YANGON: Myanmar's Ministry of Finance and Revenue has announced a temporary tax exemption on imports of high-speed diesel in a bid to stabilise and lower commodity prices, the state-owned daily The Global New Light of Myanmar reported on Thursday (April 2).
The tax exemption, in effect from April 1 to April 30, was made due to rising global fuel prices, as well as gradual domestic price increases caused by ongoing conflicts in the Middle East, the report said.
This tax exemption applies only to imports of high-speed diesel (HSD 500 ppm) for which Import Declarations are opened with the customs department within the specified period, the report said.
The exemption includes customs duty, special goods tax, commercial tax, and a two-percent advance income tax on the diesel imports, it added.
The exemption of the tax on high-speed diesel (HSD 500 ppm), which is predominantly used in the transport of goods, will help stabilize and reduce commodity prices, it added. - Xinhua
