24 hotels and 14 guest houses to get green light - Minister



Until January of this fiscal year, the government granted the permission to 24 hotels and 14 guest houses in Taunggyi, Nyaungshwe, Mandalay and Bagan (not the ancient region), said Union Minister for Hotels and Tourism Ohn Maung.

Online job searches on the rise according to survey


Tax on bank interest due next year

The Internal Revenue Department (IRD) will start collecting income taxes on bank interest in 2018 but apply this rule only to those who have deposited millions of kyats, said its director general Min Htut.

"We will start preparing to implement it. Under the Income Tax Law, people shall have an obligation to pay their taxes for their income. Now we will implement it step by step. We will take time to educate the people about it," he added.

Minister warns illegal traders

Minister of Planning and Finance Ministry Kyaw Win has warned the illegal importers to obey the law.

He said: “We won’t have a balance in trade as long as we have illegal trade. We must manage illegal trade decisively. I request those traders who are importing goods to follow rules and regulations. The civil servants who discover illegal trade will be rewarded 50 per cent of the amount of seized goods. It will help prevent corruption.”

Interest rates set to fall: finance minister

The government will seek ways to decrease a 13-per-cent interest rate collected on bank loans, said Kyaw Win, minister for planning and finance, while meeting the Private Sector Development Committee and entrepreneurs at the Federation of Chambers of Commerce and Industry on Saturday.

The Lower House and the cabinet are in talks to discuss the issue and private-sector input was welcome, he continued.

Under the Thein Sein administration, the Central Bank of Myanmar decreased the interest rates on deposits in 2011 and 2012.

Myanmar firm set for return to Ambiente next year

Thanks to the firm’s satisfactory business performance over the past two years, Bella Interiors, which produces a spectrum of Myanmar crafted rattan furniture and accessories, hopes to return to the Ambiente, an annual global consumer-goods platform held in Frankfurt, next year.  

Stellabeth Swezin Le, business development director of Bella Interiors, said that the firm received some new clients at the recent Ambiente 2017, and also aroused the interest of big names during its second presence at the event.

German fair promotes Asean’s access to European market

MANUFACTURERS in the Asean region have attempted to expand their businesses into Europe by joining “Ambiente 2017”, a five-day global consumer-goods platform in Germany’s commercial hub, Frankfurt, that ended earlier this week.

Among 4,454 exhibitors from 96 nations around the world, a total of 227 companies from nine Asean countries showcased at the event, joining a large number of Asian firms led by China and India. 

Timber tax hike worries exporters


Entrepreneurs said the rumoured 50-per-cent tax on timber exports would damage trade.

Dr Sein Win, chair of the Myanmar Forest Products Entrepreneurs' Association, said: “We may face difficulties if the government collects a 50-per-cent tax on any exports. Earning a 10-per-cent profit on products is normal.”

There is a widespread rumour that the government will collect a 50-per-cent tax on exports of forest products.

Minister discusses truck factory with Suzuki


14,000 tonnes of wood set for tender

Myanmar Timber Enterprise plans to call an open tender for about 14,280 tonnes of wood and timber, the tender committee said yesterday.
The committee said timber and wood from Yangon, Sagaing, Mandalay, Ayeyawady, Bago, Tanintharyi regions and Shan, Kachin, and Rakhine states will be sold.