By Nyein Nyein
In a move aimed at attracting international buyers, the authorities have exempted commercial tax on the purchase of gems and jewellry at the Yangon International Gems and Jewellery Fair 2020 by foreign buyers, said Daw Nyunt Nyunt Khine, joint-treasurer (1), Gems and Jewellery Entrepreneurs Association (GJEA).
The 3rd Yangon International Gems and Jewellery Fair 2020 will be held at the Lotte hotel on Pyay Road, Yangon, from 10 to 13 January. At the expo, there will be no commercial tax for foreign buyers so they can take gems outside freely.
“Our gems traders levy a total tax of 10 per cent, including a five-per cent jewellery tax and another five-per cent commercial tax. The Yangon International Gems and Jewellery Fair 2020 is aimed at grabbing a share of the international market. The government has permitted tax exemption for foreign buyers at the trade show. So, we don’t need to add any commercial tax for foreign buyers. They will just have to pay the jewellery tax on the sale of jewellery. Foreigners really love it that they are granted tax-free purchase of jewellery because they get this chance for only four days,” said Daw Nyunt Nyunt Khine.
“We expect that most foreigners will visit the Yangon International Gems and Jewellery Fair 2020 because they will get a tax exemption. The Ministry of Foreign Affairs has also sent invites through Myanmar embassies in 41 countries for the fair,” she added.
“Myanmar ambassadors and Myanmar Economic and Commercial Counselor have invited gems traders from their countries. Those traders have to come to Myanmar with the invitation cards and they aren’t limited in the holding of US dollars that they can declare upon arrival. Normally, foreigners are allowed to bring only US$10,000. Foreigners will find it very easy to get a visa to visit Myanmar for the fair. Last year, over 700 merchants from 27 countries visited Myanmar. We expect we will receive more merchants this year,” said Daw Nyunt Nyunt Khine.
While we have granted tax exemption to foreigners, there is no commercial tax for local buyers, according to the Gems and Jewellery Entrepreneurs Association (Yangon).
Moreover, we will keep some for the laboratory room in order to check the quality of the gems and jewellery, the association added.
The fair, which will have about 128 stalls, will be organized by the Gems and Jewellery Entrepreneurs Association of Yangon with the support of the Myanma Gems Enterprise and the Ministry of Natural Resources and Environmental Conservation. (Translated by Hay Mar)