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Vessel registration charged $50 at border post in Rakhine State

by TRADING

For cross-border trade in Rakhine State, the registration of a vessel is charged US$50 and the weighted average price is set at five dollars per freight tonne as per the Marine Fisheries Law, Rakhine State Fisheries Department stated. The direct export system facilitates the trade flow and brings about more benefits to the exporters and the breeders. The department earns revenue from the vessels that directly send the fishery products to Bangladesh’s Port.

Sittway and Maungtaw border posts in Rakhine State with Bangladesh have resumed operations since 14 October 2021. Additionally, the department made efforts to raise the revenue from the aquaculture exports. In November, the revenue of US$10,250.59 was generated from 11 vessels. As of the end of October in the 2021-2022 mini-budget period, over $6.677 million worth of 5,547.57 tonnes of freshwater fish and dried fish were shipped to Bangladesh via border posts.

Freshwater fishery products constituted 65 per cent of overall seafood exports, while rohu accounted for 75 per cent of freshwater fish exports. The exports of fishery products to Bangladesh generated $6.318 million from 7,089 tonnes of seafood in the financial year 2019-2020. The trade flow plummeted drastically owing to the impacts triggered by the COVID-19 pandemic in the 2020-2021FY. Myanmar earned only $4.76 million by exporting 5,010 tonnes of fishery products last year.

Source: The Global New Light of Myanmar

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Over 20 mln people fully vaccinated in Myanmar as of 4 January

by COVID

About 20.91 million people have been fully vaccinated against COVID-19 across the country as of 4 January 2020, according to a release from the Ministry of Health. The country is administrating the vaccines to 36.9 million people aged 18 and older.

As of 4 January, there are 15.96 million people completed full doses of the vaccine and about 4.94 million people received single doses of COVID-19, according to the Ministry. Myanmar has inoculated over 51 per cent of its population against COVID-19 so far. This year, the vaccination will continue to be given to targeted groups to improve vaccine coverage. Earlier, those above 65 years old were in the priority group to be jabbed.

Now, the priority lists for COVID-19 jabs have been increased and the lists include people above 55 years of age. Besides, COVID-19 vaccines have been provided to above 45 years starting from 17 October and to above 40 starting from 9 November, according to the ministry. Myanmar detected its first two COVID-19 positive cases on 23 March 2020. The Ministry also urged people should receive the full dose of the vaccine and those who have received the first dose to visit the nearest immunization location or near the scheduled date for the second dose. \

Source: The Global New Light of Myanmar

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Myanmar ships about 4,000 tonnes of honey yearly

by TRADING

Approximately 4,000 tonnes of Myanmar’s honey is conveyed to foreign trade partners every year. The natural resources in developing countries are favourable for the production of organic honey. Myanmar’s small-scale beekeepers and beekeeping businesses under the Apiculture Division under the Ministry of Agriculture, Livestock and Irrigation yearly produces over 6,000 tonnes of honey, with 2,000 for domestic consumption and 4,000 for the external market. The department is arranging 1.5 million acres of crops for the bees to be pollinated.

“Myanmar has regular trade partner countries. Expansion of business is required to increase foreign income. Sagaing Region is the main producer of honey. Mon State also started engaging in honey production as well. Advanced beekeeping techniques should be adopted for higher honey production in the private sector as it could effectuate the development of the rural community,” said U Kyaw Kyaw Oo, in charge of the Apiculture Division under the Livestock Breeding and Veterinary Department. The beekeeping business commenced in 1979 in Myanmar and Myanmar’s honey penetrated the foreign market in 1985.

It is commonly delivered to Japan, China, South Korea, Singapore and Thailand. Sunflower honey, palm honey and sesame flower honey are preferred in the market. Of them, sunflower honey is highly demanded in the international market. China is the biggest exporter of honey in the world and Viet Nam, Myanmar and Thailand are the largest producers among the regional countries. The agriculture sector is the backbone of Myanmar’s economy and the country is making efforts to boost honey production. The farmers practise beekeeping in the mixed farming system. Enzymes that are added to the nectar by bees helps break down complex sugar into simple sugar. Floral scent influences honey taste and colour. 

Source: The Global New Light of Myanmar

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Nippon Foundation donates 2 mln Covaxin doses to Myanmar

by COVID

Japan’s philantropic Nippon Foundation is to donate 2 million jabs of Covaxin to Myanmar this month, a total of 1 million jabs were delivered to Myanmar at the VIP lounge of Yangon International Airport at 10 am yesterday.

At the handover ceremony, Mr Mori Yuji, executive director of Nippon Foundation, handed over 1 million jabs of Covaxin to Dr Maung Maung Myint, President of the Myanmar Red Cross Society (MRCS), in the presence of Mr Maruyama Ichiro, Ambassador of Japan to Myanmar and Dr Tun Min, Deputy Director-General of Yangon Region Public Health Department.

