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Myanmar extends commercial tax exemption to July

Source:   Time:

YANGON, Jan. 29 (Xinhua) -- Myanmar has extended the commercial tax exemption period to six more months beginning February this year in a bid to boost the country's export, official sources said Sunday.

The extension of the exemption, effective from Feb. 15 to July 14, covers export items of rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products and animal products ( except prohibited ones).

The extended period is a continuation from that set for Aug. 15, 2011 to Feb. 14, 2012 announced by the Myanmar Ministry of Commerce last year.

The measure was introduced at a time when the U.S. dollar depreciated, causing losses to exporters.

Myanmar's foreign trade amounted to 13.4 billion U.S. dollars in the first nine months (April-December) of the fiscal year 2011- 12, up 28 percent or over 3 billion dollars from 10.39 billion U.S. dollars in the same period of 2010-11, according to local report.

During the period, the export reached 6.833 billion dollars, up from 6.49 billion dollars, while the import totaled 6.61 billion dollars, up from 3.9 billion dollars.

Myanmar's agricultural produces such as rice and marine products grabbed the big.

In the first nine months of fiscal year 2011-2012, Myanmar exported about 533,000 tons of rice, the Myanmar Rice Industry Association said.

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