Payment of taxes on imports and exports in Myanmar Kyat at market trading rate from 1 January 2025
Effective 1 January 2025, the Customs Department of Myanmar will no longer utilise the Central Bank of Myanmar (“CBM”) reference rate to calculate import/export customs duties and taxes as stipulated by the Ministry of Planning and Finance in Notification No. 90/2024 which was issued on 27 December 2024 (“Notification”). The CBM reference rate has been fixed at US$1 to MMK2,100 since 5 August 2022. Further to the Notification, a weekly exchange rate based on the market trading rate, as published on the Customs Department’s website and Facebook page, will now be used instead.
The Notification does not explicitly provide which individual taxes are affected. However, it is likely to apply to customs duties, commercial tax, specific goods tax, and advance income tax, which are payable by the importer and/or exporter upon import or export of goods.