The officials from Japanese Embassy to Myanmar and Nippon Foundation, and MRCS also attended the ceremony. The Nippon Foundation will contribute US$17 million worth 2 million doses of Covaxin to Myanmar and 1 million doses arrived at the Yangon Internaitonal Airport by Qatar Airways flight (QR8920) in the first batch. The second batch is scheduled to come by this airlines on 23 January with another 1 million doses.

Source: The Global New Light of Myanmar

2021 trading value indicates 63 per cent drop on YSX

by ECONOMY

Only K4.63 billion valued 887,969 shares by seven listed companies were traded on the Yangon Stock Exchange (YSX) in 2021, showing a significant drop of 63 per cent as against 2020, according to the annual report released by the exchange. In 2020, K12.6 billion worth of 1.87 million shares by six listed companies were traded on YSX, whereas over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019. Both continuous trading and block trading on YSX fell in 2021 despite the debut of Amata Holding Public Co., Ltd. (AMATA) on the exchange on 3 June 2021. At present, shares of seven listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and Amata Holding Public Co., Ltd. (AMATA) —were traded in equity market.

The share prices per unit were closed at K8,400 for FMI, K3,100 for MTSH, K7,900 for MCB, K19,500 for FPB, K2,600 for TMH, K2,900 for EFR and K6,000 for AMATA respectively in December 2021. In January 2021, 121,893 shares, with estimated value of K640 million, were traded in equity market. Then, it plummeted into K442 million worth of 77,388 shares in February. The figures extended further drops to K110 million worth of 19,816 shares in March 2021. Then, the market slightly rose in April with K280 million worth of 42,964 shares. The stocks maintained in the bull market in May with 78,642 shares worth of K432.448 million as well. In June, 79,296 shares worth of K430.285 million were traded on the exchange. Then, the volume of shares traded in equity market plunged into 36,855 shares in July 2021 and the trading value also slipped to K198 million. It climbed up in August 2021 compared with those registered in the last two months, with over K300 million worth of 49,191 shares traded on the exchange. It edged up to a record high in September, with over K825 million worth of 193,353 shares.

However, the trading volume plunged to 99,837 shares with estimated value of K561 million in October and touched a two-month low of K219 million, with 45,446 shares of the six listed companies traded on the equity market. It continued downward trend in December with K191 million worth of 4,428 shares, the YSX’s monthly report indicated The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market was also scared by the COVID-19 crash in the previous months, a market observer points out. People like to keep emergency savings and purchase the safe heaven asset gold, rather than make investment amid the COVID-19 crisis and current political conditions. Unexpectedly, people turned to stock market when the prices of gold remarkably gained in September. However, the stock market was back to down side in October, he continued. Amid the COVID-19 crisis and political changes, Myanmar’s securities market has been able to continue operating without stopping trading.

In 2020, the value of stocks traded on the exchange reached a peak of K1.48 billion in February, whereas trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgences in Myanmar, the exchange’s monthly report showed. Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. Furthermore, YSX launched pre-listing board (PLB) on 28 September 2020 in order to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX, YSX stated. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment seminars. The stock exchange has also sought the government’s support to get more public companies to participate in the stock market and help more institutional investors, such as financing companies, investment banks, and insurance companies, to emerge.

Source: The Global New Light of Myanmar

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In the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year

by TRADING

During the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year, according to figures released by the Ministry of Commerce. From October 1 to the end of December of the 2021-2022 fiscal year, Myanmar’s foreign trade volume was only $ 7.239 billion. In the same period last year, the foreign trade volume reached $ 7.932 billion. In the first three months of the current fiscal year, trade decreased by $ 693.481 million compared to the same period last year. During the same period, Myanmar exported just over $ 3.705 billion, down $ 318 million from the same period last year.

Imports amounted to $ 3.533 billion, down more than $ 374 million from the same period last year. Myanmar exports agricultural products Animal products Fishery products; Minerals; Forest products. According to the Ministry of Commerce, the company is exporting finished industrial products (CMP) and other goods. Imports include investment goods. Business raw materials; Consumer goods Mainly imports CMP raw materials. Myanmar’s annual foreign trade in the 2012-2013 fiscal year was $ 8977.015 million. Imports amounted to $ 9068.914 million and the trade volume was $ 18045.929 million. In the 2015-2016 financial year, exports were $ 11,136.878 million. Imports were $ 16,577.948 million and trade was $ 27714.826 million.

In the 2016-2017 fiscal year, exports amounted to $ 11,998.545 million. Imports amounted to US $ 17,211.062 million and the trade volume was US $ 29,209.607 million. In the 2017-2018 fiscal year, exports were $ 14,883.160 million. Imports amounted to $ 18694.892 million and the trade volume was $ 33,578.052 million. In the 2018 Mini Budget, exports were $ 8861.032 million; Imports amounted to $ 9867.783 million and the trade volume was $ 18728.815 million. In the 2018-2019 fiscal year, exports were $ 17,060.415 million. Imports amounted to US $ 18086.597 million and the trade volume was US $ 35,147.012 million. Myanmar is implementing a national export strategy to increase exports. Fisheries sector; Forest products; Digital products and services; Logistics services; Quality management sector; Trade Information Services; Innovation and entrepreneurship, according to the Ministry of Commerce.

