As introduced in Part (I) from Nov 1st 2013, Myanmar has been going with its reformation since 2011. Currently, it has been in their progress of FESR (Framework for Economic and Social Reform) which outlines priorities up to 2015 which is a part of National Comprehensive Development Plan (NCDP), 20-year plan for reformation.
Myanmar is currently struggling with all three dimensional reformation: Political Reformation, Economic Reformation and Peace Building (ceasing fire, negotiation, and implementation of Peace with 16 major armed forces in the country), in which most of the other countries in the world has passed through their reformation process with only one or two dimensions, (MPC, Oct 2013).
As for economic reformation, selected sectors in five-year plans (FESR) has made its annual plan and some of those are in actions during these years including new foreign exchange management law, new central bank law to improve operational autonomy of the Central Bank of Myanmar, opening up the telecommunication sector by choosing foreign investors through bidding, permitting 100% ownership for foreign companies with exceptions, and above of all, there is much better, more attractive tax incentives for investments in infrastructure development and the creation of special economic zones to attract foreign investment for the selected sectors. An Example of this incentive is the allowance of 5-year tax holiday. Continue reading