Myanmar Cutting Tax Rate On Imported Cars
Myanmar authorities will cut tax rate on imported cars in the coming F-Y 2014-15 in a bid to further bring down car prices, official media reported Friday.
The current car prices in the country have amounted to 20% of those in the past thanks to measures taken in recent years and the government is making efforts to enable its citizens to buy cars at a cheaper price, said the New Light of Myanmar.
The number of imported cars has reached over 250,000, prompting traffic jam in most-populated capital city. Due to restrictions on imported cars in the past, car prices were extremely high.
Since September 2011, Myanmar has laid down a program to substitute private-owned vehicles of more than 40 yrs of age with new ones, canceling the validity of such registered vehicles which amounted to over 55,000 units, according to available figures.
Permits were being issued to such old vehicle owners for them to purchase new models not earlier than Y 1995 on surrender of their old ones.
In its continued measures to bring down the car prices, the government allowed its citizens to import cars freely with at least 2007 model and above except passenger buses.
Similarly, taxis with Y 2007 model and above were also granted for import with the endorsement of regional or state governments.
As for passenger buses, vehicles manufactured between Y s1996 and 2006 are allowed for import on surrender of the old buses in exchange for the permits.
According to the Department of Road Transport Administration, there was a total of more than 4-M registered motor vehicles as of the end of Y 2013, of which over 400,000 are passenger cars while over 110,000 are trucks, 21,000 buses, 3.4-M motorcycles and 56,000 others.
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Paul Ebeling
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