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Myanmar to assess tax on jade export in local currency
Last Updated: 2017-03-21 09:48 | Xinhua
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Imposition of tax on finished jade products export will be assessed in Myanmar kyat though the taxation on them is levied in U.S. dollars currently, official media reported Monday.

The measure, which aims to boost trade, will take effect on April 1. However, the tax rate remains unchanged as 5 percent in accordance with 2017 Tax Bill.

Both the previous and present governments have encouraged production of finished jade products instead of raw jade for natural resources reservation and more tax earning.

In order to improve the jade products manufacturing enterprises and to explore more markets, taxation with one-stop service has begun since 2011.

Myanmar jade is mainly exported to China and India with China being the biggest purchaser of Myanmar's jade.

The total export value of mineral products including jade reached 865.865 million U.S. dollars in this fiscal year 2016-2017 as of March 10.

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