
Resource-based industries
-food/ beverages (rice, oil, sugar mills, etc)
-agro supportive industry (farming tools, fertilizers, pesticides)
 

Non-Resource based industries
-cement
-simple electronic and machinery components
-plastic ware
-iron and steel
-agro supportive industry (tractors, water pumps)
-packaging industry

Forestry ; Myanmar is indeed very rich in forest resources, as the forest covers about 50.81 percent of the total land area. According to its climatic zones from temperate to arid and tropical, several variant forest types exist. They are the temperate forests in the north, the deciduous forests and dry forests in the central parts and semitropical rain forests in the south. There are over 5000 different plant species, including 2100 tree species, 840 kinds of orchid, 96 varieties of bamboo and 32 different types of cane. In 1998/99 reserved forest and protected public forest area totaled 105672 sq.km.
The forest policy of Myanmar has been formulated according to the forestry principles adopted by the United Nations Conference on Environment and Development. The Government gives priority to protect the soils, water catchments eco-systems, bio-diversity, plant/ animal resources, scenic reserves and national heritage sites. At the same time sustainable management of the forests is practiced simultaneously so as to ensure perpetuity at the level of benefit both tangible and intangible for future generations. It also employs the maintenance and rational use and enhancement of the forest resources base, to ensure ecological resilience and its contribution to socio-economic growth on a continuous basis.
 

Mining : Myanmar is rich in mineral resources and minerals of potential importance are copper, gold, lead, zinc, silver, tin and tungsten, antimony, chromium and nickel. In terms of mineral potential, Myanmar ranks high among Asian countries, but mineral resources are very much under-utilized. There still exist a large mineral potential and it is the policy objective of the Ministry of Mines to immediately boost up the present production thus fulfilling the growing domestic needs of mineral and metal products and at the same time promoting exports.
The Myanmar Mines Law was promulgated in mid 1994, with this new law, all mining activities are administered by the Ministry of Mines. The Myanmar Mines Rules was promulgated in 1996 .
Mineral-wise the government’s emphasis is more on the production of copper, gold, lead, zinc, iron and steel and is collaborating with foreign companies for the exploration and exploitation of these resources.
Types of possible investments can be through production sharing or profit sharing arrangements. It is the intention of the Ministry of Mines not to make new investments by itself, rather, it would encourage foreign investors to make them. The Ministry of Mines is prepared to offer news areas or deposits for new projects or to provide raw materials, and existing facilities as its participation in the joint ventures. These participation would be valued on fair and equitable basis so that the foreign investor may receive reasonable return and the Ministry may enjoy mutual benefits.
Production sharing type of investment could either be straight split on total production or with consideration of recovering production cost. In the cost recovery type of production sharing, it is usually done in such a way that a certain percentage of total revenue is reserved before consideration of recovering the production costs. Straight production split type is preferred by the Ministry of Mines in large volume, low price and low cost of production types of minerals such as dimension stones, coal and other industrial minerals. In the case of other more valuable metallic minerals such as gold and copper, production sharing with cost recovery type of co-operation may be possible.
The Ministry of Mines is also welcoming investment from sources inside the country and privatization of the state run mines is being done at the same time. Some of the state owned tin tungsten mines have been transferred recently to local entrepreneurs to work in joint venture with the government. Gem and Jade mining which is also given priority, is now solely done by local entrepreneurs without government participation. It will take some time for all the state-owned mines to be fully privatized and during the Five Year Development Plan period the government would continue to participate in the projects and joint venture operations requiring large investment and modern technical know-how. However as the private sector develops, the eventual goal of the Ministry would be full privatization of most of the state-owned operations and to emphasize more on the role of regulatory authority to properly supervise and control the mining activities to ensure the beneficial use of the mineral resources over a long term and the sustainable development of the Mining Sector.
 

Energy : Much emphasis and priority is placed on the development of the electric power sector because of its vital importance to the nation’s social and economic development. At present , only about 15% to 20% of the total population are accessible to the electric power supply, and the rest have to rely on conventional natural resources. The Government’s economic growth target requires a substantial expansion of the national power supply. Commercialization and privatization of the electric power sector will be required to fulfill the power needs.
Myanmar has an abundance of hydropower potential of more than 100,000 MW and huge reserve of offshore natural gas. Development of hydropower involves high capital costs and long lead time for construction in contrast to gas turbines and combined cycle power plant. In order to meet future demand hydropower has to be developed on long term basis and gas turbines will have to be built as a stop-gap measure. The abundance of hydropower potential enables Myanmar to consider development of hydropower projects not only for domestic power supply but also for export to the neighboring countries.
Myanmar has very high potential in the development of oil and gas and hydro-energy sector. Oil and gas exploration under the energy sector is contributed the highest foreign investment in Myanmar. New discovery of off-shore gas fields developed by foreign investors are operating under the production sharing contracts. Therefore, it can be seen that a lot of potential exists in the establishment of downstream and related industries in this particular sector.
 

