Myanmar reinstates use of reference rate to calculate import/export and customs duties
On 24 January 2025, the Myanmar Ministry of Planning and Finance issued Notification No. 8 of 2025 reversing Notification No. 90 of 2024.
Notification No. 90 announced that from 1 January 2025 the Central Bank of Myanmar (“CBM”) would utilise a weekly exchange rate based on the market trading rate, as published on the Custom Department’s website and Facebook page, to calculate import/export and customs duties and taxes.
Notification No. 8 rescinds Notification No. 90 from 25 January 2025 and reinstates the previous procedure of using the CBM reference rate to calculate these duties and taxes.
