Kachin state has generated K12 billion, roughly $8.77 million, for state coffers from sales of jade so far this fiscal year, the state’s chief minister has said. But that figure is minuscule compared to the multi-billion dollar black market thriving in the region.
A British company has created a joint-venture with a Myanmar firm to enter the marine industry as well as oil and natural gas sector.
The mining sector will miss out on a number of incentives including special income tax exemptions under the new investment law which is due to take effect next month, the Director General of the Directorate of Investment and Company Administration(DICA) told a press briefing.
The Thai oil and gas company PTT Exploration and Production (PTTEP) will partner with Total E&P Myanmar for an oil and gas exploration project off the southern coast of Myanmar.
Gas from three recently-discovered offshore reserves near the coasts of Rakhine and Mon states will feed local and international demand for energy over the next five years, a minister has said.
Gold buyers will now only have to pay a one percent tax, down from the planned three percent, after the Myanmar Gold Trader Association argued that the rate would hurt the gold market.
The one percent tax only applies to finished products such as jewellery, rather than raw gold, said U Kyaw Win, secretary of the Myanmar Gold Trader Association and owner of the Oo Hton gold shop.
A commission member on the taskforce reviewing hydropower projects said the team has yet to hear back from the president about the first submitted report, which is believed to have advised cancelling the controversial, Chinese-backed Myitsone dam.