A draft amendment to the Mining law of 1994 approved
After more than 3 years of discussion in the parliament,an amendment to the Mining Law of 1994 of Myanmar was approved. It will become law 90 days after approval, according to the parliamentary procedure. The amendment includes new tax rates on mineral trading. Under the new amendment:
-The licence for large-scale mining fields was extended from 5 to 15 years.
-The licence for small-scale fields was increased from 3 to 7 years.
There will be a new set of lower taw rates for profits on mineral trading- 5 percent for gold, platinum and uranium, 4 percent on silver, cropper, tin, nickel and titanium and 3 percent on iron, zinc and lead.
While the old Mining Law of 1994 dealt with mineral exploration, measurements, production and large-scale and small-scale mining activities, the amendment deals with medium-scale production and purifying and trading activities.
8 January 2016