Pyidaungsu Hluttaw convened its third-day meeting of 17th regular session yesterday, and unanimously approved the Executive Order 1/2020 concerning the Union Tax Law and its effective period.
Executive Order 1/2020 concerning Union Tax Law
Deputy Minister for Planning, Finance and Industry U Maung Maung Win explained that the order is concerned with the Union Tax Law, and the four types of tax relief are granted under this law. The rights in this law are aimed for relief from the impacts of COVID-19.
The deputy minister added that his ministry has explained procedures, calculation, rules and principles in the order number 65/2020 to clarify tax relief plan in the Union Tax Law.
Public Debt Management Law
Deputy Minister for Planning, Finance and Industry U Maung Maung Win submitted the second amending bill for Public Debt Management Law.
The Pyidaungsu Hluttaw Speaker decided to proceed the bill in line with the rules and regulations.
$483.8 mln loan for Bago-Kyaikhto highway project
Deputy Minister for Construction Dr Kyaw Linn and Deputy Minister for Planning, Finance and Industry U Maung Maung Win explained the President’s proposed loan US$483.8 million from the Asia Development Bank for implementation of Bago-Kyaikhto highway which will link with Greater Mekong Subregion countries, Bago-Thanlyin highway, of Yangon city bypass, Hantharwady International Airport project, Yangon-Mandalay highway and other regions of the country.
The project could create employment opportunities for local business firms and engineers as the local resources will be used in implementing the project as it is concerned with the Action Plan 2.3.3 under Goal 2 of COVID-19 Economic Relief Plan (CERP) for prioritizing public investment and with the Goal 3 of easing the impact on labour and workers.
Deputy Minister U Maung Maung Win also said that the loan is intended for infrastructural development of the country, and it is in line with the Union Budget Law, the Public Debt Management Law and the Myanmar Sustainable Development Plan.
The Pyidaungsu Hluttaw Speaker decided the proposal of loan to be discussed on 27 July.
Loan from JICA
Deputy Minister Dr Kyaw Linn explained the President’s proposed loan Japanese Yen 27.779 billion from the Japan International Cooperation Agency for implementation of Bago-Kyaikhto highway development project that includes construction of Sittaung River bridge and upgrade of central training school in Thuwunna. For training centre, vocational training centre and research laboratory for learning cutting machine for brick, bending machine for rebar, tying machine for rebar, total station and wind tunnel tests.
Deputy Minister U Maung Maung Win discussed the loan plan in line with the Union Budget Law 2019-2020FY, the Public Debt Management Law, the Medium Term Debt Management Strategy 2018, development assistance policy and the action plan of Myanmar Sustainable Development Plan (2018-2030).
The Pyidaungsu Hluttaw Speaker invited the list of MPs who want to discuss the loan proposal and decided to discuss it on 27 July.
The Hluttaw also approved the recommendations of MPs on the Animal Health and Development Bill.
Deputy Minister U Maung Maung Win submitted the Income Tax Bill to the Hluttaw.
The 10 MPs discussed the COVID-19 Economic Relief Plan.
The 4th-day meeting of Pyidaungsu Hluttaw will convene on 22 July.—Aung Ye Thwin, Aye Aye Thant
(Translated by Aung Khin)