Above 600 E-motorbikes arrive at Muse trade zone under zero-customs tariff
June 1
MORE than 600 electric
motorcycles were imported at the Muse 105th mile trade zone under the customs
duty exemption system.
Under the approval of the
national-level committee leading the development of electric vehicles and
related business, Kenbo-branded 640 electric motorcycles imported by Aung Kan
Bo Motorcycle Industrial Co Ltd arrived at the zone on 30 May in accordance
with the rules and regulations.
Importation, manufacturing and
trading of battery electric vehicles (BEVs) and their components are exempted
from commercial tax, according to Notification 4/2023 dated 8 May 2023,
released by the Union Government in the exercise of the power conferred by
Section 37 of the Union Tax Law 2022, under the approval of the State
Administration Council.
Also, the Customs duty exemption
on electric vehicles (EVs) and their components was extended until the end of
March 2024 from 1 April 2023, according to the Ministry of Planning and
Finance.
Myanmar Investment Commission
also released a statement on 15 February that electric vehicles and related
businesses will be promoted as the priority sector, according to its
notification dated 15 February.
In the exercise of the power
conferred by Sections 43 and 100 (B) of the Myanmar Investment Law, the MIC
issued this statement with the approval of the Union government.
Enterprises executing
installation, manufacturing and restoration services of the EVs, renewable
electricity generation, EVs charging service businesses, electric vehicle
battery production, EV battery and related service business, electric bus
operation services, electric taxi and transport service businesses and
scientific research development business are included in those priority
sectors.
During the establishment and
ideation phase for incorporation and operations, those businesses can seek
permits from MIC to enjoy tariff relief or zero-customs tariff status and the
exemption for other taxes levied in the country under Section 77 (A) of the
Myanmar Investment Law and income tax exemption under Section 75 (C) of the
Myanmar Investment Law for the importations of machinery, essential equipment
and accessories, spare parts and construction raw materials that cannot be
found in domestic markets. Myanmar has been bringing in electric vehicles (EVs)
under the customs tariff relaxation through seaborne and border trade routes,
according to the Ministry of Commerce. — NN/EM
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