Export tax cut to stimulate the Myanmar rice exports are expected to be
According to the "Myanmar Times" reported on July 26, Burma rice trade association (Myanmar Rice Industry Association), said Mr Ng Chin paint, with the recent reduction in export taxes, Myanmar rice exports this year are expected in the previous fiscal year based on the exports increased by 20%. 2010-2011 fiscal year (fiscal years by Myanmar's economic indicators statistics, since the first year of March 1 to April 30), Myanmar rice exports about 500,000 tons, with exports amounting to 1,85 billion dollars.
Since the past three months, dollar market price remained low kyat, 5,6 two months nearly 10% devaluation, exporters profits have been significantly affected. Since the beginning of this year, the rice industry federation requires its rice exporters under 5% of the inventory in accordance with a fixed-price sale on domestic market to stabilize the domestic market price. In early July, the Commerce Department said Myanmar will export tax rate to 7%. Burma rice trade association predicted this downturn will bring hope to the rice export market.