1 mins read · Fri September 6, 2024
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).
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3 mins read · Fri September 6, 2024
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.
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1 mins read · Fri August 30, 2024
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.
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2 mins read · Fri August 30, 2024
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.
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2 mins read · Thu August 15, 2024
The Central Bank policy interest rate is to increase from 7% to 9% from 1 September 2024.
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2 mins read · Tue August 13, 2024
On 9 August 2024, the Directorate of Trade under the Ministry of Commerce (MOC) issued Announcement 11/2024, relating to businesses involved in online sales in Myanmar. This announcement supplements earlier regulations requiring registration of such businesses.
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2 mins read · Thu August 8, 2024
On August 7, the Central Bank of Myanmar (CBM) issued notification 37/2024 with measures aimed at boosting the foreign exchange supplies in the market and mitigating foreign exchange losses for exporters. Starting from August 8, 2024, there is a new requirement for exporters to convert 25% of their foreign currency revenues into Myanmar Kyat at […]
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2 mins read · Fri July 14, 2023
On 13 July, the Central Bank of Myanmar (CBM) issued notification 15/2023 taking steps to increase the availability of foreign exchange available on the market and reduce the effects of foreign exchange losses for exporters.
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2 mins read · Tue June 27, 2023
The Central Bank of Myanmar (CBM) has introduced further measures to control remittances of foreign currency. The CBM issued letter – FE-1/789 (CBM Letter) on 21 June 2023 which requires banks to submit to the CBM a list of companies which are intending to buy foreign currency.
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3 mins read · Sat July 16, 2022
Up until now Myanmar regulators have allowed foreign involvement in banks, mobile money and microfinance. While the laws did not exclude foreign investment in other parts of the financial system, the CBM had not directly approved foreign ownership in other kinds of non-bank financial institutions (NBFIs).
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