ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

With the support of the World Bank, Internal Revenue Department (IRD) will launch an Integrated Tax Administration System (ITAS) by next year to serve as a platform for administration matters
The Internal Revenue Department (IRD) under Ministry of Planning and Finance is aiming to launch an Integrated Tax Administration System (ITAS) by next year, U Min Htut, Director General of the IRD, told The Myanmar Times. The ITAS will serve as a platform for administrative matter such as registration and payment processing for tax payers and will be implemented with the help of the World Bank. The move is part of a wider attempt by the authorities to encourage more residents to pay their taxes responsibly and help beef up the government’s coffers at a time when the budget deficit has widened to K4.9 trillion, the most in seven years, and public spending isn’t expected to slow. New technology, such as the ITAS and e-payment services, will be the key feature of the taxation reform process. The improvements will make it more convenient and less of a hassle for tax payers to pay their taxes. “By enabling tax payers to conduct all their tax affairs online, we can eliminate the need for them to physically come to the tax office and encourage them to comply with tax rates and pay on time, U Min Htut said.
Government authorities will start checking the quality of fuel and lubricating oils from September 2018 in order to distribute the right quality in the market
The government is planning to check the quality of fuel and lubricating oils every time they are imported, starting from September and will only be allowed to distribute in the market if only they have the right quality, according to Ministry of Electricity and Energy. Myanma Petroleum Product Enterprise (MPPE) under the ministry only took the sample the first time to check the quality of oil and lubricants. The MPPE will be checked the quality of oil and lubricants every time now as long as they are being imported starting from September. It said the plan for quality control is a bid to gain more trust from the customers in the market. The import of petroleum products are US$1.306 billion from April 1 to August 3, according to Ministry of Commerce. Fuel prices had increased to about K100 per liter in domestic market amidst the increase of international fuel prices and U.S dollar exchange rate in May, according to Myanmar Petroleum Trade Association.
An industrial zone to be developed by the Yangon Regional Government and Myanmar Wooree Co., a South Korean firm, on the West bank of the Yangon River could stimulate long- delay construction of the Dala Bridge
An industrial zone to be developed by the Yangon regional government and Myanmar Wooree Co, a South Korean firm, at the west bank of the Yangon River could be the impetus needed for construction of the much-touted Dala Bridge to commence. Once the bridge, which will connect downtown Yangon to the western side of town, is constructed, the new industrial zone is expected to become a hotspot for investments. Now, plans are being made so that the Dala Bridge, also known as the Myanmar-Korea Friendship Bridge, will be operational by 2020-21, said U Phyo Min Thein, Yangon Region Chief Minister. The Yangon region government and Myanmar Wooree Co on August 11 signed a Memorandum of Understanding to construct an industrial zone near where the planned bridge connects to Dala township. There are also plans to construct industrial zones in Kawhmu and Kon Chan Kone, which are part of the 11 new industrial zones proposed to the Hluttaw for implementation in Yangon region. The zones are both also located at the west bank of Yangon and will benefit from the bride.
USAID organized the forum on better economic reporting (Availability, Access and Quality of Data Statistics) on 22 August 2018 at Mingalar Thiri Hotel, Nay Pyi Taw
The Forum on Better Economic Reporting (Availability, Access and Quality of Data and Statistics) facilitated by USAID, was held in Mingalar Thiri Hotel in Nay Pyi Taw yesterday morning. Speaking at the forum, Deputy Minister for Information U Aung Hla Tun said data and statistics are important for news, journalists represent the fourth pillar coordinating the public and the three pillars of government, besides disseminating information among the people, and economic reports are important for those involved in national policies, entrepreneurs and for every citizen. The deputy minister said the Ministry of Information has urged all relevant ministries and departments to publicize available information in a timely manner. The Right to Information Law is being drafted, creating better environment for journalists in newsgathering once it is enacted, he said. He also urged the forum to openly discuss current issues. The deputy minister said the country is undergoing democratic reforms and the new Foreign Investment Law was recently enacted, making it more important than ever to relay timely, accurate and reliable data and statistics to foreign businesses interested in entering the country. He added that the media presentation of a country is the primary factor on which international governments, organizations and entrepreneurs look to when making decisions relating to the said country.
Myanmar and Japan will sign a MOU to build Aung San National Green Park in Yangon which will be an international-standard mixed development project near the Kyaikkasan Stadium in Tamwe Township
Japan and Myanmar will sign and an MOU to develop and international-standard mixed development project near the Kyaikkasan Stadium in Tamwe township, Yangon, Daw Khin San Hlaing, member of the National Economic Co-ordination Committee, told The Myanmar Times. On August 19, the government met with residents of Kyaikkasan to explain the project, which will include international-standard sports and recreational facilities as well as a business complex. The new Aung San National Green Park will involve Japan investing in the sports and recreational area, while Myanmar will focus on building the business complex, which will be developed over one third of the 100 acre Kyaikkasan sports area. The government will lease the land at Kyaikkasan for US410 million per year for the business complex. Meanwhile, Japan will pay Myanmar $100 million in national development funds as well as an additional $100 million for the building materials and infrastructure needed for the sports area, according to the National Economic Co-ordination Committee.
