Region prepares to scrap customs tax
As part of the plan to establish the Asean Free Trade Area (AFTA), Cambodia, Laos, Myanmar and Vietnam (CLMV) will be removing customs taxes in 2018.
"CLMV have exempted up to 60 per cent of trade lines which is over 4,200 lines in 2008, up to 80 per cent by 2012 and until January 1, 2015, 93 per cent. The remaining 7 per cent will be included in the exemption by 2018," said Kyaw Win, director of the Customs Department.
The exemption of custom tax began in 1991.
Kyaw Win said: "The items in the inclusion list will benefit from tax exemption or lower tax rates. Those in the general exemption list normally consist of security equipment and antiques. For items included in the sensitive list, there will be a 5 per cent tax. There are 9,558 trade lines covered currently."
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