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Myanmar: Regions can approve up to US$5m investments
The maximum amount of investments which can be approved by regional and state governments has been set to US$5 million (K6 billion). Region and state investment commissions will now be able to approve proposals without having to seek permission from Myanmar Investment Commission (MIC), according to an announcement from MIC chair U Kyaw Win on March 3.
Last year, the Myanmar Investment Commission was working on guidelines that would allow foreign investors to avoid the time-consuming process of asking government ministries for permission under the new Myanmar Investment Law. Kaung Htet / The Myanmar Times
“Some authorities are delegated to regions and states to facilitate investment processes. For restricted businesses, they will still need to seek the approval from Myanmar Investment Commission,” MIC secretary U Aung Naing Oo told the Myanmar Times.
According to the newly enacted Myanmar Investment Law, no business proposals will need permission from MIC, apart from some exceptions. Exceptions include strategic investments, capital intensive investments, investments with possible environmental impacts and those asked by Union Government for scrutiny will need to ask the MIC for approval.
However, facts and figures of businesses permitted by regions and states will have to be reported to the MIC, said U Aung Naing Oo.
“To report to the MIC on facts and figures about permitted businesses is meant for more accurate and comprehensive statistics. Afterwards, data on investment will be managed in a better way,” U Aung Naing Oo told the media.
MIC has also declared investment promotion zones where the government will provide its support. And according to zonal classification, businesses in the areas which fall within Zone 1 will get more tax reliefs compared to those in Zone 2.
Source: http://www.mmtimes.com/index.php/business/25287-regions-can-approve-up-to-us-5m-investments.html