Business Reforms in Myanmar
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Starting a Business: Myanmar made starting a business easier by reducing the cost to register a company. It also simplified the process by removing the requirement to submit a reference letter and a criminal history certificate in order to incorporate a company.
Getting Credit: Myanmar improved its credit information system by enacting a law that allows the establishment of a new credit bureau.
Trading across Borders: Myanmar made trading across borders more difficult by experiencing delays and higher cost at processing incoming cargo at the port of Yangon.
Labor Market Regulation: Myanmar introduced a minimum wage and changed the regulation of severance pay.
Starting a Business: Myanmar made starting a business easier by eliminating the minimum capital requirement for local companies and streamlining incorporation procedures.
Getting Electricity: The Ministry of Electric Power facilitated the process to obtain a new electricity connection in Myanmar by reducing delays through fewer approvals.
Paying Taxes: Myanmar made paying taxes more costly and complicated for companies by increasing the rate paid by employers and ceiling for social security contributions, requiring additional documents for commercial tax returns and introducing quarterly preparation, filing and payment of corporate income tax. At the same time, Myanmar increased the rate of allowable depreciation.
Trading across Borders: Myanmar made trading across borders easier by reducing the number of documents required for exports and imports.
Paying Taxes: Myanmar made paying taxes less costly for companies by reducing the corporate income tax rate.