Myanmar suggests tax exemption to firms investing in new Yangon project
05 March 19 - Source: Saigon Giai Phong Online - Myanmar is offering zone-wise tax exemption to enterprises investing in the new Yangon city project.
This aims to attract more investors to the city expansion project being implemented on lands to the west of Yangon river, according to the Myanmar Investment Commission.
Businesses investing in Zone-1, which is least developed, 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 is developed, will enjoy three years'.
The new Yangon city project is being implemented by the New Yangon Development Company (NYDC), which is fully owned by the Yangon region government.
It is expected to create jobs for some 2 million people.
As planned, the first phase of the project will deal with infrastructure development with the estimated cost of US$1.5 billion, covering the construction of five townships, two bridges, a 26-km-long arterial road, 10 square-kilometre industrial zone, electric power generation factory and water treatment plants.
Yangon region currently has about 7.4 million population, which is projected to reach 10 million in the next 10 years.
The region accounts for 26 percent of the country's gross domestic product (GDP) in 2016 as estimated.