The public should know about the long-term tax exemptions granted by Myanmar Investment Commission and the impacts they have on the national economy, said lower house MP Aung Min, the vice-chair of the Public Accounts Committee of Union Parliament.
The public account committee submitted its report on the MIC’s undertakings from April 1, 2016 to March 31, 2017, at the session of Union Parliament on October 23.
The MIC granted a tax exemption of K123.6 billion for investments in 2014-2015 fiscal year and K291.7 billion in 2015-2016. This amount did not include income tax exemptions. Under the MIC’s rule, an investment company shall get income tax exemption for at least three years,” he added.
The contribution of capital goods to the total import value was 37 per cent in 2014-2015 and 42 per cent in 2015-2016. The import of capital goods with the permission of MIC amounted to about US$4,000 million in 2015-2016.
The public should know the facts about the inflow of investments, the contribution of production to GDP and imports, employment opportunities, he said.