New Legislation: Much-Awaited Myanmar Investment Law Enacted

Pyidaungsu Hluttaw Union Parliament has enacted the much-awaited Myanmar Investment Law on October 18th. 

The new law is the consolidation of the Myanmar Citizen Investment Law and the Foreign Investment Law. 

The new law will no longer permit 5-year income tax exemption for all enterprises, but depending on the development conditions of the Region or State they are existed, 3 to 5 years tax exemption will be allowed, Myanmar Investment Commission said during the press conference last week.  

MIC targeted inflow of 6 billion US Dollars foreign investment this year. At present, foreign investments in Myanmar amounted to 1.397 billion US Dollars till the middle of this month, with over 22 billion US dollars investment in oil and gas sector followed by power and manufacturing. 

More foreign investments are expected to achieve as the sanctions imposed by the US has already lifted. 

MIC is currently negotiating with the European Union for signing the bilateral investment treaty and after that, negotiation will be made with Hong Kong for the same matter.