October 22, 2016

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Taxation rate for jade mining blocks likely to be reduced by half

Miners search for jade stones at a mine dump in Hpakhant. Photo: Supplied
Miners search for jade stones at a mine dump in Hpakhant. Photo: Supplied

The rate of taxation levied on jade mining blocks could possibly be reduced by half, subject to ongoing negotiations, said U Myint Pe, Yadana Thein Gay Har Company from Kani area.
Jade mining companies have to pay taxes after the extracted jade stones are appraised. The companies and authorities are in discussions about the possible reduction of the taxation rate, he said.
Jade mining companies are said to pay more than the basic price when bidding for jade mining blocks. A block is set at an acre and a company could previously bid up to 50 blocks.
However, the number of blocks on which a company can bid is not confirmed yet this year. If a block is bidden at a floor price of Ks1million, the price can go up to Ks50million. It is reported that bidding is also planned for those who are engaged in small scale businesses to be able to participate, he continued.
Permits for exploration will be set for three different enterprises — heavy, middle-sized and small-sized enterprises. Myanmar Gems Enterprise will carry out the measurement of blocks and taxation, setting the period of mining permits and reporting the number and specifications of heavy machines and arranging agreements, it is learnt.
Myanmar Gem and Jewelry emporium will be held from 20th to 29th November at Mani Yadana Jade Hall in Nay Pyi Taw. The appraising of the jewelry and setting of the floor price are being conducted from 18th October to 4th November.


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