Aung Naing Oo, director-general of the Directorate of Investment and Company Administration (DICA), announced that the waiver would be for life under new investment policies. According to Aung Naing Oo, any business approved by the Myanmar Investment Commission would be allowed to enjoy multiple tax exemptions, regardless of their nature. "The new regulations look to support the current national objectives, which means refining those privileges to better suit exporters," the director-general said.
"It's not going to be three years. If they want 10 years, 20 years or 50 years, they will get full tax exemptions as long as all of their products are for export. For example, other businesses that import raw materials will need to pay customs duties. But exporters that have found a place in the international market will get refunds equivalent to the amount they paid [in taxes] while importing raw materials," said Aung Naing Oo.
An official at DICA disclosed that the exemptions would be extended to both local and foreign-owned businesses. "Regardless of the location of factories and ownership, whether locally- or foreign-owned, the factories are entitled to enjoy tax exemptions for an unlimited period, as long as they export all the products from their factories," said the official who asked not to be named. (Courtesy of nationmultimedia.com)
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