Monday, 24 March 2014

Myanmar To Cut Tax Rate On Imported Cars

YANGON, March 21 (Bernama) -- Myanmar authorities will cut tax rate on imported cars in the coming fiscal year of 2014-15 in a bid to further bring down car prices, Xinhua news agency reported quoting local media.

Current car prices have amounted to one-fifth of those in the past thanks to measures taken in recent years, the New Light of Myanmar said.

The number of imported cars has reached more than 250,000, leading to traffic jams in the heavily populated capital city.

Due to restrictions on imported cars in the past, car prices were extremely high.

Since September 2011, Myanmar has introduced a programme to substitute some 55,000 private-owned vehicles of more than four decades old with new ones.

New permits were issued to old vehicle owners to enable them to purchase new models not earlier than 1995.

As part of measures to bring down car prices, the government has allowed its citizens to import cars with at least a 2007 model and above except passenger buses.

Passenger buses manufactured between 1996 and 2006 are allowed to be imported on surrender of old buses in exchange for permits.

Myanmar has more than 4 million registered motor vehicles as of the end of 2013, including over 400,000 passenger cars, 110,000 trucks, 21,000 buses and 3.4 million motorcycles.

source: Bernama
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