August, 29, 2017
Myanmar has
agreed to apply internationally accepted standards for customs valuations at
ports of entry, according to a report in Myanma Alin, yesterday.
“Custom duties
based on World Trade Organisation customs valuations will start to be practiced
in Myanmar,” said U Win Myint, director of Customs Department at the Union of
Myanmar Federation of Chambers of Commerce and Industry last Friday. “Import
duties will be assessed prior to departure at international airports and port
terminals. In addition, post-clearance audits will be carried out in compliance
to WTO rules.”
Post-clearance
audits are used to establish national databases to verify and monitor cross
border trade.
The new system
will require greater transparency and digitization by import and export
companies, which will be required to keep accurate data for at least seven
years. Myanmar is adopting the new customs standards, in part, to fulfill it’s
obligations as a member of WTO.
Myint Maung Soe
Ref; The Global
New Light of Myanmar
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