Lower house passes Myan­mar’s long-awaited In­vest­ment Law

The Myanmar Times - - Business - HTOO THANT thanhtoo@mm­times.com

THE lower house of par­lia­ment ap­proved the Myan­mar In­vest­ment Law yes­ter­day, tak­ing the long-awaited draft a step closer to be­com­ing law.

The leg­is­la­tion, which com­bines into one doc­u­ment the Myan­mar Ci­ti­zens In­vest­ment Law and the For­eign In­vest­ment Law, now moves to the up­per house for con­sid­er­a­tion.

The Myan­mar In­vest­ment Com­mis­sion (MIC) be­gan work­ing on a draft of the law back in 2014 with help from the Asian De­vel­op­ment Bank. U Tun Tun Hein, chair of the lower house bill com­mit­tee, said that hav­ing two sep­a­rate in­vest­ment laws was dis­crim­i­na­tory.

Gov­ern­ment of­fi­cials said the law will sim­plify the process of in­vest­ing in Myan­mar, whit­tling down the num­ber of projects that re­quire per­mis­sion from the MIC. The leg­is­la­tion will also al­low the gov­ern­ment to be more ju­di­cious in its ap­pli­ca­tion of tax breaks for in­vest­ment projects, which will only be given in sec­tors that the gov­ern­ment thinks are im­por­tant to Myan­mar’s eco­nomic growth.

The du­ra­tion of tax ex­emp­tions will also be tai­lored un­der the new law, ac­cord­ing to U Aung Naing Oo of the Di­rec­torate for In­vest­ment and Com­pany Ad­min­is­tra­tion (DICA).

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