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April 10, 2020

Jewelers urge government to cut taxes for gemstones trade

A view shows jeweleries displayed in glass cabinets at the shop of jeweleries. Photo: Phoe Khwar

Jewelry dealers are urging the government to remove jade and other gemstones from Myanmar’s list of special commodities, according to a report of yesterday’s edition of Myawady Daily newspaper.
Reducing tax rates for precious minerals would reduce smuggling and illict trade, which currently amounts to billions of untaxed dollars every year, said U Myint Han, the vice chairman of Myanmar Gems and Jewelry Entrepreneurs Association told to Myawady Daily.
According to Union Tax Law enacted on 25 Jan 2016, jade and jewelry are among 16 items taxed as special goods. Jewelry entrepreneurs pay special commodities taxes, gemstone taxes, commercial taxes and service taxes to the Myanmar Gems Enterprise association.
The special commodities rate for gems was previously reduced by five per cent, but merchants complain their taxes are still too high.



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