YANGON, Feb. 1 (Xinhua) -- Investors are now allowed to enjoy tax exemption of up to seven years in Myanmar's less developed regions under the new Myanmar Investment Law introduced on Aug. 1 last year, the official Global New Light of Myanmar reported Friday.
The 7-year tax break covers all less developed regions of Chin, Kayah, Kayin and Rakhine states.
Investment authorities set three categories to offer tax break to investors -- seven-year break in less developed regions as Zone 1, five years in moderately developed regions as Zone 2 and three years in developed regions as Zone 3.
However, the chairperson of Chin State Chambers of Commerce and Industry requested for 10-year tax break to attract investors from both home and abroad in Chin state, one of the country's less developed regions.
"The existing law does not allow tax incentives of over seven years for those states. That can be done only if the law is amended," U Aung Naing Oo, secretary of the Myanmar Investment Commission (MIC) was quoted as saying.
Chin state saw no investment in the whole fiscal year 2017-2018 as there have been some difficulties in basic infrastructure, transportation and electricity, which are challenges for the investors in the state.