pay

The Central Bank of Myanmar announces acceptance of electronic payments for purchases of medicines and medical supplies from private hospital and receiving medical treatment at clinics

The third wave of Covid-19 is occurring, and it is difficult to get to the bank as Stay at Home programs are being carried out in the regions and states, the Central Bank of Myanmar announces the acceptance of electronic payment method for the purchase of medicines and supplies. The Central Bank of Myanmar is working to accelerate the transition to a digital economy and to make payment systems more efficient.

Banks have been instructed to target more payments with A/C Transfer Digital Payments and to allow cash withdrawals up to 50% of the monthly sales (Pay/Wallet/Cards/Account Transfer) of merchants and affiliates to be vetted only two or three times a month. The third wave of Covid-19 is occurring in Myanmar and Stay at Home programs are being carried out in the regions and states. Clinics have difficulty accessing banks, are unable to handle infectious cash, and other critically ill patients have difficulty paying for medical bills in cash.

Therefore, the Ministry of Health and Sports, The Department of Health should prioritize the payment of medical treatment, purchase of medicines and medical supplies at private hospitals and clinics licensed by the Department of Health by using the electronic payment method in the paragraph (1) above, and the maximum payment received by Digital Payment shall be 50% per month. The cash will be disbursed two or three times and the cash will be disbursed by the relevant banks. The Central Bank has announced that coordination is being made between various clinics.

Source: Daily Eleven

Taxis

YRTC suspends Yangon city taxis, freight vehicles registration services

The Yangon Region Transport Committee (YRTC) has temporarily suspended the city taxis and freight vehicles registration services since 15 July due to a recent third wave of COVID-19 disease, according to the YRTC. It had been only two weeks that the services were resumed as per the COVID-19 guidelines on 1 July, after being suspended since 16 March 2020.

The registration services of YRTC is reportedly suspended since the Department of Road Transport and The Department of Transport Planning have suspended public services, according to the Joint Secretary of the YRTC. The resumption date will be announced in advance. However, it is difficult to say for sure because of the temporary suspension of services, he added.

During the resumption of services for two weeks, the YRTC provided 825 city taxis registration services at No.297, Thanthumar Road, South Okkalapa Township and 1,943 freight vehicles registration services near the office of the Transport Planning Department on Strand Road. At present, the total number of city taxi registered vehicles in the Yangon Region is over 65,000, with more than 20,000 taxi licences from other regions and states. A total of around 50,000 freight vehicles are registered, according to YRTC.

Source: The Global New Light of Myanmar

image_6483441 (4)

Over 2,600 companies register via MyCO system in five months

According to the statistics released by the Directorate of Investment and Company Administration (DICA), the number of companies registered on the online registry system MyCO reached over 2,600 in the first five months of this year.
According to the Myanmar Companies Law 2017, registration must be done using the electronic registration system (MyCO), which was introduced on 1 August 2018. This year, the number of registered companies on MyCO was 1,373 in January, 188 in February, 163 in March, 254 in April and 686 in May, the DICA’s statistics showed. According to DICA, 100 per cent of MyCO system users are practising online application instead of manual filings. In 2020, the figures stood at 1,415 in January, 1,298 in February, 1,015 in March, 348 in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August and 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, the data of  DICA showed. In 2019, the number of registered companies mounted to 1,733 in January, 1,419 in February and 1,108 in March, 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August, 1,181 in September, 2,059 in October, 1,615 in November and 1,772 in December as per statistics of the DICA.

When the online registry was launched in August 2018, 1,816 new companies got registered via MyCO. The figures stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018. Further, all registered companies (old and new) need to submit annual returns (AR) on MyCo system within two months of incorporation and at least once a year (not later than one month after the anniversary of incorporation), according to Section 97 of Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit the annual returns and the financial statements (G-5) at the same time. And, all overseas corporations must submit annual reports in the prescribed format on MyCo in 28 days after the end of the financial year under Section 53 (A-1) of the Myanmar Companies Law 2017.

The companies have to submit AR within AR due date. However, more than 16,000 companies were suspended as of September 2020 because they have filed to submit AR. Therefore, the newly established companies are requested to submit AR within two months of incorporation. If they fail to do so, they may face a fine of K 100,000. If the AR form is filed to submit within 13 months, the system will send a suspension (I-9A) notification letter in company status. Besides, if the AR form is also filed to submit after receiving (I-9A) within 28 days’ notice, the system will show suspended in company status. Under this situation, the companies can restore their status by paying AR and late fees. Then, the companies need to submit the I-9D form. The suspended companies will have to pay a fine of K50,000 for the AR fees, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents. If AR forms are filed to submit again within six months of suspension, the system will show struck off in company status.

