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Turnell said the tax breaks could also allows a loophole for Burmese conglomerates, which could use their foreign subsidiaries to evade taxes that smaller businesses would still have to pay. Khin Maung Nyo, a Rangoon-based economist at the Center for Economic and Social Development, told VOA that 94 changes were made to the draft law so far, indicating a growing lack of confidence that smaller, local businesses can compete. One of the bigger challenges for Burmese businesspeople is getting access to credit to build a business. Some farmers turn to loan sharks, paying as much as 10 per cent a month, and fall into deep debt. On the other hand, the long-term opportunities are real, Turnell said. The country has been walled away for fifty years. There are incredible opportunities. Thats why the planes are full, thats why the hotels are full, he said. But foreign investors are concerned with the big picture issues of stability and the ease of doing business, say observers. And if you dont have enough electricity, or financial flexibility, or a functioning road or rail system, then you give it all a second thought, at least in the short-term.
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