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Broken rice export to China fetches high price

Broken rice export to China is making a handsome profit and does a roaring trade, said U Min Thein, vice-chair of the Muse Rice Wholesale Centre. The current market price of broken rice in the Muse area is K36,000 per 50-kilogramme bag. “The broken rice export is thriving. The broken rice is offered at K36,000 per bag in Muse (120 Yuan),” he added.

The foreign and domestic demand elevated broken rice prices. Meanwhile, the price of rice is estimated at K45,000 per 50-kilogramme bag. At present, approximately 10,000 bags of rice and broken rice are delivered to China through the Muse border. About 60,000 bags of rice and broken rice were earlier exported to China per day through the Muse border.

Between 1 April and 30 June in the 2022-2023 Financial Year, Myanmar conveyed over 550,000 tonnes of rice and broken rice to external markets. Of them, over 510,000 tonnes of rice were shipped to foreign markets through the sea trade and over 33,000 tonnes of rice sent to the neighbouring countries through land borders. Myanmar generated an income of over US$700 million from export of about two million tonnes of rice in the 2020-2021 Financial Year.

Source: The Global New Light of Myanmar

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2,400 companies struck off register due to AR absence in H1

A total of 2,400 companies have been struck off the register during the H1 period (January-June) as they fail to submit annual returns (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). During the H1 period, 400 companies each in January, February, March and June, 300 in April and 500 in May did not file annual returns on MyCO respectively, totalling 2,400 companies which failed AR submission, according to DICA. The DICA has notified any registered company which fails to submit its AR on MyCO is to be suspended, under section 430 (F) of the Myanmar Companies Law, according to the DICA’s notification.

The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017. All registered companies need to file AR on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation) under Section 97 of the law. Under Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously. All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending under Section 53 (A-1) of the Myanmar Companies Law 2017.

Nonetheless, many companies were suspended for failing to submit AR forms within the due date. Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days after receiving the notice, the system will show the company’s status as suspended. Companies can restore their status only after shelling out a fine of K50,000 for the AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents, totalling K250,000. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice.

Source: The Global New Light of Myanmar