Pyidaungsu Hluttaw approves tax exemptions for mineral commodities

 July 26, 2017

New executive members for the Central Bank of Myanmar (CBM) were unanimously approved, and tax exemptions for special commodities such as imported diamonds and emeralds were discussed during yesterday’s session of the Pyidaungsu Hluttaw in Nya Pyi Taw.

The Hluttaw agreed on the appointment of U Soe Min, U Soe Thein and U Bo Bo Nge as Deputy Governors and U Kyaw Min Htun, U Myint Thein Htun, U Soe Wine, Daw Yi Yi Win and Daw Khin May Hla as Board of Directors for CBM.

The Hluttaw then read a motion sent from the President’s Office on exemption of tax on special commodities and trade tax on certain commodities. U Maung Maung Win, the Deputy Minister for Planning and Finance, said tax exemption can be granted on a special commodity by the agreement of the Pyidaungsu Hluttaw. A list of 87 commodities exempted from trade tax can be found under Section 14, Sub-section (A) of the Union Tax Law. Not included in the list is gold bullion, on which a 5 per cent tax is levied from domestic production and trade and imports of gold bullion.

Diamonds and emeralds are not produced in the country, so the special commodity tax is only collected from their imports into Myanmar. This is done to promote the gemstone polishing trade in the country as these gemstones can be imported for a fair price and sold on the international market after they are cut and polished.

Afterwards, U Nay Myo Htun read the Petroleum and Petroleum Byproducts Bill reviewed by the President’s Office and Joint Bill Committee member Daw Nwe Nwe Aung read the committee’s report on the opposing views of the Hluttaw on this matter.

The Hluttaw then unanimously agreed on the amendment of the Special Commodities Tax Law that lifts the tax on the import of diamonds and emeralds and the amendment of The Myanmar Stamp Act.

Next, MPs discussed the 2016 Annual Report by the Myanmar National Human Rights Commission.

U Kyaw Tin of Saw Constituency put forward a motion to translate the Universal Declaration of Human Rights (UDHR) into ethnic languages and to include it in the curriculum of schools and universities throughout the nation as well as to distribute it to libraries in rural villages free of charge. Discussion of the motion was led by 19 MPs.

Myo Myint and Aye Aye Thant 

(Myanmar News Agency)

Ref; The Global New Light of myanmar