Myanmar’s State Counselor announced a waiver of the 2 percent advance income tax on exports

Myanmar’s State Counselor Daw Aung San Suu Kyi has announced a waiver of the 2 percent advance income tax on exports until the end of this fiscal year in order to minimize the COVID-19’s impact on the economy of the country.

In a televised message to the public on prevention, control and treatment measures for COVID-19, Daw Aung San Suu Kyi said that the government will reduce tax and interest rates so that people will not suffer, to prevent unemployment, to enable factories to continue operation and to minimize the impact on the economy of the country.

The waiver of the 2 percent advance income tax on exports is a convenient position and this is one of the facts demanded by the Union of Myanmar Federation of Chambers of Commerce and Industry, said Deputy Chairman the Federation Dr. Maung Maung Lay.

However, the interest rate that the Central Bank of Myanmar has reduced is too less to operate industries. In Myanmar, interest rates are high and they are not as efficient as other countries.

Written by iMyanmarHouse.com team Credit: iMyanmarHouse.com