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Home BUSINESSMyanmar's parliament endorses new investment law
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Wed, 19 Oct, 2016 02:28:42 PM
FTimes- Xinhua Report,Oct 19
 
Myanmar's parliament has endorsed a new investment law to take effect from Tuesday following the approval by both Houses, says a parliament announcement Wednesday.
 
The new law, which combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law, which was drafted in 2013 based on suggestions from experts and businessmen.
 
Unlike the previous one, the new law stipulates that tax breaks are only enjoyed by those who invest after the new law comes into effect.
 
Under the new law, tax privileges of the existing investment will remain only for those which export their products abroad. Domestic investments as well as foreign direct investments both enjoy the privileges.
 
The country began to lure foreign direct investments, forming new 11-member Myanmar Investment Commission (MIC) in June this year. The detailed investment policy will come out soon.
 
According to MIC, Myanmar drew 662.835 million U.S. dollars of foreign direct investment in the first half of the fiscal year 2016-2017.
 
The total foreign direct investment in the country reached 64.97 billion U.S. dollars as of September since late 1988, with China topping the investment line-up and accounting for 28.46 percent of the total. 
 
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