September 23, 2017

Taxation on jade exports to be assessed in local currency

A local trader evaluates a jade stone at the sales in Nay Pyi Taw on 19th March, 2017. Photo: MNA

In a bid toward ease of trade, the tax levied on exports of finished jade products in US dollar will now be assessed in Myanmar kyats, said U Myint Han, the vice chairperson of Myanmar Gems and Jewellery Entrepreneurs Association.
This action will go into effect starting in April, with finished jade products will be exported to foreign countries under a one stop service.  The tax rate will remain unchanged, he added.
To improve the jade finished products enterprise and to have wider access to more markets, taxation with the one stop service plan began in 2011. Previously, only C and D graded products were permitted to be shipped abroad under the one stop service system. In 2013, the quality finished products were also given the green light to operate with this system.—200

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