According to the original estimate, the Union tax revenue in the 2020-2021 fiscal year is expected to reach over 8615.777 billion kyats

According to the original estimate, the Union tax collection in the 2020-2021 fiscal year is expected to reach over 8615.777 billion kyats. The revenue collection situation of the Union is 1691429.766 million kyats in the 2011-2012 financial year, 3373296.761 million kyats in the 2012-2013 financial year; 4458776.351 million in the 2013-2014 financial year, 6517979.368 million in the 2014-2015 financial year; 6314733.657 million in the 2015-2016 financial year, In the 2016-2017 financial year, 7122430.228 million; 7423724.984 million in the 2017-2018 financial year, In the six-month period from April to September 2018, 3424,206.832 million kyats; In the 2018-2019 financial year, it received 8360303.568 million kyats, in the fiscal year 2019-2020, it was 8475667.746 million kyats and the fiscal year 2020-2021, it is planned to receive 86157777.229 million kyats.

According to the Internal Revenue Department, the annual income tax revenue was over 3,379 billion kyats in the 2019-2020 fiscal year, which was 687 billion kyats more than the previous year published by Information Unit. According to the annual special excise tax revenue, 1266912.42 million kyats from October to September of the fiscal year 2019-2020,1429120.75 million kyats from October to September of 2018-2019 fiscal year, 604924.24 million from April to September 2018; In the fiscal year 2017-2018, from April to March, 1240214.11 million kyats. From April to March of the 2016-2017 fiscal year, it received 994235.73 million kyats. According to the annual commercial tax revenue, 1877851.77 million kyats from April to March of the 2016-2017 fiscal year. 

From April to March of the 2017-2018 fiscal year, 1976999.13 million kyats; from April to September 2018, 920618.14 million kyats; 2256770.20 million kyats from October to September of 2018-2019 fiscal year; From October to September of the 2019-2020 fiscal year, Ks 2,110,187.21 million was received, according to the Internal Revenue Department published by Information Unit. In the 2019-2020 fiscal year (October 2019 to September 2020), a total of 7969.397 billion kyats is expected to be collected from various taxes. 2227.964 billion kyats from commercial tax; 1348.541 billion kyats from special excise tax; 85.407 billion from office tax and stamp duty. It is expected to receive up to 165 billion kyats from the Aung Bar Lay Thein prize.

Myanmar’s annual tax revenue was Ks 1683 billion in the 2011-2012 fiscal year. 3373 billion kyats in the 2012-2013 financial year; 4459 billion in the 2013-2014 financial year; 6518 billion kyats in the 2014-2015 financial year; 6315 billion kyats in the 2015-2016 financial year; 7122 billion in the 2016-2017 financial year; 7423 billion kyats for the fiscal year 2017-2018; Between April and September 2018, Ks. 2792 billion; In the 2018-2019 financial year, 7791 billion kyats was collected. The ratio of tax revenue to GDP was 3.63% in the 2011-2012 fiscal year. 6.5% in the 2012-2013 financial year; 7.69% in the 2013-2014 financial year; 9.84% in the 2014-2015 financial year; 8.61% in the 2015-2016 financial year; 8.93% in the 2016-2017 financial year; In the 2017-2018 financial year, 8.21%; Between April and September 2018, 8.49 percent; 7.3% in 2018-2019 fiscal year and 6.61% in the 2019-2020 fiscal year.

Source: Daily Eleven


Wave Money Conflict

Beginning in mid-March, agents at Wave Money Transfer, Myanmar’s largest market share, began to struggle. Online money transfer services in Myanmar include OK Dollar, Wave Money is the most used by the basic people. After the political upheaval in Myanmar, remittances were not difficult in February, but they have been difficult since mid-March. This is because Wave Money no longer provides remittances to Wave money transfer operators. Wave Money employs a representative called a DDR in each township. From there, people take the agent license and work. If a sender is about to transfer money to someone in another township, the money is transferred through an agent. An agent in another township will reimburse the receiver according to the amount transferred. The transfer fee is only 1500 kyats per 100,000. To do so, agents have to withdraw the money from the relevant DDR. And DDR also has to withdraw from Wave Money. This is the operating level of Wave Money. This is a normal routine. The problem has been there since the money could not be withdrawn.

