Income Tax being Paid by Private enterprises engaged in CMP system

Income tax being paid by private enterprises engaged in CMP system
Inside Burma
18 Aug 2011

Yangon, August 18 -- Income tax being paid by private enterprises engaged in CMP system ( Cutting, Making and Packing ) has been reduced from 10 per cent to 2 per cent within six months period from August 19, 2011 to February 18, 2012, the Finance and Revenue Ministry announced over the state-owned TV at 6 pm ( MST ) this evening.

Likewise, regarding the income tax of Myanmar nationals earning foreign currencies within the country or in foreign countries, the tax on their income will be reduced from 10 per cent to 2 per cent within six months period from August 19, 2011 to February 18, 2012, the TV announced quoting the order of Ministry of Finance and Revenue.

The CMP system is mostly practised by garment factories, which receive material from foreign countries. These factories are merely engaged in the work of cutting, making and packing. After that these factories got to send these packages to such countries as Republic of Korea, Taiwan etc.

Yangon, August 18 -- The Union Government of Thein Sein this evening issued a peace overture to all ethnic armed organizations with an aim to put a stop to all armed conflicts with them so that the government would be able to build peaceful and developed nation, the state-owned TV announced at 6 pm ( MST ) this evening.

The peace overture as announced by the state-owned TV Myanmar this evening included three following points. 1. As internal peace is essentially needed, the government is determined to put a stop to all armed conflicts so that it would be able to build peaceful and developed nation without hindrance;

2. All ethnic armed organizations desiring peace are invited individually to take a preliminary step by contacting the governments of region or state concerned; After receiving such contacts individually from these ethnic armed organizations, the Union Government will be forming the negotiating teams for carrying out necessary negotiations with each of these ethnic armed organizations.