Important Notifications published by the relevant Government Ministries in the Myanmar gazettes for the period of 1 July to 31 August 2011, include:
Formation of the Central Committee for the Management of Culturable Land, Fallow Land and Waste Land
The President’s Office issued Notification No. 67/2011 dated July 12, 2011, which was published in the Myanmar gazette dated 12 August 2011, under which the Central Committee for the Management of Culturable Land, Fallow Land and Waste Land (the “Central Committee”) was formed. Under the new Notification, foreign investors or those foreign investors wishing to do business in the form of joint ventures with government enterprises or with local entrepreneurs may submit an application to the Central Committee for the use of culturable land, fallow land and waste land for the purposes of agricultural, livestock breeding, mining exploration or other permitted enterprises. Application procedures will be established later.
Exemption of commercial tax on seven export items
On 11 August 2011, the Union Government issued Notification No. 32/2011, effective for a period of six months from 15 August 2011 to 14 February 2012, granting commercial tax exemption on seven export items namely rice, beans and pulses, corn, sesame, rubber, fresh water, saltwater products, and animal and animal products (other than prohibited ones).
Reducing commercial tax rate for Cutting, Making and Packaging system (CMP) enterprises
On 18 August 2011, the Ministry of Finance and Revenue issued Notification No. 156/2011, effective for a period of six months from 19 August 2011 to 18 February 2012, reducing the income tax levied in foreign currency on income earned in foreign currency of CMP enterprises (such as garment manufacturers) from 10 % to 2%.
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