NAY PYI TAW, Oct. 27 (Xinhua) -- Myanmar's new Investment Law will take effect with its regulations on April 1 next year, an official of the Directorate of Investment and Company Administration (DICA) told the media in Nay Pyi Taw Thursday after a Consultation Workshop for Implementing Regulation of the Myanmar Investment Law was held.
The new Investment Law was endorsed on Oct.18 with the approval of both Houses. The law which was drafted in 2013 based on suggestions from experts and businessmen with the help of International Finance Corporation (IFC) combines the Foreign Investment Law drafted in 2012 and the Citizens' Investment Law drafted in 2013.
U Aung Naing Oo, who is director general of the DICA and secretary of the Myanmar Investment Commission (MIC), said that the drafting process of regulations is underway and will be completed in January, 2017.
Unlike the previous one, the new law stipulates that tax breaks are only enjoyed by those who invest after the new law comes into effect.
Under the new law, tax privileges of the existing investment will remain only for those which export their products abroad. Domestic investments as well as foreign direct investments both enjoy the privileges.
According to MIC, Myanmar drew 662.835 million U.S. dollars of foreign direct investment in the first half of the fiscal year 2016-2017.
The total foreign direct investment in the country amounted to 64.97 billion U.S. dollars as of September since late 1988. China topped the investment line-up, accounting for 28.46 percent of the total investment.
