The Ministry of Investment and Foreign Economic Relations announced tax exemptions for investments in selected sectors in Nay Pyi Taw and all 14 states and regions in Myanmar.
The key investment sectors are agriculture, manufacturing and infrastructure. Now, the government is expanding the areas of investment for businesses to five priority sectors and streamlining the process in the states and regions.
The top five priority investment sectors in Chin State are hotels and tourism, power, agriculture and its related services, livestock production and breeding, and urban development and industrial zone. Any investment in these sectors qualifies for seven years of tax exemption.
In Kayah State, hotels and tourism, agriculture and its related services, manufacturing, power, and mining are the top five priority investment sectors.
In Kayin State, agriculture and its related services, hotels and tourism, manufacturing, logistics, and power are the top five priority investment sectors. Tourism and agriculture are the key drivers of Kayah State’s economy.
The top five priority investment sectors in Rakhine State are agriculture and its related services, livestock and fisheries, education services, infrastructure and transportation development, and hotel and tourism.
Any investment in a promoted sector in Kayah, Kayin and Rakhine states will be granted seven years of tax exemption.
The top five priority investment sectors in Shan State are hotel and tourism, agriculture and its related services, power, manufacturing especially agro-based, and information technology services.
Agriculture and its related services, manufacturing, hotels and tourism, logistics, and real estate are the top five priority investment sectors in Kachin State .
The top five priority investment sectors in Mon State are agriculture and its related services including forest plantation, livestock and fisheries, manufacturing, health care services, and eco-tourism. Tourism industry plays a vital role in the state’s economic development.
The top five priority investment sectors in Sagaing Region are agriculture and its related services, livestock, infrastructure development, hotel and tourism, and mining.
The top five priority investment sectors in Mandalay Region are manufacturing, hotel and tourism, agriculture and its related services, livestock, and real estate especially low-cost housing.
The top five priority investment sectors in Ayeyarwady Region are agriculture and its related services, livestock and fisheries, hotel and tourism, transport and communication, and power.
The top five priority investment sectors in Tanintharyi Region are construction of roads and bridges, power, livestock, breeding and fisheries, natural resources with focus on production of pearls and mining, and agriculture and its related services.
Any investment in a promoted sector in Shan, Kachin, Mon, Mandalay, Sagaing, Tanintharyi, Ayeyarwady and Magway qualify for five or seven years tax exemption.
The top five priority investment sectors in Nay Pyi Taw Union Territory are agriculture and its related services, livestock and fisheries, manufacturing, supply and transport services, and education services. Any investment in a promoted sector in Nay Pyi Taw qualifies for five years of tax exemption.
The top five priority investment sectors in Bago Region are solar and electric power generation, establishing industrial zones, establishing natural resorts, construction of low-cost housing, and livestock.
The top five priority investment sectors in Yangon Region are manufacturing, infrastructure, information technology, hotel and tourism, and education services. Any investment in a promoted sector in Yangon Region qualifies for three or five years of tax exemption
Source: The Myanmar Times
-photo credit
Almost done…
We just sent you an email. Please click the link in the email to confirm your subscription!