Now that the Central Bank of Myanmar (CBM) has allowed a total of seven foreign banks to provide trade financing services in Myanmar, traders are anticipating much better business in the months ahead. Last December, the CBM permitted 13 foreign banks to apply for approval to offer trade financing services in the country. Since then, […]
Import costs for vehicles below 1350cc engine power set at US$5,000
August 31, 2016 by
New Cost, Insurance and Freight (CIF) values for imported automobiles with below 1350CC engine power will be set at US$5,000 starting next year, it is learnt from the Customs department. This action will come into force after the model year of imported cars is officially fixed. The CIF values on import of 1350CC cars will […]
Tyred out: importers say tax policy favours used cars
June 4, 2015 by
Almost all of the cars imported to Myanmar last year were second-hand, due to a high tax on brand-new vehicles. The government should reconsider its policy relating to the import of new cars, say businesspeople. “As far as I know, most Myanmar citizens import used cars. According to the records from last year, brand new […]
1,300cc car engines still in high demand despite drop in 1,500cc price, dealers say
December 27, 2013 by
Myanmar’s Vehicle Import Supervisory Central Committee recently announced that new revaluation rates on cost, insurance and freight (CIF) for imported cars will take effect on January 1. Since these rates provide the basis for tax calculation of imported vehicles, changes in such rates can ultimately affect motor prices. According to the announcement, the CIF revaluation […]
Dealers put the brakes on car imports
December 23, 2013 by
An expected drop in import costs set for January has left thousands of imported vehicles sitting in containers at Yangon Port as dealers fear that bringing them into the market now could result in losses. Officials said that sellers are expected to impose a reduction in transportation and insurance costs to dealers termed Cost, Insurance […]
