Export income required to be declared for obligatory ED

received 56 sskm

The Customs Department under the Ministry of Planning and Finance notified the head of the region and state department, head of the township department and officials of all the one-stop service centres on 13 July that export declaration (ED) is accessible only if exporters can present export income declaration.
For exports of maize, beans, pulses and oil crops, ED processing can be made in the presence of a Bank Certificate issued by the authorized banks, export licence and Telegraphic Transfer system.
This action came into force on 14 July. The daily report is submitted to the department.
Starting from 1 July, the Ministry of Commerce has been issuing the export licences of maize, various beans and pulses for normal international seaborne trade settlement in US dollars. The Department of Trade is directed to grant an export licence with the presence of the recommendations from the Myanmar Pulses, Beans, Maize and Sesame Seeds Merchants Association. The ministry instructed the association on 13 July to scrutinize each applicant for the exports via sea trade and grant export recommendations.
The association has notified the member companies of export recommendation requirements to seek an export licence for exports of corn, various beans and pulses, according to a notification released on 14 July.
Those interested companies can apply for recommendations at Shwe Zabu River View Complex: 23G-1, No.3B, Tower (A & C), Ground Floor, Strand Road, Ahlon Township, Yangon, filing the necessary documents.
They must submit a soft copy in Excel File format according to MPBMSMA-Export Licence Endorsement to the association through [email protected] in advance. The association will screen the applicants after assessing the request letters and documents in line with the decisions of the executive meeting of the association (3/2022) held on 11 July and export recommendations will be forwarded to the Trade Department.
Exporters can seek a licence through Myanmar Trade Net 2.0 https://myanmartrade.net.com by completing the relevant form.
Export licence processing might be delayed due to the incomplete form and scrutinizing procedures to find out limited export companies in line with the rules of the Central Bank of Myanmar and the ministries concerned. The association requested the companies to avoid cargo loading before they receive export licences.
The Foreign Exchange Supervisory Committee released the directive on 30 June that border transaction settlement for the exports of agricultural products including corn, rice, bean and oil crops are to be made in dollars instead of Yuan-Kyat/Baht-Kyat. — NN/GNLM

Share this post
Hot News
Hot News