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Myanmar suggests tax exemption to firms investing in new city project

Myanmar suggests tax exemption to firms investing in new Yangon project

Myanmar is offering zone-wise tax exemption to enterprises investing in the new Yangon city project.
Myanmar suggests tax exemption to firms investing in new Yangon project ảnh 1A corner of Yangon city in Myanmar (Source: internet)

Hanoi (VNA) – Myanmar is offeringzone-wise tax exemption to enterprises investing in the new Yangon cityproject.

This aims to attract more investors to the cityexpansion project being implemented on lands to the west of Yangon river,according to the Myanmar Investment Commission.

Businesses investing in Zone-1, which is leastdeveloped, can get a seven years’ tax break, while those investing in Zone-2,which is moderately developed, will have five years’ and for Zone-3, which isdeveloped, will enjoy three years’.

The new Yangon city project is being implementedby the New Yangon Development Company (NYDC), which is fully owned by theYangon region government.

It is expected to create jobs for some 2 millionpeople.

As planned, the first phase of the project willdeal with infrastructure development with the estimated cost of 1.5 billionUSD, covering the construction of five townships, two bridges, a 26-km-longarterial road, 10 square-kilometre industrial zone, electric power generationfactory and water treatment plants.

Yangon region currently has about 7.4 millionpopulation, which is projected to reach 10 million in the next 10 years.

The region accounts for 26 percent of thecountry's gross domestic product (GDP) in 2016 as estimated.-VNA
VNA
#tax exemption#enterprises#Yangon city project#investors#Myanmar Investment Commission#infrastructure development#GDP#Vietnamplus#Vietnam News Agency
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