Surging credit growth in the banking sector, rising investments and continued economic reform last year resulted in economic growth to the tune of 7.5 percent gross domestic product (GDP) for the 2013 fiscal year, according to the Asian Development Bank (ADB).
In an effort to more efficiently collect on due taxes, the Internal Revenue Department (IRD) has opened a new office in Yangon to accommodate large taxpayers and announced plans to expand its role with additional offices, officials said.
Against the background of widespread concerns about food safety, parliament last month passed the Consumer Protection Law, the first piece of legislation of its kind in Myanmar. As with many other new laws, it remains to be seen how it will be implemented in practice.
Bilatral trade with Hong Kong has achieved double-digit growth for the 5th year in a row, growing 16 percent year on year to reach US$152 million, a spokesperson for the Hong Kong Trade Development Council said on March 31.