Isinglass, salted, dried fish exports earn more tax revenue for the country

Dry Fish NS

The country exports the isinglass and salted dried fish to the Asian countries. Suppose the raw materials are imported to produce the value-added export quality products. In that case, it can raise the county’s revenue when it is out of raw materials.
When the fish are rare in the ocean, the salted, dried fish are imported from the neighbouring countries to produce isinglass as value-added products. Then, they are officially exported to the foreign market, so it earns two types of incomes for the country from export and import sectors.
“When the fish become rare, it should import the isinglass and salted dried fish. The business people can operate their business in the long run. Although the materials are imported via Thailand, the country does not receive any taxes. It should officially import from foreign countries. If so, the country will get tax from raw material imports and finished product exports. We run this business as it makes profits for us. We need just the official import permit. The processes were convenient until 2017. But later, the fish became rare, and it caused difficulties in finished products production sectors. We need plenty of raw materials,” said the Myanmar Fish Paste, Dried Fish, and Fish Sauce Entrepreneurs Association.

Entrepreneurs want the government’s support
Malaysia, Bangladesh and China buy the most marketable isinglass and salted dried fish. The exports of isinglass and salted, dried fish made profits for the marine workers and entrepreneurs until ten years ago.
When the marine resources become rare, the isinglass and salted, dried fish is imported. The country earns foreign income from the export of isinglass. Currently, that operation has been suspended for over three years. So the business people want the government to resume the processes with a solid market.

Revenue for the country
If the salted, dried fish and isinglass are officially imported rather than importing via Thailand as raw materials, it can earn revenue for the country. Moreover, it can also produce other marine products in addition to value-added products.
Although the domestic fish paste and dried fish prices are stable during this period, the prices of other products bought in dollars are not stable.
The demand for raw material disrupts the exports of salted, dried fish and isinglass. As the industry has normal supply and demand, if there are official raw material export permits, it can earn more revenue for the country yearly through value-added marine products. — Nyein Thu/GNLM

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