Myanmar government announces waiver of 2% advance income taxes on exports

The COVID-19 outbreak has caused a slowdown in the overall economy in Myanmar which is affecting tourism, manufacturing, producers, border trades and exporters. To reduce the suffering and losses of the exporters and suppliers, the Myanmar government announced a waiver of 2 percent advance income taxes on exports of all products, including agro-commodities, marine products, and forestry products until the end of 2020. The government expects that this can make exporters more competitive in 2020 after the COVID-19 is under control.