Myanmar is expected improve its rank on the World Bank’s annual ease of doing business index, deputy minister U Set Aung at the Ministry of Planning and Finance said in Parliament on November 24.

“I hope Myanmar will reach a higher ranking over the next few years,” he said.

In the World Bank’s Ease of Doing Business 2017 report released this month, Myanmar ranked 170 out of 190 countries, implying there are still considerable difficulties in doing business in Myanmar, said a Pyithu Hluttaw MP U Tin Tun Naing from Yangon Region’s Seikgyi Kanaungto township.

“Myanmar has been ranked 170 so there are only 20 countries below us. The lower we are on the index, the more difficult it is to do business in our country. So, we should find a solution either by implementing a system or hiring better talent,” he told the media after the Parliament sitting.

We have implemented an efficient online payment system which can be available at any bank by using mobile phones … 

– U Set Aung, Deputy Minister of Planning and Finance 

Even though Myanmar ascended the ranks by a notch to 170 from 171 in 2016, it is nevertheless harder for small and medium enterprises (SMEs) to seek loans and pay taxes.

“Traders are finding it more difficult to do business. There are more difficulties when it comes to paying tax than in 2016. Tax reforms are being implemented but in reality, businesses have been having tougher times paying taxes than before. We need to find a solution for it,” U Tin Tun Naing said.

U Set Aung said the government is working on implementing an efficient tax payment system which will make it easier for taxpayers to pay their taxes. “We have implemented an efficient online payment system which can be available at any bank by using mobile phones so the processing of tax payments will be very fast,” he said.

Meanwhile, the Central Bank of Myanmar has already drafted rules and regulations for the setting up of a credit bureau to help more businesses qualify for loans. This will be implemented very soon so access to loans will be improved, said U Set Aung.

However, SMEs must also find other ways to seek capital besides relying on loans, he said.

Under the Union Government’s National Planning Implementation Report for the first half of the 2016-17 fiscal year, more than 52,000 SMES had registered in Myanmar but loans were only offered to 190 SMEs.

Source: https://www.mmtimes.com/news/govt-working-measures-ease-tax-payments-loan-access.html