Group demonstrates commitment to tax transparency and responsible business practices in the interest of the country’s economic development
Yangon, Myanmar, 3rd Dec 2020 – The Max Myanmar Group of Companies announced that the Group has contributed over MMK 14.818 billion in taxes to the Myanmar government during the 2019 assessment year, unveiling the breakdowns of their tax payments publicly. The Group reported that for the assessment year, it paid more than MMK 13.3 billion in commercial tax as well as over MMK 1.517 billion in income tax accordingly. As an accountable Myanmar corporate, the Max Myanmar Group continuously contributes taxes annually. In the previous assessment year 2018-19, it also contributed over MMK 14.772 billion.
Max Energy, a part of the Max Myanmar Group was also recently conferred the “9th Myanmar’s Biggest Taxpayers Award” by the President of Myanmar for the 2018-2019 tax year for its outstanding income tax, commercial tax, and specific goods tax payments. U Zaw Zaw, Founder and Executive Chairman of Max Myanmar, received an honorary award by the President U Win Myint at the ceremony held at the Presidential Palace in Nay Pyi Taw on 10th August 2020.
The Executive Chairman U Zaw Zaw had said the group was committed not only to strengthening its own business operations, it also aims to encourage responsible best practices in Myanmar. “We are pleased that the group reported a strong 2019 tax assessment year, with a contribution of more than MMK 14.818 billion. As one of the leading Myanmar private group of companies, it is important that we carry out our businesses responsibly, with a focus on transparency and compliance of the country’s regulations. The private sector must play a greater role in supporting the nation’s economy and public interest through sustainable practices, which is especially crucial now to successfully navigate this challenging pandemic-hit year together.”
Being one of Myanmar’s leading conglomerates, Max Myanmar Group has established a reputation for excellence, generosity, innovation and inspired leadership, through sustainable business practices. Originally formed as Max Myanmar Co., Ltd. in 1993, the company started its operation as an importer of vehicles from Japan. Over the years, it expanded and diversified into the fields of manufacturing, construction, mechanical, engineering, transportation and logistics, energy, hotel and tourism, agriculture and financial services through an accelerated growth strategy.
Ayeyarwady Foundation, philanthropic arm of Max Myanmar Group and AYA Financial Group, has contributed more than USD 90 Million to date on the nationwide philanthropic activities. To help combat the coronavirus, the Foundation established a temporary treatment center including ICU/HDU, Test & Care Center and Laboratory, called the Ayeyarwady Center, with more than 700 volunteers including the medics and nurses for COVID-19 infected patients. It started off as a 425-bed temporary treatment center on September 19, 2020 with the guidance and support of the Myanmar’s Ministry of Health and Sports (MOHS), and expanded into 575-bed temporary treatment center on September 29 and 1000-bedded temporary treatment center with 125 bedded ICU/HDU Critical Care Unit in mid-October. The foundation is also setting up a 375-bedded Covid-19 Treatment Ayeyarwady Center with 75 beds of ICU/HDU and a Test & Care Center for Covid-19 testing in Mandalay.
At over USD 9 million worth of medical equipments, infrastructure and operational needs, Ayeyarwady Foundation has contributed substantial amounts of funds and resources to help safeguard Myanmar’s people amidst the COVID-19 pandemic.
About Max Myanmar Group
Max Myanmar Group is one of Myanmar’s premier conglomerates, with a reputation for quality excellence, entrepreneurship, innovative drive and inspiring leadership. With a clear vision, strong organization and effective decision-making, the Group is able to move fast and effectively building and creating value successfully. At the head of the organization is Chairman U Zaw Zaw, well-known for his business acumen and passion for developing the Group’s most valuable asset – our people. Originally established as Max Myanmar Co., Ltd. in 1993, the company started operations as an importer of vehicles from Japan. Through an accelerated growth strategy, it expanded and diversified into the fields of manufacturing, construction, mechanical engineering, transportation and logistics, energy, hotel and tourism, agriculture, and financial services.
About Ayeyarwady Foundation
Chairman U Zaw Zaw has a strong interest in the nation’s development and imbues the values of good corporate citizenry throughout the entire Group. Ayeyarwady Foundation was set up in 2010 as a Non-Profit Organization (NPO) to focus on 5 pillars of philanthropy.
Ayeyarwady foundation’s philanthropy is a part of Corporate Sustainability, which is centered on being a good corporate citizen and having a positive impact in society, while improving the quality of life for communities and stakeholders. Ayeyarwady Foundation’s commitment to human rights, environmental sustainability and anti-corruption efforts is grounded in our organization’s belief that profitability and corporate social responsibility are not mutually exclusive values. Ayeyarwady foundation’s practices are in-lined with the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights and Work; OECD’s Guidelines, applicable ISO Standards, the GRI Sustainability Reporting Standards and the United Nations Global Compact.
Since the beginning of the COVID-19 pandemic, Ayeyarwady Foundation has contributed USD 9 Million for the people’s safety and public health. The Foundation has set up quarantine camps converted from AYA Bank Training Center, three camps of Myanmar National Football Teams and National Football Academy (Yangon), which can hold up to 350 people to be quarantined. Together with Max Hotels Group and Novotel Yangon Max, the Foundation has provided daily meals for 600 quarantined people in Yangon. Ayeyarwady Foundation also provided accommodations and health insurance for healthcare workers each and every day during the crisis.