The Trade Department under the Ministry of Commerce extended the licence exemption deadline for 99 exports and imports until 7 June 2021, according to the MOC’s notification dated 4 May. The department has notified that exporters and importers do not require to seek licences for 37 HS code lines for exports and 62 lines for imports by 7 May 2021 to facilitate the trade.
Export items with licence exemption include onion, garlic, rice, broken rice, raw sugar, refined sugar, natural rubber and cotton. The exemption covers the following import goods; flour, soybean seed, palm oil, food commodity, cement, gasoline, diesel, pharmaceuticals, fertilizer and lubricant. Previously, a two per cent withholding tax on exports and imports was temporarily exempted in border trade, owing to the difficulties to pay tax amid the closure of private banks.
At present, the exempt status is revoked starting from 1 May. Next, the department cut the red tape for imports of CMP raw materials and some previously imported pharmaceuticals. However, tax cut and licence exemption tackle the trade slowdown amid the heightened border security measure triggered by the new wave of the coronavirus and the lack of money in circulation, an exporter shared his opinion.
Source: The Global New Light of Myanmar