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...
VISA: It is best to contact your in-country embassy before visiting Myanmar to ensure that you meet the requirements for a visa on arrival. It is important to ensure you have all the relevant documentation or you will be sent back on the same flight. A visa can also be applied for in advance through your local embassy or through an...
Formerly known as Bagan, few landscapes can claim as dramatic a mystique as the ancient city of Bagan. The former capital of the Pagan Kingdom is considered among the top man-made wonders of the world, which between the 9th and 11th Centuries was home to over 10,000 temples and pagodas at the height of the dynasty. The plains of Bagan still host more than 2000 ancient...
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