The Ministry of Commerce will try to approve a draft law this year which will re-categorise imports and protect local businesses, Dr Pwint San, deputy minister for commerce, told the parliament.
His comments came as a response to a question from parliament member Dr Win Myint regarding protection of local manufacturing against imported goods, which are set to be taxed at the same rate.
The “safeguard law”, currently under review by leaders in the private sector, is aimed at protecting domestic industries when imports rise sharply.
This law is said to be developed with the intention of protecting domestic small business by setting two types of commercial tax that are included in the law. The rate of commercial tax would be set to zero percent when ASEAN Economic Community comes into effect.
According to the Ministry of Commerce, United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has aided in the development of the law since 2013, and the law has been in the draft stage since early 2014.
Lower House speaker Thura U Shwe Mann has endorsed the law asked for the draft to be submitted by the end of June.