Tax reduction for firms listed on Yangon Stock Exchange

The Ministry of Planning and Finance has announced that those companies listed on the Yangon Stock Exchange (YSX) are entitled to a 5% reduction in corporate income tax. This means they will only need to pay 20% income tax.

The move comes in a bid to encourage more companies to jump on board to help grow and develop the YSX.

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Transparency is key to attract investment

Experts from the International Finance Corporation (IFC) and the Securities and Exchange Commission of Myanmar (SECM) held a business forum at the Stock Exchange in Yangon recently. Its aim was to discuss the best ways to attract investment and increase stakeholder confidence.

Listed firms were invited to hear key speakers discuss disclosure and transparency standards in reporting. The conference was called Enhancing corporate transparency trends and a business case on transparent reporting and ongoing disclosure and was held with input from the UK Department for International Development and the Australian Department of Foreign Affairs and Trade.

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World Bank urges Myanmar government to implement changes in finance sector

A report (called the Observance of Standards and Codes or ROSC) from the World Bank and International Money Fund (IMF) has just been released.

Among its findings were that the revisions the government has made to its statutory institutional framework for accounting and financial reporting will align the country much more with international good practice. It praised the ‘good progress’ that has been made with the suggested amendments to the framework, but notes that these changes are yet to be finalised.

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Political stability and the economy

In order for any burgeoning economy to find its feet and work for the country, political stability is key. And nowhere more so than in Myanmar. After so many decades of military dictatorship, the economy is new, delicate, and growing rapidly.

According to EU ambassador Roland Kobia in an interview with The Myanmar Times, the importance of the country’s political stability can’t be underestimated.

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The Many Advantages of Mobile Banking

Technology and banking are now inextricably linked. Over the last decade, the two have combined to form a new and ever evolving way of doing business in the finance industry, whether personal, business, investing or any kind of fund management.

The term FinTech (financial technology) has emerged as an umbrella word for all sorts of technological advances in banking. It can refer to smartphone Apps that give instant access to bank accounts to websites offering financial advice without high costs or long waits.

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Fintech arrives in Myanmar

With a newly burgeoning economy and an open market for the first time in 50 years, along with rapid advances in technology, Myanmar is ripe for fintech companies to offer new products and services.

All around the world, technology is transforming people’s access to financial management services, whether for personal use or for investment and business. Fintech start-ups are now capitalising on Myanmar’s speedy development and growing use of smartphones. It’s a market ready for low cost, user friendly, accessible financial products accessible online, whether from a computer or a smartphone.

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Will Myanmar’s economy mirror Vietnam’s growth?

Myanmar undoubtedly faces challenges when it comes to opening up its economy in order to flourish in the future.

According to a leading British diplomat, Myanmar has the potential to grow its economy by as much as 10 per cent, effectively following in the footsteps of Vietnam’s economic growth. In comments made at Bloomberg’s conference in Yangon recently, he went on to say that Myanmar needs to be speedy when it comes to opening up markets and making new policy in order to enjoy this growth.

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Myanmar Set to Modernise Banking System

The banking system in Myanmar is key to modernising the financial system of the nation, in the face of its rapid economic growth.

An audit is soon to underway of state owned banks in Myanmar – the first of its kind for several decades. It’s hoped that the results of this comprehensive audit will clarify the best ways forward for the restructure of the banking sector.

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Myanmar’s Foreign Trade Rises in Latest Fiscal Year

Image of stocks online. Htet Tayza discusses Fintech in Asia.

Myanmar’s government is currently focusing on facilitating greater foreign involvement with the nation’s economy, to supply small businesses with the funds required to foster growth. Figures show that these efforts are paying dividends, as Myanmar’s foreign trade rose during the latest fiscal year.

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