Myanmar

74. for the purpose of supporting the development of the Union by allowing investment in sectors which need to be developed and for the proportionate development of Regions and States, scrutinize and may grant one or more tax exemptions or reliefs if the investor applies for such exemptions or reliefs.

75. (a) With respect to the income tax exemptions, designated the less developed regions as Zone (1) , the moderate developed regions as Zone (2), and the developed regions as Zone (3), the Commission shall, with the approval of the Government, issue a notification and may grant income tax exemptions to investment activities in Zone (1) for a period of 7 consecutive years including the year of commencement of commercial operation, investment activities in Zone (2) for a period of 5 consecutive years including the year of commencement of commercial operation, and investment activities in Zone (3) for a period of 3 consecutive years including the year of commencement of commercial operation. *Yangon Amata Smart and Eco City is project located as Zone 3.

(b) With the approval of the Government, the Commission may change the designation of the zones from time to time depending on the development of the respective regions.

(c) Income tax exemptions shall be granted only for the sectors specified by the Commission in the notification as promoted sectors.

77. The Commission may scrutinize and grant the following exemptions or reliefs from customs duty and other internal taxes to the investor if applied: (a) exemptions or reliefs from customs duty or other internal taxes or both on machineries, equipments, instruments, machinery components, spare parts, construction materials unavailable locally, and materials used in the business, which are imported as they are actually required, during the construction period or during the preparatory period of the investment;

(b) exemptions or reliefs from the customs duty or other internal taxes or both on the importation of the raw materials and partially
manufactured goods conducted by an export-oriented business for the purposes of the manufacture of products for export;

(c) reimbursement of customs duty or other internal taxes or both on imported raw materials and partially manufactured goods which are
used to manufacture products for export; (d) if the volume of investment is increased with the approval of the Commission and the original investment is expanded during the permitted period of investment, exemptions or reliefs from the customs duty or other internal taxes or both on machineries, equipments, instruments, machinery components, spare parts, materials used in the business, and construction materials unavailable locally, which are imported as they are actually required for use in the business which is being expanded as such increases may be granted

78. The Commission may scrutinize and grant the following exemptions and reliefs, as required, to the investor if applied:

(a) exemptions or reliefs from income tax if the profit obtained from the investment that has obtained a Permit or an Endorsement is
reinvested in such investment or in any similar type of investment activities within one year;

(b) right to depreciation for the purpose of income tax assessment, after computing such depreciation from the year of commencement of
commercial operation based on a depreciation rate which is less than the stipulated lifetime of the machinery, equipment, building or
capital assets used in the investment;

(c) right to deduct expenses which are incurred for the research and development relating to the investment activities carried out within the
Union and actually required for the economic development of the Union from the assessable income.

50. (a) An Investor who obtains a Permit or an Endorsement under this Law has the right to obtain a long-term lease of land or building from the private owned or from the relevant government departments, governmental organizations managed by the Government, or owned
by the State in accordance with the stipulations in order to do investment. Citizen investors may invest in their own land or building in accordance with relevant laws.

(b) Foreign investor may lease land or building either from the Government or governmental organizations or from owners of private
land or building from commencing on the date of receipt of a Permit or an Endorsement of the Commission up to an initial period of (50)
year in accordance with the stipulation.

(c) After the expiry of the term of the right to use land or building or the period of right to lease of land or building permitted under
subsection (b), a consecutive period of (10) years and a further consecutive period of (10) years extension to such period of lease of
land or building may be obtained with the approval of the Commission. (d) The investor shall register the land lease contract at the Office
of Registry of Deeds in accordance with the Registration Act. (e) The Government may grant more favorable terms and conditions for the
lease of land and the use of land by Myanmar citizen investors. (f) The Commission shall, for the purpose of the development of the entire
Union with the approval of the Pyidaungsu Hluttaw submitted through the Government, grant a longer period for the right to lease land or
building and the right to use land under this Law, to investors who invest in least developed and remote region.

*Yangon Amata Smart and Eco City offers Land Leasing maximum 50 years with option to extend 10 years + 10 years