In mid-March, agents who have direct contact with customers arrange to make deposits and withdrawals between the customers, even they are not able to withdraw cash. But the crisis is not over. As time went on, the agent ran out of money. As a result, the money in the banks has to be withdrawn as a percentage. Percentage withdrawal is become popular in the remittance market. Wave Money company is connected with Yoma Bank. In the past, if Wave could not withdraw money, people could withdraw from the bank. Now it can no longer be withdrawn from the bank, so people have to withdraw a percentage of the money from the bank to run their business. That’s where the percentage market comes in. Percentage withdrawal varies from township to township. The minimum payment is 10% and currently it is up to 12%. Wave Money has announced that it will take action against agents who exchange percentages shortly after the market for percentages is introduced. Lack of normal banking services, unlimited mobile internet disconnection, limited internet services, Wave Money reports that internet instability and power outages have disrupted their operations and made it difficult for them to provide services to millions of customers.

It is learned that the big agents are facing various difficulties in providing Wave Money money transfer and withdrawal services. Most of them are facing shortage of banknotes and money transfer at Wave Money shops. Agents are facing an increase in the amount of cash withdrawal services. According to reports, some agents are charging higher fees, and Wave Money understands the difficulties faced by its agents in this situation, but they are not allowed to charge more than normal Wave Money service fees. Wave Money has announced that it will investigate cases of overpayment and will take appropriate action against customers in the event of such breaches or breaches of the code. Wave Money agents reacted to the announcement. They said that when a customer want to withdrawal money, they give the number which Wave Money has given to them. The main problem is the irresponsibility of Wave Money. There has also been criticism of Wave Money’s statement on social media. These things would not have happened if Wave had taken responsibility for the money in the account and exchanged it for cash. 

It is understandable that Wave cannot take responsibility for itself due to the current situation. But people also see that accountability of Wave Money is lacking since they were just saying without any actual actions. But there are some agents who offer cashless withdrawals to keep the customers out of trouble. After the political upheaval, it became difficult to withdraw money from banks, and most people relied on remittance services such as Wave Money for easy money transfer. However, Wave agents say they have not yet been able to transfer money properly and have not returned to their original state. A money changer from Wave Money said that it was difficult to solve the problem for the basic people because it was not easy to transfer money. It’s easy for everyone to use, as long as they show them the incoming message and simply generate a password. Now, even if customers will pay the percentage, they still need to find the an agent. And they have to pay it since they need to have cash. For some people, they can buy rice with that money if they do not need to pay a percentage. At present, some Wave agents charge a percentage of the money in the bank to get the money out of the bank and then withdraw the money from the cashier. No one can say when that will end.

Source: Daily Eleven

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Hotel operation gets green light for tourism in Magway Region

The Ministry of Hotels and Tourism has given the hotels, motels and guest houses in Magway Region permission to welcome back customers starting from May, 2021. A total of 50 hotels and motels have been closed since the COVID-19 pandemic was declared last year and 20 of them were reopened in accordance with the COVID-19 rules and regulations set by the Ministry of Health and Sports since April and now all of 50 are reopened.

The hotels and tourism sector in the region is reportedly relying on the domestic travellers and resumption of the business will yield income and eventually profit, an official from the ministry said. The hotels, motels and guest houses are fully booked during the university graduation period and the “Shwesettaw pagoda Buddha Pujaniya festival” which lasts about five months. The hotels and tourism sector in Magway Region generates money from the domestic and international tourists who come to the pagoda Buddha Pujaniya festivals.

The tourist sites including Myathalun pagoda, Gangaw Tahtaung pagoda and Kwechaung fortress in Magway Township, Malun emerald alms-bowl pagoda and Minhla fortress in Minhla Township, Sekkeinte pagoda, Nagapwet mountain, Shwesettaw pagoda, Shwesettaw Wildlife Sanctuary and the elephant camp in Minbu Township, Yokesone monastery and ancient pagodas in Sagu, and Sandagu Natha Kyaungtawya pagoda and Lekaing Yokesone monastery in Pwintbyu township are famous tourist sites in Magway Region. It is reported that plans are underway to develop new tourist destinations for the changing tourism industry in the post-COVID-19 era so as to attract homegrown and international tourists in addition to preservation of ancient cultural heritages and conservation of natural beauties.

