YANGON: The Ministry of Planning and Finance has announced a one-month exemption on customs duty, commercial tax, and advance income tax for the importation of Liquefied Natural Gas (LNG).
According to the ministry, the decision was made as global fuel prices continue to rise due to conflicts in the Middle East, causing an increase in LNG prices and higher electricity generation costs.
The government stated that the measure aims to reduce operational expenses for gas-fired power plants and help stabilize electricity prices for the public.
To support electricity generation and ease electricity costs, the tax exemptions will be granted from May 1 to May 31. The exemptions will apply to customs duty, commercial tax, and advance income tax imposed on LNG imports during this period.
The ministry also clarified that the tax relief will only apply to LNG shipments for which Import Declarations (ID) are opened at the Customs Department within the specified period. - Eleven Media/ANN
