Myanmar will change trading policies, procedures: sources
Some restrictions on Free on Board (FOB), Cost, Insurance and Freight(CIF) and Telegraph Transfer(T/T) and Letter of Credit(LC) will be lifted, and trading policies and procedures in Myanmar commercial sector will also be changed, according to the sources
An export/import businessperson said, “I got the information at the meeting in the office of Ministry of Commerce on 7 May that the ministry will not distinguish anymore on trading processes such as FOB, CIF, T/T and LC. For example, there will be no more differentiation between LC and T/T.”
As it takes one day for the processes to apply for export/import license at present, the Ministry of Commerce, businesspersons and experts are discussing about the practice of ‘non-licensing’ system for some commodities. The ‘automatic licensing system’ will be first introduced to adopt this new system.
While the Ministry of Commerce is changing its policies, the Ministry of Finance and Revenue announced on 23 April to pay income tax with Myanmar kyats on foreign currency earnings from export, servicing, CMP, rental and salary.
