Business

Ks1 trillion from new car tax

The tightening of regulations on imported cars has increased revenue by Ks1,145.6 billion, according to Myanmar’s Customs Department.

Since October 2011, Ks590 billion in tax and more than Ks554 billion in commercial tax was collected from 432,953 imported vehicles.

Myanmar slams EU rights report

The Ministry of Foreign Affairs has condemned a European Union document on human rights in Myanmar at the Geneva Summit for Human Rights and Democracy.

Japan hands over US$300m loan

In order to develop the national electricity grid and communications, the Japan International Cooperation Agency (JICA) has granted Myanmar a US$300 million loan.

"JICA loaned an amount of 35.178 billion Japanese yen, which when converted to US dollars will be 300 million. The interest rate is 0.01 per cent and the repayment must be made within 40 years,” the JICA said.

YSE: $20 billion worth of Market Capitalisation by 2022

The Yangon Stock Exchange (YSX), set to open in October this year, is to see up to US$20 billion in Market Capitalisation as well as trade volume of US$10 billion per year, said Dr Aung Thura, CEO of Thura Swiss during the ASEAN- Myanmar forum held on March 23 at the Park Royal Hotel, Yangon.

“If we were to take Vietnam as an example, Myanmar is looking towards achieving US$20 billion worth of Market Capitalisation. Trade volume also can reach up to US$10 billion annually,” according to Dr Aung Thura.

Over US$270 million to be spent on oil, gas exploration

Myanmar Oil and Gas Enterprise (MOGE) and Unocal Myanmar Offshore Company plan to spend US$277.85 million over the next six years on oil and gas exploration at offshore block A-5 in Rakhine State, according to the Energy Ministry.

The joint venture signed a production-sharing agreement on March 20. The ministry received a signature bonus of $3.5 million and a surface fee of $150,000.

ADB: Inflation to rise in Myanmar

The Asian Development Bank (ADB) has predicted that Myanmar is likely to see inflation rise to 8.4 per cent in the 2015-16 fiscal year, up from 6.5 per cent in 2014-15.

ADB attributes the potential rise to higher fiscal spending and higher wage expectations, which will increase domestic demand.

These assessments were presented in a new economic report released by ADB on Wednesday.

Tight control on foreign stock investors

Tight restrictions will be imposed to prevent foreign investors from controlling the stock bourse before the Yangon Stock Exchange (YSX) opens in October, said chairperson of the Securities and Exchange Commission of Myanmar (SECM).

Presently, the SECM won’t give permission to foreign funds and institutional investors to invest instantly in the YSX.

Thailand, Myanmar swiftly resolve trade dispute

Myawaddy – Border authorities in Myawaddy banned imports of all goods from Thailand in response to Thailand’s ban on fuel exports to Myanmar on the morning of March 24.

“The fuel export ban was imposed by lower authorities. Myanmar banned all Thai goods so that senior Thai authorities would learn what happened. We decided to ban their imports as they always impose such bans on us,” said Major Naing Maung Zaw from the No 3 Border Guard Force (BGF).

Bean farmers trained to meet EU's criteria

Local bean farmers are being trained to meet strict criteria to market their produce as the European Union's Generalised System of Preferences guarantees strong market and decent prices, according to the Ministry of Commerce.

"We export beans to India through sea freight but we can't use the same method when it comes to the EU. The EU pays more than the other markets but its limitations are stricter also," said Win Myint, a senior official of the ministry.

Tightened rules in Thailand hit oil transportation to Myawady

Fuel stations in the border town of Myawady are fretting about fuel shortages following Thailand’s stricter rules on fuel transportation across the Moei River.