Bank depositors told to seek references

A NEW system for making bank deposits is to be introduced in Myanmar, local media reported August 13 citing bank security as the reason. Under the new system, the opening of a bank account by a new depositor will require the support of two existing account holders who will have to certify the legitimacy of the new applicant, the Flower News journal quoted an official with the State Cooperative Bank as saying. The system will be applied to all banks in the country dealing with deposits, the report added. The new system is seen as part of the measures taken by finance authorities to eliminate money laundering. – Xinhua

Tax breaks outlined for Myanmar SEZs

THE government is planning to establish six special economic zones (SEZs) and offer tax breaks to attract direct foreign investment into the country, the Weekly Eleven News journal reported on August 14. The six SEZs are outlined as Thilawa Port in Yangon, Mawlamyine in Mon State, Myawaddy and Hpa-an in Kayin State, Kyaukphyu in Rakhine State and Pyin Oo Lwin in Mandalay Division. Foreign investors making direct investments in the SEZs will be exempt from taxation for between two and eight years, the report said. High-tech investments would be exempt from income tax for the first eight years, while those in manufacturing would be exempt for five years. Agriculture, livestock breeding, forestry and banking services would be tax free for the first two years. – Xinhua