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Revised Import and Export Taxation Based on the Foreign Exchange Reference Rate of the Central Bank of Myanmar (“CBM”)

Revised Import and Export Taxation Based on the Foreign Exchange Reference Rate of the Central Bank of Myanmar (“CBM”)

February 5, 2025

Effective 25 January 2025, the export and import taxation system has been reinstated under MOPF Notification No. 8/2025 and Customs Department Announcement No. 001/2025. Tax calculations will now be based on the CBM’s foreign exchange reference rate of MMK 2,100 per USD.     

This reinstatement is made following the recent issuance of the MOPF’s Notification No. 90/2024 and Announcement No. 007/2024 by the Customs Department dated 27 December 2024, under which the Customs Department would assess taxes on exports and imports at the weekly exchange rate based on the CBM’s marking trading rate, i.e. approximately MMK 3,550 per USD.            

Under the revised notification and announcement, exporters and importers are now required to pay taxes on their exports and imports at CBM’s foreign exchange reference rate, MMK 2,100 per USD.   

AUTHORS

Ei is a senior tax manager in our Tax team. She assists clients in a wide range of sectors on tax. and labor compliance matters. She has been experienced about 3 years in Deloitt touch Myanmar vigour audit firm as a senior associate, one year in KDDI company limited as senior staff for internal audit. She graduated with BSc. (Maths) form Yangon University of Distant Education. She got Dip in International Financial Accounting, Dip in International Financial Reporting from ACCA and IQN. She is current attendance CPA-Part (1).


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Saw is a senior tax consultant in our tax team. She has over six years of experience in the field of tax and assists international clients from a wide range of industry sectors involving tax and compliance matters. Saw holds a Diploma in Accounting and Business from ACCA as well as a Diploma in Accounting from LCCI.


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