Special Economic Zone Myanmar

Myanmar Special Economic Zone

It has paved the way for Special Economic Zones (SEZ) in Myanmar. Myanmar determines the development of the Special Economic Zones (SEZ) in Myanmar. Directorate of Investment and Enterprise Management Special Economic Zones Act was passed in 2014 and its provisions for its application were issued in 2015. It has opened the way for Special Economic Zones (SEZ) in Myanmar. The SEZ Act provides for the establishment of the central body, the central working body and the administrative committee in the special economic zone for the purpose of carrying out the transposition.

There are free areas, advertising areas and other areas. According to Section 1, Section 3 of SEZ Law 2014, the free zone is considered to be located outside the state. The free zone is mainly geared towards export-oriented sectors and comprises production, transport and wholesaling sectors eligible for exemptions from customs duties and other duties on goods in the special economic zone and goods entering that zone.

Eligible zones are mainly located in the national and special economic zones. This zone is suitable for investments in buildings, residential areas, department stores, banks, insurances, schools, hospitals and leisure centres. In the first five years, exemption from tariffs and other taxes on machines and spare parts as well as builders' material for the manufacture of own equipment such as plants, storage areas and office space.

On the above funds, 50% reduction in tariffs and other taxes over the next five years. For imports of commodities and other manufactured goods, tariffs and other charges are payable. Exemption from duty and other taxes on imports of commercial goods, consigned goods, automobiles and other material which are of vital importance for the tax-free wholesaling, trade in exports and the supply and transport of a company.

The above mentioned ressources are eligible for a reimbursement of duty and other taxes payable on importation when the goods they manufacture are exporting abroad or to a free zone. Possibility of applying for exemptions from VAT or registration duty for goods entering a free zone from a free zone for the free zone investors.

Exclusion of trade and value added taxes during the discharge deadline provided for in the Special Economic Zones Act. DICA is the Directorate of Investments and Business Administration and is in authority to process the registration of companies for domestic and international companies under the Myanmar Companies Law. She is also the Secretariat of the Myanmar Investmentcommission (MIC), which is competent for capital expenditure requests.

Mehr zum Thema