Myanmar suspends tax on import of agriculture-related items

Myanmar's finance ministry has exempted the commercial tax on import of agriculture-related items and sale of them at home for a period of nine months, official media reported Thursday.

The exempted items cover fertilizer, pesticide, farming equipment and machinery, said the New Light of Myanmar.

The exemption will take effective from July 1, 2012 to March 31, 2013, it said.

The move is aimed at encouraging development of agro-industry while implementing economic objective for development of agriculture as the base, building an industrialized nation and all- round development of other sectors of the economy as well, the report added.

Myanmar had extended the commercial tax exemption period for six months for export items of rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products and animal products (except prohibited ones) from Feb. 15 to July 14 this year, which is soon to expire.

That measure was introduced when depreciation of the U.S. dollar occurred near the end of last year and through to the start of this year, causing loss with exporters.