Hotels and Tourism: Another prospective booming sector is the tourism sector. Myanmar is a cultural destination with its rich cultural heritage and is also blessed with natural environments like snow-capped mountains, beautiful lakes, long rivers lush tropical forests, unspoiled beaches and archipelagoes. There is a growing need for international class hotels in major tourist sites. There are also many newly opened areas where there are no hotels of international standard. Many opportunities for the investment in developing golf course, beach resorts, tourist village, amusement parks, recreational centers are also available.
Myanmar offers considerable economic opportunities and potentials for FDI. Myanmar is situated on the dynamic crossroad, linking South East Asia, South West China (Yunnan) and the Indian sub-continent which could be interpreted as a potential vast market of around 2 billion consumers. Labor in Myanmar, with English being commonly spoken is among those who are the most competitively priced in the world market. Myanmar will be incorporated into AFTA under CEPT Scheme and also into the ASEAN Investment Area. More room is widely opened for foreign investment in their prevailing competitiveness of the resources and geo-strategic positions.

The Role of Private Sector

The Government adopted policies which promoted the private sector as the main engine of growth and also created an environment conductive to foreign investment. Economic reforms were introduced which allow the private sector a role in all areas of the economy particularly external trade. The private sector’s involvement in agriculture, manufacturing and processing, trading, services, banking, construction etc, have gained momentum over the years. The contribution of private sector in the total GDP of the country is approximately 93%. Sector-wise, the private sector generates nearly 100% in agriculture, 92% in industry and 95% in trade.
In response to the liberalization policies, the trade sector has grown steadily. Exports and imports for the last five years are as follows:

Exports

(US $ million)

Import

(US $ million)

Note: Export and import are valued at official rate of exchange.

Source: Various Selected Monthly Economic Indicators, Central Statistical Organization, Ministry of National Planning and Economic Development.
As of 31st October 2009, investment by Myanmar Citizens amounted to 219.765 billion kyats of which 13.69% was in real estate development, 23.96% in manufacturing, 8.76% in construction, 11.34% in transport, and others such as hotel and tourism, mining, agriculture, livestock and fisheries, industries estate and power 42.25%. Furthermore, 60% to 70% of exports as well as 60% or more of investment are generated by private businessmen. The private sector constitutes 95% of all registered manufacturing factories and establishments, producing 70% of the total production.
The largest and most influential non-government agency responsible for the private sector in Myanmar is the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). Among the objectives of the UMFCCI are –(I) to cooperate and coordinate with the State in economic and social activities (II) to enhance Myanmar’s SME’s competitiveness and (III) to lead Myanmar business community integrated into international trade and globalized economy.
UMFCCI has at present over 19.09 thousand members of which4.1% are foreign companies. Under its umbrella are 16 Chambers from various states and divisions, 9 border trade associations and 32 trade associations such as Myanmar Industry Association, Myanmar Rice Millers Association and Myanmar Forest Products and Timber Merchants Association, etc. UMFCCI is a member of the Paris-based International Chamber of Commerce (ICC) and the ASEAN Chamber of Commerce and Industry (ASEAN-CCI) and follows the policies of ICC which supports competition, reduction of trade barriers, facilitation of international trade and the conduct of settlement of international trade disputes.

Myanmar Tax Structure

Comprises fifteen different taxes and duties under 4 headings:-
(a) Taxes on domestic production and public consumption;
(b) Taxes on income and ownership;
(c) Customs duties; and
(d) Tax on the utilization of state owned properties.

Laws apply to individuals, companies and joint ventures;
(1) The Income Tax Law;
(2) The Commercial Tax Law; and
(3) The Union of Myanmar Foreign Investment Law (MFIL).
(4) Myanmar Citizen Investment Law (MCIL)

Income Tax on Companies

Income Tax on Individuals

Commercial Tax Rates on Revenue

Withholding Tax

Note
(1) Above deductions shall be set off against tax due on final assessment.
(2) Dividends, branch profit and share of profit of an association of persons which
     has been taxed are exempt, and therefore no withholding tax

Double Taxation Agreement

Contact Address

For General Trading, Export/ Import
* Directorate of Trade
   Ministry of Commerce
   Nay Pyi Taw
   Tel: 95-67-408004-8
   Fax: 95-67-408243

For Investment & Company Registration
* Myanmar Investment Commission Office
   Companies Registration Office
   Directorate of Investment and Company Administration
   Ministry of National Planning and Economic Development
   Office: No. 32, Nay Pyi Taw
   Tel: 95-67-406334, 406075
   Fax: 95-67-06333

For Hotel and Tourism
•  Myanmar Travel and Tours
   Ministry of Hotel and Tourism
   No.77/91, Sule Pagoda Road, Kyauktada Township, Yangon.
   Tel: 95-1-252859, 280321, 283997

   Fax: 95-1-254417
   Email: mtt.mht@mtpmail.net.mm


For Industries
• Directorate of Industries
   Ministry of Industry No. (1) Building 37
   Nay Pyi Taw
   Tel: 95-67-408079

   Fax: 95-67-408133
 

• Directorate of Myanmar Industrial Planning ( DMIP )
  Ministry of Industry No.(2)
  Nay Pyi Taw
  Tel: 95-67-405334, 405051
  Fax: 95-67-405052
  Email: dmip@mptmail.net.mm

For Private (Non-Government Organization)
* The Union of Myanmar Federation of Chambers of Commerce and Industry(UMFCCI)
   No.29, Min Ye Kyaw Swar Road, Lanmadaw Township, Yangon.
   Tel : 95-214344-9
   Fax: 95-1-214484
   Email : umcci@mptmail.net.mm
           : umfcci@mptmail.net.mm
   Website: http://www.umfcci.com.mm