June 1
MORE than 600 electric motorcycles were imported at the Muse 105th mile trade zone under the customs duty exemption system.
Under the approval of the national-level committee leading the development of electric vehicles and related business, Kenbo-branded 640 electric motorcycles imported by Aung Kan Bo Motorcycle Industrial Co Ltd arrived at the zone on 30 May in accordance with the rules and regulations.
Importation, manufacturing and trading of battery electric vehicles (BEVs) and their components are exempted from commercial tax, according to Notification 4/2023 dated 8 May 2023, released by the Union Government in the exercise of the power conferred by Section 37 of the Union Tax Law 2022, under the approval of the State Administration Council.
Also, the Customs duty exemption on electric vehicles (EVs) and their components was extended until the end of March 2024 from 1 April 2023, according to the Ministry of Planning and Finance.
Myanmar Investment Commission also released a statement on 15 February that electric vehicles and related businesses will be promoted as the priority sector, according to its notification dated 15 February.
In the exercise of the power conferred by Sections 43 and 100 (B) of the Myanmar Investment Law, the MIC issued this statement with the approval of the Union government.
Enterprises executing installation, manufacturing and restoration services of the EVs, renewable electricity generation, EVs charging service businesses, electric vehicle battery production, EV battery and related service business, electric bus operation services, electric taxi and transport service businesses and scientific research development business are included in those priority sectors.
During the establishment and ideation phase for incorporation and operations, those businesses can seek permits from MIC to enjoy tariff relief or zero-customs tariff status and the exemption for other taxes levied in the country under Section 77 (A) of the Myanmar Investment Law and income tax exemption under Section 75 (C) of the Myanmar Investment Law for the importations of machinery, essential equipment and accessories, spare parts and construction raw materials that cannot be found in domestic markets. Myanmar has been bringing in electric vehicles (EVs) under the customs tariff relaxation through seaborne and border trade routes, according to the Ministry of Commerce. — NN/EM
