Restaurant will be required to mark their receipts with a security label to show customers have paid a 5 percent commercial tax on their meals starting November 1, according to Internal Revenue Department director U Min Htut.
The economy requires structural change and technological catch-up for growth to be inclusive in Myanmar. Economic policy and development partners need to promote entrepreneurship in order to unleash the potential of a growing private sector. What’s more, the stranglehold of the current political elites must be eased and economic policy must benefit all.
A dramatic fall in the volume of rice exports has dragged prices downwards and threatens to drive small farmers off the land, farmers’ advocates have warned.
The Ministry of Energy is planning to pursue more joint ventures with foreign companies, as senior government officials have urged state-owned enterprises to professionalise or risk being reformed.
KFC plans to position its fare as aspirational products when it opens its doors in Myanmar in 2015, as its owner Yum! Brands announced a deal with Singapore-listed, Myanmar-focused Yoma Strategic Holdings to bring its popular chicken to the country.