Myanmar's $70-mn stimulus package to tackle pandemic

24 Mar '20
2 min read
Pic: Shutterstock
Pic: Shutterstock

Myanmar recently announced a stimulus package to tackle the impact of the COVID-19 pandemic on the country’s economy, including $70 million worth of loans, eased deadlines for tax payments and tax exemptions for affected businesses. The COVID-19 Fund will help garment, manufacturing, hotel and tourism businesses and other small and medium enterprises.

The government has recognised those sectors as priorities for state assistance based on their vulnerability to COVID-19.

The interest rate on such loans will be 1 per cent for an year. The rate and period would be reviewed later after the economic impact of the virus outbreak can be assessed, according to media reports from the country.

The fund draws 50 billion kyats from the country’s revolving fund and another 50 billion kyats from the social welfare fund, according to the government.

The government also said qualifying businesses now have until the end of September to make their quarterly income tax and monthly commercial tax payments. Income tax was supposed to be paid by March 31 for the second quarter and by June 30 for the third quarter. Businesses will be exempted from paying the 2 per cent advance income tax on exports until the end of current fiscal on September 30.

Since late January, the pandemic has hit the country’s tourism, border trade and export sectors, causing massive losses for manufacturers and exporters. Airlines and hotels in the country have already suffered losses due to travel restrictions.

Fibre2Fashion News Desk (DS)

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