The customs department will introduce customs warehouses, or bonded warehouses – where goods can be stored without Value-Added Tax (VAT) or import duties – in the country, Finance Minister U Soe Win said on Friday.
The aim is to align local customs warehousing procedures with international standards and reduce import restrictions on Myanmar goods, the cabinet minister explained during a meeting with Vice President U Myint Swe and business representatives.
The tax reductions will involve lowering the advanced income tax burden and simplifying the logistics processes to save time.