Source: The Global New Light of Myanmar


Myanmar imports over $390.76 mln worth machinery, spare parts in five months

The import value of Myanmar’s machinery and spare are estimated at over US$390.76 million in the first five-month (Oct-Feb) of the current financial year 2020-2021, the Ministry of Commerce’s data indicated. Similarly, the country imported $397.84 million worth vehicles and spare parts. Imports of commercial vehicles and machinery have been
permitted through sea ports and three border gates — Muse, Myawady, and Tachilek. Starting from 1 January, imports of commercial vehicles on a company licence are not allowed. Importers are required to operate a car showroom in line with the prescribed rules and regulations. However, the new policy can pose difficulties for traders conducting business on a manageable scale, said importers.

At present, the market for those vehicles which have been registered and the second-hand cars are leading to a downward trend during the hard financial times. Importing the vehicles will cost a lot owing to the dollar gains in the past three months, double shipping rate and price volatility with tax. The prices of those cars are likely to rise 20 to 30 per cent depending on vehicles’ brands and specifications. Under the 2021 vehicle import policy, 2019 will be the oldest model to be issued an import permit for private cars with non-commercial purpose, according to press release of the Commerce Ministry. Except machinery, all imported vehicles must be left-hand drive under the 2021 vehicle import policy.

When vehicles with less than 1,350 CC engine power are individually imported, the model year must be 2019 and later. Passenger vehicles such as mini-bus, city bus, express bus and commercial trucks manufactured in 2017 and later can be imported. Under FOC Free-of-Charge licence system, fire trucks, ambulances and hearse vehicles manufactured in 2012 or later are allowed for import. Heavy machinery such as excavators, bulldozers, wheel loaders, vibratory rollers, clamp loaders, motor graders, road roller compactors, bridge cranes, gantry cranes, tower cranes, pilling machines, crawler drills/ cranes, mobile cranes, rough-terrain cranes, forklifts, boom lifts and asphalt finishers that cannot be driven on public roads are allowed to be brought into the country as long as they are 15 years old or less.

Source: The Global New Light of Myanmar


Singapore moves down a rank, becomes second largest foreign investor in Myanmar

Following Japan moving up a rank with the largest investments, Singapore became the second-largest source of foreign direct investments into Myanmar in the past seven months (Oct-Apr) of the current financial year 2020-2021,
according to data released by the Directorate of Investment and Company Administration (DICA). Japan is the top investor in Myanmar in the past seven months, bringing in estimated capital of $518.76 million with three projects. Meanwhile, the 13 Singapore-listed enterprises brought in US$388.327 million into Myanmar. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors.

China stood as the third largest investors this FY with an estimated capital of $166.75 million in Myanmar, the DICA’s statistics indicated. Those enterprises listed from Thailand, India, Japan, Malaysia, Republic of Korea, UK, Viet Nam, Marshall Island, South Africa, Samoa, China, Hong Kong (SAR) and China (Taipei) also made investments this year. Of 42 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October 2020 and 30 April 2021 of the current FY, 21 enterprises pumped FDI into the manufacturing sector. The electricity sector received seven projects and the livestock and fisheries sector attracted five projects.

Other service sectors drew five projects while the agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotels and tourism sectors. MIC intends to reach FDI target of $5.8 billion for the current FY2020-2021. Singapore stood as the largest foreign investor in Myanmar, pulling in the FDI of $1.85 billion in the FY 2019-2020, $2.4 billion in the FY 2018-2019, $724.4 million in the mini-budget period (April-September, 2018), $2.16 billion in the 2017-2018 FY, $3.8 billion in the 2016-2017 FY, $4.25 billion in the 2015-2016 FY, $4.29 billion in the 2014-2015 FY, $2.3 billion in the 2013-2014 FY and $418 million in the 2012-2013 FY respectively. Additionally, Singapore emerged as the second largest foreign investor in the Thilawa Special Economic Zone, after top investor Japan.

Source: The Global New Light of Myanmar


Effective period for temporary measures to prevent importation of COVID-19 to Myanmar through air travel extended till 30 June 202

The effective period for the Temporary Measures to Prevent Importation of COVID-19 to Myanmar through Air Travel issued on 29 March 2020 by the Ministry of Health and Sports was extended up to 31 May 2021, 23:59 hours of Myanmar Standard Time, in line with the approval of the Central Committee on Prevention, Control and Treatment of COVID-19.

As the infection of this disease remains increasing in most of the countries, and the current effective period will be further extended with the approval of the Central Committee on Prevention, Control and Treatment of COVID-19, until 30 June 2021, 23:59 hours of Myanmar Standard Time to prevent infection of COVID-19 to Myanmar through passengers of international airlines.

Ministry of Transport and Communications

Source: The Global New Light of Myanmar