Nay Pyi Taw, May 26 (IANS) Myanmar will reduce tax on foreign investors in a bid to woo them to invest in less-developed regions, an official report said Thursday.
“Less developed regions in Myanmar could see an increase in investment if tax were to be reduced to make such business ventures more attractive,” the department of investment and companies said in the report.
The measure will be included in the new foreign investment law which is currently being drawn up, the department revealed.
Less developed areas cover Chin, Kayah and Rakhine states where primary requirements are basic housing and road infrastructure along with access to electricity which presents a special opportunity for potential investors.
The agricultural sector will be given priority to such investment, said officials of the department.
According to the Myanmar Investment Commission, over 80 submissions have been made to the commission so far during 2016-17 fiscal year by foreign and domestic companies intending to make investment in the country.
The year has attracted over $15 billion or 30.89 percent in the electricity sector and $37 million or 0.06 percent in the construction sector, statistics showed.