CNI News

6 July 2023

Because the ministry of commerce has issued a statement saying exporters can export without having to pay export revenue in advance since 1st July 2023, border trade will be faster, said traders. 
It was very difficult for exporters because they had to pay 100 percent export revenue since July 2022 reportedly.

 Now that 20 to 35 percent of export revenue has to be paid, trade activities will be faster, said U Thant Zin Tun, vice chairperson of Myanmar Corn Industrial Association to CNI News.

" Companies that have exported for over three years have to pay 20 percent of export revenue in afvance and 35 percent for companies exporting for less three years. There are designations relating to what goods will be exported in how many days and when the tax will be paid to the State. The procedures must be completed. If they don't complete, they will be prosecuted and their deposits will be confiscated. We have to watch about four days whether it's working. Traders have been allowed to use Baht or Dollar on the border. We haven't found any limitations relating to what currency will be used for paying tax. Trade activities will be faster, I think." he said. 

 Myawady Trade Zone

Because there were frequent changes in policies relating to border trade, he needed to watch the policy currently issued, said a trader in Myawady to CNI News.  
  
When the export earnings enter the account of company, premium will be refunded. If the export earnings did not enter the account of company within the deadline, its premium will be confiscated and import/export license will be cancelled as well reportedly. Any currency of Dollar, Yuan, Baht and Kyats can be used for paying export revenue in advance which the department of trade has announced.