Myanmar temporarily waives taxes on high-speed diesel imports

Yangon - Myanmar’s Ministry of Finance and Revenue has announced a temporary tax exemption on imports of high-speed diesel (HSD) to stabilise and reduce the prices of commodities, as reported by the state-owned daily The Global New Light of Myanmar on Thursday. The report states that the tax exemption, effective from 1 to 30 April, was implemented following the increase in global fuel prices and the gradual rise in domestic prices caused by the ongoing conflict in the Middle East. This tax exemption is only applied to imports of high-speed diesel (HSD 500 ppm) for which the Import Customs Notification has been submitted to the customs department within the specified period. The tax exemption policy covers import duties, specific goods taxes, commercial taxes, and a 2% advance income tax on diesel imports. The tax exemption on HSD 500 ppm, which is mostly used in goods transportation, will help stabilise and reduce commodity prices.