After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements.
First Myanmar Investment (FMI), owned by businessperson Serge Pun, has asked its shareholders to open digital accounts, ahead of the company’s planned listing on the new Yangon Stock Exchange later this year, officials said.
Defunct Yangon car sales centres are causing headaches for the Ministry of Commerce. Businesses are failing to formally report closures, leaving the ministry with an out-of-date registry on which two-thirds of listed sales centres no longer exist.
Banks are trying to increase the number of credit cards in circulation, though this will depend on better infrastructure, more relaxed regulations and an official credit bureau, bankers said.
The ban on barter has almost shut down overland trade with India, local merchants say. Since the popular barter system was suspended at the Myanmar-India border post of Tamu, cross-border trade has slumped.
Myanmar's state-owned enterprises (SOE) are contributing less to the government even as their revenues rise, while the Ministry of Finance has started work on devising them a better reporting system, according to a new report.
Parliament approved a new tax law for the coming fiscal year on January 22, including incentives for whistleblowers as well as a dizzying array of tax brackets for locally made alcohol and cigarettes.