Myanmar Country ProfileBurma Country Profile
Research & Analysis 2017
Myanmar is in the midst of far-reaching and fast changes and is now one of Asia's most sought-after investments. The withdrawal was a crucial move forward in November 2015, when the country hosted the first open and controversial election in its contemporary state. Included in this section are the views of Daw Aung San Suu Kyi, State Councillor, President U Htin Kyaw and former US President Barak Obama, as well as interviewed Lim Hng Kiang, Minister of Trade and Industry of Singapore, and Mark Garnier, Parliamentary Secretary of State in the UK Department of International Trade.
In the Myanmar 2017 review.
Myanmar has been undergoing a process of international integration and attracting external investments since the country's democratic change in 2011. In part, thanks to its plentiful reserves of nature, the GDP is anticipated to be growing a sound 6. 9 per cent a year between 2014-2019, up from an estimate of 5. 5 per cent in 2013-2014.
Larger inward flows of non-German funds should help the growth of the country's actual gross domestic product and help one of Asia's impoverished nations to raise the standard of living for all its people. As before, the Tunisian authorities will follow a comprehensive programme of reforms focusing on the areas of prosperity and the fight against extreme poverty. 2. The Multilateral Agency has re-established its footprint in the country and will give increased backing to the government's work.
While the IMF already provides comprehensive political guidance and technological support for the country's economy and in January 2014 the World Bank launched a $2 billion programme of support to help boost health care and power supply. Faire business to business competitiveness has become an important objective to accelerate the road to liberalisation and to safeguard the interests of the consumer.
FDI increased from USD 1.9 bn in 2011-2012 to USD 2.7 bn in 2012-2013. FDI law curbs or bans FDI in a number of economic activities "that can be conducted by citizens", such as farming, stock farming, fishing, production and service activities. The EU also imposes restrictions on external investments in those areas that could have an impact on the physical and environmental conditions and people.
The rules, however, allow 20 per cent of a company in these industries to be owned by foreigners as long as one Myanmar resident holds the other 80 per cent. There is a continuing pace of macroeconomic reforms, with a focus on further removal of regulative barriers to trading and investments, improvement of the delivery of key government support and reduction of bribery to enhance the Myanmar operating community.
It has also loosened currency trade constraints by domestic retail bankers and facilitated the exit of forex by foreigners. Like other non-residents, a domiciliary establishment of a legal person abroad that does not benefit from Myanmar Investment Law (MFIL) incentive is liable to 35 per cent personal tax.
Trade taxes for certain types of service amount to 5 per cent of total revenue. Burma has a gradual taxation system with a top 20 per cent top taxation for residents and 30 per cent for non-residents. Non-residents are liable to a lump-sum income taxes of 35 per cent.