First Myanmar Investment (FMI) share trading will be suspended for five business days on Yangon Stock Exchange (YSX)
The share trading for First Myanmar Investment (FMI) Co., Ltd. on Yangon Stock Exchange (YSX) will be suspended for five business days, including non-exchange transaction transfer (NETT), in order to conduct the issuance of one fully-paid bonus share for every twenty existing ordinary shares as “Bonus Shares” on the Record Day. The FMI’s share trading will be suspended from 21st to 28th August, 2018. The trading for FMI share will resume on 29 August on a post issuance basis. The base price for FMI share will be announced on 28 August, 2018, according to a recent notice of YSX. FMI’s notice of proposed dividend, recommended by the board of directors of the company, stated that shareholders of the company are entitled to the proposed dividend of Ks. 100 per ordinary share and the issuance of one fully paid bonus share for every twenty existing ordinary shares held as “Bonus Shares” for the financial year ending 31 March 2018. FMI is an investment holding company that owns shares in companies engaged in a number of diverse businesses. Its core businesses are in the financial services, real estate and healthcare sectors.
With the support of Building and Construction Authority of Singapore and Malaysia, a new law is being drafted to establish a Construction Industry Development Board (CIDB) to set standards for the construction industry
A law is being drafted to establish a Construction Industry Development Board (CIDB) which will set standards for the construction industry, U Kyaw Lin, deputy minister of the Ministry of Construction told the Pyidaungsu Hluttaw on August 20. The new law is being drafted with help from the Building and Construction Authority of Singapore and the Malaysian CIDB. U Kyaw Lin said the law will make sure that construction businesses across the country comply with international standards on safety, health and the environment. An official construction management manual setting norms for the industry will also be rolled out. “After the legislation process is completed, a simple construction management manual will be released,” he said, adding that, “in it, required measures such as setting up a fire alarm system will be included.” If a CIDB is established, rules enabling a more level playing field for larger construction companies and smaller ones can be set. The new law will cover both public and private projects and aim to generate more transparency in the bid and tender process as well as public spending.
Myanmar authorities temporarily suspended re-exports of sugar and diesel since the cash flows involved are huge enough to influence the exchange rate
The spike in the exchange rate between the US dollar and Myanmar kyat appears to have tapered after the Ministry of Commerce (MOC) on August 17 temporarily suspended re-exports of sugar and diesel. “We suspended re-exports of sugar and diesel because the cash flows involved are huge enough to influence the exchange rate,” said U Yan Naing Tun, director general of the Directorate of Trade under the MOC. As a result, the local currency appears to be fighting back against the dollar. On August 20, it was trading at K1,500 per dollar compared to a peak of K1,560 this month. During an August 19 interview, U Bo Bo Nge, deputy governor of the Central Bank of Myanmar (CBM) told The Myanmar Times that “pressure on the kyat had eased after we suspended the re-exports.” The move has also been well-received by traders. “The government halting re-export activities is a good sign and as the harvest season for domestic sugarcane is coming up in November and December, the corresponding increase in the price of sugar is good news for local farmers, who will be able to fetch a better price for locally produced sugar,” one trader said.
Union Minister U Win Khaing conducted the consultation on China- Myanmar bilateral cooperation in electricity and energy sector during his visit to China
The Myanmar delegation led by U Win Khaing, Union Minister for Electricity and Energy who was in Beijing, Republic of China discussed with CNPC International Co. Ltd. Chairman and Petro China Co. Vice Chairman Mr. Wang Zhongcai and officials, officials from Sino Pipeline International Co., Ltd., Petro China Gas Marketing Co., Ltd. and Chinnery Assets Limited on the morning of 19 August. At the meeting, they discussed matters related to China–Myanmar bilateral cooperation in oil and gas sector, future potentials and opportunities and cooperation programs. Later in the afternoon, the Union Minister and party met with Power China Group Executive Vice President Mr. Li Yanming and officials, TBEA Company Limited President Mr. Huang Hanjie and officials, China Energy Engineering Group International Company Limited President Mr. Yang Yisheng and officials, China Huadian Company Chairman Mr. Feng Zheng and officials, Zhefu Holding Compnay Chairman Mr. Sun Yi and officials.
State Counsellor plans to meet economic professionals and experts to discuss sharp upturn in dollar prices (U Zaw Htay, Spokesperson to the President Office)
State Counsellor Aung San Suu Kyi is planning to meet professionals and experts from the economic field this month to hold discussion over relatively high dollar prices, said Zaw Htay, spokesperson to the President Office, on the sidelines of a press conference of Rakhine State Independent Investigation Commission on August 16. "The State Cousellor, president of the Central Bank of Myanmar (CBM) and officials from economics-related ministries are always discussing the issue. Later this month also, the State Counsellor is due to meet people from the economic field. What I mean is that the government is taking charge of policy making while entrepreneurs are responsible for economic transactions. Meanwhile, we are receiving suggestions from economic experts and businesspeople. The State Counsellor and the President and those responsible from the economic filed are doing their best and coordinating for the matter," said Zaw Htay.