Source: Daily Eleven

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Myanmar inks G-to-G agreement to export rice to Sri Lanka

by TRADING

MYANMAR signed a government-to-government (G-to-G) rice export bilateral Agreement with Sri Lanka
yesterday. The virtual signing ceremony was attended by Union Minister for Commerce Dr Pwint San, Minister for Trade of Sri Lanka Dr Bandula Gunawardhana, and other officials concerned.

First, the Union Minister said the G-to-G agreement is signed as an initial activity to export other products including rice of the farming sector in order to promote bilateral trade. The country also invites investments in the tourism industry that make profits for two countries and welcomes further cooperation works to develop the economy.

Then, the Minister for Trade of Sri Lanka talked about the establishment of diplomatic relations with Myanmar in 1949, expressed words of thanks for exporting rice under the G-to-G system and also pleaded to improve the bilateral trade and investment. According to the G-to-G agreement, Myanmar Rice Federation and Sri Lanka State Trading (General) Corporation will supervise the rice trade, and Myanmar will have to export 100,000 tonnes of white rice and 50,000 tonnes of parboiled rice to Sri Lanka in 2022 and 2023.

Source: The Global New Light of Myanmar

Press release issued to levy increased commercial tax rate over internet services

by ECONOMY

Although the majority of developing countries levy the sector-specific tax in addition to regular commercial tax for internet services, Myanmar does not collect the sector-specific tax till today. In order to recover the businesses, which face loss in impacts of COVID-19, the government carries out easing and postponing the tax collection.

However, as the use of internet services is on the rise across the nation, levying commercial tax over the consumption of internet services can increase the income for the State. On the other hand, the effects triggered by extreme use of internet services on the employment of the people and physical and mental sufferings of new generation students can be reduced.

The commercial tax will not be increased for calling and use of SMS. Arrangements will be made for easing the necessary restrictions for taxpayers who use the internet for the development of human resources and knowledge about health measures in levying the increased rate of commercial tax over the internet services. On one hand, efforts will be made for providing better quality service and network coverage for the users. The Union Tax Law 2021 was amended with a plan to levy the increased commercial tax.

Source: The Global New Light of Myanmar

Union Tax Law 2021 (Amendment) enacted

by ECONOMY

Republic of the Union of Myanmar
State Administration Council
Law Amending the Union Tax Law 2021
State Administration Council Law No. 1/2022


5th Waxing of Pyatho 1383 ME
6 January 2022

The State Administration Council hereby promulgated this law under Section 419 of the Constitution of the Republic of the Union of Myanmar.

  1. This law shall be named “the Law Amending the Union Tax Law 2021”.
  2. This law shall be affected from 8 January 2022 to 31 March 2022.
  3. Sub-Section (e) of Section 14 of the Union Tax Law 2021 shall be substituted as follows:-
    “(e). Five per cent of commercial tax shall be levied over the income of other services being operated at home, except services mentioned in the Sub-Section (d) and Sub-Section (e-1).”
  4. The following section shall be inserted as Sub-Section (e-1), under Sub-Section (e) of Section 14 of the Union Tax Law 2021:-
    “(e-1) (1) No matter what provisions the Commercial Tax Law comprises, only once commercial tax shall be levied K20,000 per the sales of SIM cards and SIM card activation.”
    (2) Fifteen per cent of commercial tax shall be levied over the income
    earned from the internet services.”
  5. The table of Sub-Section (a) of Section 25 of the Union Tax Law 2021 shall be substituted as follows:-

I hereby signed it under Section 419 of the Constitution.


Sd/Min Aung Hlaing
Senior General
Chairman
State Administration Council

Source: The Global New Light of Myanmar

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Total border trade value decreases by US$966 mln this mini-budget period

by TRADING

The total border trade value at 18 border trade camps exceeded US$1.4 billion this mini-budget period, according to the Ministry of Commerce. During the mini-budget period, the total border trade amounted to 1.44 billion, down $966 million compared with the last year’s figure of $2.409 billion.

From 1 October to 24 December of the 2021-22FY, the country’s export via land borders amounted to $1.02 billion, while its import shared $427.7 million. Myawady topped the list of border checkpoints with the most trade value of $581.36 million, followed by Hteekhee with US$402.06 million.

The country conducts border trade with neighbouring China through Muse, Lweje, Kampaiti, Chinshwehaw and Kengtung, with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtaung and Meisei checkpoints, with Bangladesh via Sittway and Maungtaw and with India through Tamu and Reed border crossings, respectively. Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others while capital goods, intermediate goods and consumer goods are imported to the country.

Source: The Global New Light of Myanmar