Tax applications of Investment businesses must be submitted directly to the Department of Commerce and the Customs Department starting from December 15

The Myanmar Investment Commission (MIC) has issued Notification No. 26/2021 dated December 20, 2021, stating that businesses operating with the approval and approval of State and Region Investment Committees must apply directly to the Department of Commerce and Customs Department from December 15, 2021, without the need for commission approval under Myanmar Investment Rule 230.

The Myanmar Investment Commission (MIC) has issued this notification to facilitate investment activities by exercising the authority conferred under Section 100 (b) of the Myanmar Investment Law. Investments include business-related equipment; The following must be followed when importing business equipment and raw materials.

Myanmar Investment Commission and Regions; Permission of State Investment Committees; From December 15, 2021, applications must be submitted directly to the Department of Commerce and Customs under the Myanmar Investment Rule 230, without the need for commission approval, except for the import of raw materials for liquor, beer, cigarettes, motor vehicles, motorcycle assembly and import of commercial sugar under the Myanmar Investment Rule 230. The Myanmar Investment Commission (MIC) has announced that the annual raw material requirements of the motorcycle assembly industry and the import of commercial sugar, alcohol, beer, cigarettes and motor vehicles must be submitted to the Myanmar Investment Commission on an annual basis.

Source: Daily Eleven

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Myanmar’s foreign trade value drops by nearly $322 mln in mini-budget year

Myanmar’s foreign trade value has seen a decrease by nearly US$322 million over the past two months of the current mini-budget period as both export and import decline, according to the official report of the Ministry of Commerce. From 1 October to 26 November in the 2021-22 financial year, the foreign trade value was $4.309 billion, whereas the same period of the last FY saw $4.632 billion.

This year saw a drop of over $321.862 million compared to the same period of last year. This mini-budget year, the export value was over $2.206 billion with a decline of over $113 million, while the import value hit $2.102 billion with a decrease of over $208 million. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, CMP raw materials and consumer goods.

According to the annual data released by the commerce ministry, the country’s foreign trade value was $18,045.929 million in the 2012-2013FY, $27,714.826 million in the 2015- 2016FY, $29,209.607 million in the 2016-2017FY, $33,578.052 million in the 2017-2018FY, $18,728.815 million in the 2018 mini- budget year and $35,147.012 million in the 2018-2019FY. Agro-based food production, textile and clothing, industry and electronics, fisheries production, forestry production, digital production and services, logistics services, quality management, trade information services and innovation and entrepreneurship sectors are the main priority areas of the National Export Strategy (NES) 2020-25.

Source: The Global New Light of Myanmar