HomeMMBIZ NewsAuto Import Tariff Earnings $90 Million in Three Years

Auto Import Tariff Earnings $90 Million in Three Years

The authorities have collected a total of K90 billion ($90 million) in tariffs from automobile imports into the country during the last three years, according to the Ministry of Commerce.

Following an automobile import policy overhaul in 2011, over 300,000 automobiles were approved for import, U Win Myint, union minister for commerce said at a meeting with the public and local businesspeople in Myitkyina, the capital of Kachin state. 

“It is good news that the country is earning revenue from car imports; however, a large number of cars continue to enter the country illegally through border towns.

He said the government will be able to raise higher revenue if car smuggling channels are carefully monitored.

“The state is gaining increasingly high revenue from vehicle imports, which is good. But it can collect more [tariffs] if imports of cars through informal channels are tightly controlled.

U Win Myint told local businesspeople in Kachin state that the ministry is set to open an office that can handle trading licence applications in the state.

- Advertisment -spot_img

Must Read

rice myanmar paddy bag sale

Siri Lanka to import 20,000 metric tons of rice from Myanmar

Sri Lanka will import 20,000 metric tons of rice from Myanmar at the rate of $460 per ton through its state-run trading firm. Moreover,...
spot_img