The Central Bank of Myanmar issued a letter on 2 September advising that foreign currency to import fuel oil and palm oil can be sourced from up to 75% of foreign currency earned through trading, CMP business operations, and sales of minerals and natural resources (adjustments to be made for certain exempted businesses). (more…)

The Ministry of Labour has recently issued Notification 108/2024, dated 28 August 2024 requiring Myanmar citizens working abroad to remit 25% of their wages back home. This is in addition to the 2% income tax that many overseas Myanmar workers must already pay. (more…)

The Ministry of Electric Power issued an announcement of 30 August 2024 announcing that both domestic and non-domestic electricity tariffs are set to increase increase significantly from September 2024. (more…)

On 28 August 2024, the State Administration Council enacted Law No. 54/2024, introducing significant amendments to the Union Taxation Law. This Amendment Law, which will take effect from 1 October 2024, to 31 March 2025, brings notable changes to the taxation of gold and gold-related products. (more…)

The Central Bank policy interest rate is to increase from 7% to 9% from 1 September 2024. (more…)