Latpadaungtaung project enjoys tax relief for imported machinery and cheap land-leasing fees
Published on Sunday, 02 December 2012 00:47
The Latpadaungtaung copper mine project was given tax relief for import of machinery and cheap land-leasing fees, according to official announcements by the concerned ministries.
Machinery worth US$34 million was exempted from commercial tax, according to the Ministry of Finance and Revenue, for use in the project.
The ministry announced that as the machinery were intended for implementing mine development of a large-scale project, it had granted tax exemption under provisions of the Commercial Tax Law. Subsequently, machinery, automobiles, mini-buses, equipments, laboratory apparatuses and office furniture was also imported with tax exemption.
The Ministry of Home Affairs approved a 60-year land grant of nearly 8000 acres with annual leasing fee of 2,832,120 kyats (US$3,372) to Copper Mine (Monywa), the Union of Myanmar Economic Holdings Ltd (UMEHL).
The granted land comprises 2,810 acres of Sar Lin Gyi township and 5,057 acres of Latpadaung region in Monywa district, Sagaing division in central Myanmar.
Lapatdaungtaung project is a joint venture between the Union of Myanmar Economic Holdings Ltd and Chinese Wanbao Mining Copper Co Ltd to exploit copper mines in Sagaing Region, central Myanmar.
The project site was announced as a curfew area on July 15.
Local residents, whose land and farms have been grabbed, staged a protest against the project in the third week of August. The project forced four villages to move and farms of 22 villages were confiscated.
MP Khin San, who is also a member of the National League of Democracy, submitted an urgent proposal to parliament to form an independent union level commission to investigate the situation there.
On November 29, riot police cracked down on the protesters at their camps with flammable weapons.
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