Source: The Global New Light of Myanmar

ird_site_home_Version3_05

Announcement on applying electronic payment systems instead of cash/cheque for tax payment of taxpayer companies to the State

  1. Under the Ministry of Planning and Finance, the Internal Revenue Department arranges easy and rapid tax payment ways for taxpayer people through electronic payment, mobile banking, mobile payment, MPU Debit Card online, and links with relevant banks.
  2. The taxpayer, who has received taxpayer identification number-TIN, can pay income tax, commercial tax, special commodity tax, and gem tax to the banking accounts of relevant tax office at the branches of Myanmar Economic Bank from their bank A/C opened at private banks including foreign bank branches in Myanmar with the use of CBM-NET of the Central Bank of Myanmar or https://onlinepayment.ird.gov.mm/etax which is the online tax payment system of using MPU Debit Card.
  3. Income tax payment of staff from the companies paying tax at the Large Taxpayer Office or Medium Taxpayer Office can be paid to the banking accounts of the respective tax offices through electronic payments, mobile banking and mobile payments or MPU Debit Cards.
  4. Relevant private banks will issue the initial documents for payment as evidence of paying tax from the banking accounts of companies through electronic payment methods, mobile banking and mobile payment or payment from MPU Debit Card. After receiving the tax payment in the accounts, the Internal Revenue Department will send the e-payment to the taxpayers on completion of paying the tax.
  5. The taxpayers who have opened the banking accounts at the State-owned banks can pay tax through cash/cheque and account transfer.
  6. Hence, Income tax payment for staff of the taxpayers and the companies which pay tax at the Large Taxpayer Office and the medium taxpayer offices in Yangon, except for the taxpayers who opened bank accounts at the State-owned banks, will apply easier and smoother electronic payment systems instead of cash/cheque payment system as of 1 July in 2020-21 financial year. So, the department requested the taxpayers to cooperate in the process.
  7. For further information, taxpayers may contact-
    (a) Tax service office (Nay Pyi Taw)
    Office No. 46, Internal Revenue Department, Nay Pyi Taw
    Tel: 067-3430533 and 067-3430522
    (b) Tax service office (Yangon)
    No 59/61 (first floor), Pansodan Road, Kyauktada Township, Yangon
    Tel: 01-378370 and 01-378372
    (c) Information and Technology Branch (e-payment section)
    No 569/577, corner of Merchant Street and Baha Bandoola Park Street
    Kyauktada Township, Yangon, Tel: 01-8379021.
    Internal Revenue Department

Source: The Global New Light of Myanmar

contactless-supermarket-1600x900

National Payment System Governing Committee discusses to practice digital payment system

National Payment System Governing Committee held its first coordination meeting in Nay Pyi Taw yesterday. During the meeting, Committee Chairman and CBM governor U Than Nyein said that it should implement the visions and missions of the National Payment System Strategy (2020-2025). It also needs to establish a secure national payment system that can effectively contribute to its financial stability and economic growth.

He also discussed matters pertaining to the use of electronic payment system for national payment, duties of government to supervise in implementing a digital payment system to reduce cash usage, modern payment and electronic payment systems, enactment of the law to protect service providers and customers, and plans to draft a law supervisory framework meeting the international criteria.

Then, Daw Than Than Swe, Deputy-Governor of CBM, presented CBM-Net System, tax payment on CBM-Net System, other tax payments via Digital payment platform of Mobile Financial Service Providers like Wave Money, OK Dollar, MPT, Ooredoo and MyTel and MMQR system. The attendees to the meeting also discussed the mobile payment systems of local banks, criteria and procedures for payments, digital payment system, cooperation works between government and private sectors for tax relief, digital sales for retail and wholesale, Cheque Truncation System, safe and secure payments and illegal payment system to be added in the payment system of the country. 

Source: The Global New Light of Myanmar

illustration-businessman-magnifying-glass-laptop

Licensed overseas recruitment agencies allowed to send employees abroad

The licenced overseas recruitment agencies are allowed to send employees abroad under the Overseas Employment Law (1999), according to the Ministry of Labour, Immigration and Population. Regarding granting licence to the overseas recruitment agencies, most employees choose to depart mainly to Thailand, Malaysia, Korea, Japan, Singapore, the United Arab Emirates, Qatar, Macao and Jordan. So far, Myanmar has sent 1,320,914 employees to foreign countries from 1990 to May 2021.

The Ministry of Labour, Immigration and Population has been increasing business licence deposit fees for the overseas employment agencies from K5 million to K25 million starting from 4 February 2020. It raised deposit fees to reduce the number of overseas employment agencies, make them interested in their businesses, and work effectively. It would also ensure more prominent agencies are more responsible and accountable. According to the Ministry, among the overseas recruitment agencies, there are 295 overseas employment agencies in Myanmar that pay increased deposit fees of K 25 million.

