Weekly Business News from Myanmar

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  Internal Revenue Department (IRD) aims to end excise tax confusion: regulation on the Specific Goods Tax is planned to be introduced in the coming fiscal year in Myanmar

  The Specific Goods Tax (SGT) Law was passed on January 18 and provides a list of goods on which an excise tax is payable, in addition to standard commercial tax. The SGT list includes cigarettes, tobacco, liquor, teak and hardwood logs, jade and gems, jewellery, luxury cars and fuel and natural gas.
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  Foreign investors are interested to implement multi-million-dollar projects in Myanmar's healthcare industry after being shut out for years, encouraged by the country's growing base of customers with money to spend

  Rising disposable income, a budding middle class and opportunities to target a market that currently relies on overseas medical care are enticing foreign companies to do business in the country. They face “a huge opportunity because we are still in a very primitive stage of healthcare”, said Union of Myanmar Federation of Chambers of Commerce and Industry vice president U MaungMaung Lay.
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  The Yangon Stock Exchange (YSX) opens its doors for the first day of trading

  The Yangon Stock Exchange is scheduled to come to life at 9:30 this morning when First Myanmar Investment shares become free to trade electronically, following a pre-launch lockdown during which even the FMI public relations team was turned away
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  Myanmar ranks 119th out of 159 countries, between India and Egypt, on the World Happiness Report 2016 produced by the Sustainable Development Solutions Network

  The World Happiness Report 2016 Update, which was released in Rome this week, ranked Myanmar 119th out of 156 countries, between India and Egypt. Denmark topped the list as the world’s happiest country, while conflict-ravaged Burundi sat at the bottom.
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  The number of private fuel refilling stations in Myanmar has reached 1,228 (Ministry of Energy)

  The private companies which have been granted for importing petrol and diesel reached 406. The Pioneer Services and the National Puma Energy has been permitted the license for distributing aviation fuel
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  Japanese engineering firm MIRAIT Technologies Corporation has established a local subsidiary, with a paid up capital of 20 million USD, in Myanmar

  Japanese engineering firm MIRAIT Technologies Corporation has established a local subsidiary in Myanmar in a bid to expand its business in the Asia Pacific region. The paid up capital for the new subsidiary is $20 million, the company said in a statement. The new subsidiary, which will engage in construction work expansion for mobile communication equipment, will employ 100 people.
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  The first phase of a new airport terminal in Yangon opens: it will be capable of hosting up to 200 million passengers per year when it is complete, and US fast-food chain Kentucky Fried Chicken (KFC) has become the first international restaurant to open i

  Asia World Group has opened the first phase of a new airport terminal in Yangon that will be capable of handing up to 20 million passengers a year when complete, with US fast-food chain Kentucky Fried Chicken the first international restaurant confirmed to open in the new space.
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  Myanmar's Ministry of Electric Power (MOEP) signs a memorandum of agreement (MoA) with China Three Gorges Corporation for a wind turbine project in Chaungtha area of Ayeyarwady Region, which will generate 30 megawatts of electricity

  There are 10 project areas in Chin State with the potential to generate a total of 1472MW, 10 in Rakhine state with the potential for 1484MW, five project areas in Ayeyarwady region with the potential for 478MW and two in Yangon region with the potential for 274MW, according to the MOEP.
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  Four more foreign banks: the Bank of Investment and Development of Vietnam, E.SUN Commercial Bank from Taiwan, South Korea's Shinhan Bank and the State Bank of India, were granted preliminary approval to prepare for banking operations in Myanmar

  The four new banks that have been given initial approval are Vietnam's Bank for Investment and Development, Taiwan's E.SUN Commercial Bank, South Korea's Shinhan Bank and the State Bank of India, the Global New Light of Myanmar said, quoting the Central Bank of Myanmar. A total of 13 foreign banks have now been given permission to operate inside the Southeast Asian nation.
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  Announcement regarding Award of a Foreign Bank License in the Republic of the Union of Myanmar

  Central Bank of Myanmar awards preliminary approval of foreign bank licenses to following 4 new banks from Vietnam, Taiwan, South Korea and India.