Burma exempts taxes on farm exports

Burma exempts taxes on farm exports

Burma's government has exempted rice and six other items from export taxes for the next six months to improve competitiveness, reported state media.

The exemption covering rice, corn, pulses and beans, sesame seeds, rubber and seafood went into effect on Monday and will last until Feb 14, the New Light of Myanmar newspaper said.
Rice exports faced an 8% tax for decades under previous military regimes. The tax was reduced to 5% on July 1 by the new government.
"We can now compete with the other rice-exporting countries in the world market," said Sein Win Hlaing, vice-president of the Rice Exporters Association. "We may even start to get a profit."
Burma exported 800,000 tonnes of rice in the fiscal year to March 31.
The current market price for Burma rice is about $420 per tonne.
Burma was the world's leading rice exporter prior to 1962, when military strongman General Ne Win overthrew the elected government. DPA