Those who wish to apply for the new overseas employment agency license need to come and apply for the permit at the department of labour relations (head office) in Nay Pyi Taw. The application must be signed in person by the managing director of the agency companies. The managing directors need to bring the necessary documents such as company profile, national ID, census and recommendation of the police station and ward. Those, who will apply for agency licences, must show proof of personal assets worth K100 million, an updated bank account with at least K100 million from the last six months and demand letters. 

Source: The Global New Light of Myanmar

signboard-for-mobile-banking-firm-wave-money

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

my0

Tickets of the state-owned Myanmar National Airlines can be bought with digital payment

Passengers travelling on state-owned Myanmar National Airlines flights can visit the website (www / flymna.com) and can easily book with digital payments through the application and call center. Payment for airline tickets with 3D Secure credit or Debit Card, payment by MPU Card, payment by Bank Transfer Payment can be made over the counters such as NearMe, G & G, abc convenience store, City Express and Oasis through 123 Service. Customers who use Mobile banking / i-banking can pay using KBZ Direct Pay, CB Web Pay, AYA Mobile banking, UAB mobile banking, MAB mobile banking.

Passengers on international flights of the state-owned Myanmar National Airlines will be tested for COVID-19 at Yangon Airport Molecular Lab. State-owned Myanmar National Airlines has announced flight schedules for next May, all of which will be operated by Embraer 190 and ATR 72-600 aircraft. Of the five domestic airlines, all airlines have resumed domestic flights and passenger flights have resumed, according to domestic airlines. Among the domestic airlines, state-owned Myanmar National Airlines and Air KBZ are resuming domestic flights, while GMA and Man Yadanarbon Airlines are operating only Yangon-Sittwe routes.

In May, 2021, there will be flights of Myanmar National Airlines from Yangon to Mandalay, Heho, Kyaing Tong, Sittwe, Myeik, Bote Pyin, Dawei, Kyaukphyu, Loikaw and Kalay. According to a statement from the Ministry of Health and Sports, all passengers on domestic flights will no longer need to undergo the COVID-19 test and will have to comply with other health standards. According to the statement, passengers on domestic flights can apply for a ticket at a local ticket office or at a local ticket office. They will be able to purchase regular flights without having to endorse online or in accordance with the health standards.

Passengers may be exposed to suspected COVID-19 fever, whooping cough, sudden loss of odor, or contact with an infected person within two weeks. And only those who are free of all symptoms and conditions will be allowed to travel. Passengers are required to abide by local orders when the aircraft arrives in their respective cities. The COVID-19 medical check-up for passengers on rescue flights and domestic flights of state-owned Myanmar National Airlines (MNA) and International Myanmar Airlines (MAI) will be available at Yangon Airport Cargo Warehouse and N Health Laboratory, according to the airline.

Source: Daily Eleven

image_6483441 (4)

Companies registered on MyCO exceed 2,000 in four months: DICA

The number of companies registered on the online registry system, MyCO, topped 2,000 in the first four months of this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. During Q1 of 2021, the number of registered companies on MyCO was 1,373 in January, 188 in February, 163 in March and 254 in April, the DICA’s statistics showed. At present, 100 per cent of the applicants are using the online registration platform, the DICA stated.

Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, as per statistics of the DICA. The figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, data of the DICA showed. When the online registry was launched in August 2018, 1,816 new companies registered on MyCO.

The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018. In addition, all registered companies need to file annual returns (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), according to Section 97 of Myanmar Companies Law 2017. According to Section 266 (A) of the Myanmar Companies Law 2017, public companies shall simultaneously submit annual returns and financial statements (G-5). All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017.

As per DICA’s report, more than 16,000 companies were suspended as of September-end for failure 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 that 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 of 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 to restore the company on the Register, and K100,000 for late filing of documents. 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

image_6483441 (51)

Central Bank of Myanmar Press Release

30 April 2021

  1. Efforts were made to regularly apply the monetary systems and applications that bank and mobile monetary service providers operate through the Internet during the period of temporarily interrupting the mobile Internet. The Central Bank of Myanmar has announced some banks that can provide services to customers on 29 April.
  2. Currently, UAB Bank, Myanmar Apex Bank, Nay Pyi Taw Development Bank, Asian Green Development Bank and Shwe Rural and Urban Development Bank can give the following services — account to account transfer, wallet to wallet, bank to bank and CCT functions of CMB Net of the Central Bank of Myanmar to the public with the use of mobile banking, Internet banking, mobile top-up, other cards top-up, bill payments, Visa/Master credit card payment, MPU cards, all ATMs and Bank Pay.
  3. Mobile monetary service providers, namely Wave Money, OK$, M-Pitesan, MyTel Pay and MPT Money, are giving their services as usual for a mobile top-up, wallet to wallet, bank to the wallet, wallet to the bank, air time top-up, and merchant cash in/cash out.

Source: The Global New Light of Myanmar