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Myanmar Special Economic Zones Law ( Draft) (2013.

Pyihtaungsu Hluttaw Law No : 1374- month - day )

Chapter (8) Investments Business Activities, Specific Duties and Exemptions of Investor 29. Investor shall carry the following business activities as prescription:(a) Production of finished goods, production the goods which using with machines, warehousing, transportation and services; (b) Raw materials which is using at the investment business, packing materials, equipment for the machinery and oils which need to bring into the special economic zones; (c) Production goods which is produced in accordance with the prescription, trade to local and international; (d) Establishing the foreign investment business and international services offices according by the approval of Management Committee at prescription places of special economic zones; (e) The other business which is not prohibited by the State to carry according by the approval of Management Committee; 30. An investor who is wising to invest at special economic zone who shall submit the application to Management Committee in accordance with the rules, procedures in order to get the approval. 31. An investor can accomplish the construction business within the prescribed period by Management Committee, shall carry out the tasks. If the investor can not accomplish his establishment within the prescribed period, have to submit the prior sufficient reason to Management Committee. If the Management Committee find out that the insufficient evidence and delay, shall revoke the permit in accordance with the procedures. 32. An investor shall enjoy with following exemptions and reliefs:(a) Within the exempted zones, for the purpose of start to run the business of investment business, shall enjoy the exemption tax within the first seven years and for the

purpose of start to run the business within the promoted zones, shall enjoy the exemption tax within the first five consecutive years for other business; (b) Within the exempted zones and promoted zones, exemption or relief from the income-tax on 50% of investment of the business for the second five consecutive years. (c) Within the exempted zones and promoted zones, exemption or relief from income-tax on profits of the business for the third of 5 consecutive years, if they are maintained in a reserve fund and re-invested therein within 1 year after the reserve made which shall enjoy with the 50% of income tax as prescribed in accordance with the existing law; 33. After the expiry of exemptions and reliefs period included in the Section-32, if exemption and relief is not allowed again under this law, shall pay at the income tax rate stipulated under existing law; 34. An investor:(a) Enterprises, which is carried out at the special economic zones, companies organizations shall register within the special economic zones of Management Committee office which is attached with the branch office of Directorate of Investment and Companies in accordance with the prescriptions; (b) Shall submit the performances of the investment business activities to the Management Committee in accordance with the prescriptions; (c) Shall maintain the related business documents, financial statement and reports in accordance with the International Standard; (d) Destroy unusable perished or sub-standard medicines and foods products of the investment business at the prescription area in accordance with the disciplines of the Management Committee. 35. An investor shall comply with the related standard according by the Environmental Protection Law thereto not to damage related to the social society and health shall carry with the necessary action. 36. If the investor is desired to terminate or liquidate the business, company or organization, prior inform to related Management Committee in accordance with the stipulations; 37. In case of transferring the part or whole shares of the business, company or organization, prior inform to Management Committee in order to register again.

Chapter (9) Investment Construction Business, specific duties and exemptions of developers 38. Investment Construction Business shall carry as followings:(a) Private or government or jointing with private and government can carry as developer; (b) For the purpose of establish the special economic zone, shall carry with hundred percent local investment or hundred percent foreign investment or joint business make between citizen or foreigner. 39. A Developer:(a) After contracting the lease land with related Management Committee, implementing the business activities at special economic zone, sub-lease land to investor and activities with related of maintaining the special economic zone which can carry according by the supervision of Management Committee; (b) If Union Government or Regions or State Government can carry directly or make contract with other organization for the purpose of constructing the special economic zone, supervision, renovation and maintaining with transparency; (c) Each constructing activities shall carry to complete during the prescribed period. If the construction activities cannot complete during the prescribed period, shall submit the sufficient evidences to Management Committee in advance. If find out as insufficient evidences and delay, shall invalid the lease land agreement which made between related Management Committee and developer; (d) Coordinating with the developers, other organizations to construct the infrastructures in any Special Economic Zones and giving permission to do so. However, the Government shall choose and construct the infrastructure which is related in the Special Economic Zones with transparency; (e) For the purpose of constructing the infrastructures in any out of Special Economic Zones, can be formed the special organizations to carry and invest in the constructing business. The special organizations have to maintain the financial report separately. Developers who is constructing with infrastructures may enjoy the same rights of the developers from Special Economic Zones. For the purpose of covering the invest amount, infrastructure which is long period to construct as roads, railway roads, bridges, water plants, respectively who can enjoy more rights agreement by the Central Body;

(f) In case of constructing the infrastructure to out of Special Economic Zones which is connected within the Special Economic Zones, shall make agreement with the related Government Organizations. 40. Developers may enjoy with the following exemptions and tax reliefs:(a) Exemptions and tax reliefs for the first eight years start the date of business running; (b) Exemptions for the second five consecutive year with the 50% of income tax as prescribed in accordance with the existing law; (c) Exemption or relief from income-tax on profits of the business for the third of 5 consecutive years, if they are maintained in a reserve fund and re-invested therein within 1 year after the reserve made which shall enjoy with the 50% of income tax as prescribed in accordance with the existing law; 41. After the expiry of exemptions and reliefs period included in the Section-40, if exemption and relief is not allowed again under this law, shall pay at the income tax rate stipulated under existing law. 42. If the developers who himself to carry the business at Special Economic Zone within the period of the permission or within the period of lease agreement with the Union Government , land and building in the Special Economic Zones shall make sub-lease to the investors. 43. A developer shall pay the liabilities for the right to use land and right to do to the related Management Committee according to their lease agreement by all payment or regular installment to the related department. Chapter (10) Developer and Exemptions and Reliefs relating to the Import Tax 44. Shall enjoy with the Exemptions and Reliefs relating to the Import taxes are as follows:(a) Exemptions and Reliefs of the import custom duties and other taxes which are imported product such as constructing materials, machinery equipment, machineries and goods for the business used; (b) Exemptions and Reliefs of the import custom duties and other taxes which are imported products such as spare parts for the raw materials, machinery equipment, factories, warehouses, offices to be constructed and vehicles for the business purposes;

(c) An investor who is in the exempted zones, Exemptions and Reliefs for the custom duty and other taxes, imported goods as for the wholesale business, imported commodities and services which is supported for the transportation, selling goods, payment will pay after selling the goods, vehicles which is necessary for those business and other commodities; (d) An investor who is in the promoted zones, exemptions and reliefs for the custom duty and other taxes , shall enjoy the first year of the date of running the business , 50% of another 5 consecutive years as for the machinery equipment which are not for sale and necessary spare parts for those machinery equipment, factories, warehouses, offices, vehicles which is necessary for those business which are imported the above according the prescription. 45. An investor at the promoted zone:(a) Shall pay the regular custom duty and others taxes for the importing goods which will utilize in the productions and other goods; (b) May apply the

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