A sudden boost in Myanmar’s commercial and tourist activity over the past three years has stretched some of the country’s outdated transport infrastructure to its limit, and growth in activity is showing no signs of slowing down. Building a modern transport network will be necessary if the government is to accomplish its ambitious development plans, with a host of air,...
In June 2013 the Myanmar Ministry of Hotels and Tourism unveiled its Tourism Master Plan, which aims to set clear guidelines for the development of the tourism sector over the next seven years. The government is hoping to channel the industry’s short-term growth into long-term benefits for the country.
White sand beaches and rolling green hills dotted with sacred lakes, golden pagodas and thick jungle cover a culturally diverse and sheltered land that has only just begun opening up to the outside world. Indeed, the tourism sector has been the fastest-growing sector of Myanmar’s economy since the country opened to foreign trade three years ago, though its contribution...
After decades of sluggish growth in the tourism sector, Myanmar’s hotels are now cashing in on the surge of new arrivals, with nightly rates soaring up to five times what they were a decade ago. Furthermore, new entrants are now keen to enter the market, and some of the world’s best-known brands have plans to expand into the country.
Myanmar’s tax reform process gained unprecedented momentum in March 2012, following changes to two important tax laws, the Income Tax Law (ITL) and the Commercial Tax (CT) Law (CTL). The changes came into effect on April 1, 2012, and the reforms resulted in an overall reduction of tax rates. For example, the corporate tax rate was reduced from 30% to 25%, and CT rates on...
Considered by many as the last economic frontier, Myanmar has been the object of much investor interest, especially following further liberalisation of its foreign investment regime through the passage of the Myanmar Foreign Investment Law in 2012. As of October 2014, Myanmar registered an estimated $40.16bn of foreign direct investment (FDI) and has permitted foreign...
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