Consolidating investment laws topic for investors' equality
Published on Tuesday, 30 July 2013 19:45
The idea of consolidating foreign and citizen investment laws has become a discussion topic among Myanmar officials seeking equality among investors, sources at the Ministry of National Planning and Economic Developments said.
"Investment law will be revised, but how and what parts to be amended is not known in detail yet. Many people see foreign and citizen investment laws should be combined. But some disagree with it as they believe that citizens' businesses need to be protected," an official from the ministry said.
The debate is still among the ministry's officials, and has not reached the Parliament. However, the official said, "Parliament will need to take on the topic when the investment law is to be actually revised."
Similar disagreements on the issue among the Parliamentarians are expected, observers said. Some MPs support equality for all investors, while others talk of protection for Myanmar citizens.
Myanmar has two separate investment laws for local and foreign business. This is to protect citizens' businesses in terms of tax and other rights.
"In fact, no other countries including ASEAN nations don't separate the investment laws like that. Such isn't found in the international norms or in those of World Trade Organization. The law is not a requirement by the regional agreements either," the ministry official said.
"Actually, there should be fairness for citizen and foreign businesses. If there is no fairness, there will not be a level playing field. Then, only the exploitative companies will come into [the country]. International companies won't come as the international standards are not practiced. To avoid such thing, the two laws should ensure the equality," he noted.
Meanwhile, the revised citizen investment law has been submitted by the parliament to the President's Office. It will soon be passed into law.
Source: http://www.news.myanmaronlinecentre.com/2013/07/31/consolidating-investment-laws-topic-for-investors-equality/
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