MoC extends temporary licence exemption period for exports, imports until 7 May

The Trade Department of the Ministry of Commerce notified the traders of an extension for a temporary licence exemption period up to 7 May 2021, covering 62 HS lines for imports and 37 lines for exports.
The Trade Department with the Ministry of Commerce earlier notified on 3 March that exporters and importers do not require to seek licences for 37 HS code lines for exports and 72 lines for imports between 8 March and 9 April 2021 to facilitate the trade. According to the notification released by the Ministry of Commerce online, the department extended the temporary licence exemption period until 7 May for all those code lines again, excluding 10 HS code lines for imports of sliced meat and fish (salmon and tuna).
The department waives licence fees on the goods imported for the country’s development and the positive contributions to the health sector.
Export items with licence exemption include onion, garlic, rice, broken rice, raw sugar, refined sugar, natural rubber and cotton. The exemption covers the following import goods — flour, soybean seed, palm oil, food commodity, cement, gasoline, diesel, pharmaceuticals, fertilizer and lubricant.
Additionally, the Ministry of Planning, Finance and Industry has been exempting tax barriers for the businesses affected by the COVID-19 pandemic. The exemption period for withholding tax on exports will be extended up to 30 April 2021, according to its notification dated 19 March.
The MoPFI earlier granted relief on a two-per-cent withholding tax on exports between 1 April 2020 and 31 March 2021. At present, the pandemic’s negative impacts are exacerbating, and so, the withholding tax will be extended until 30 April 2021.
At present, international trade transactions cannot be done during the meantime amid the closure of private banks.
However, tax cut and licence exemption will not tackle the trade slowdown amid the current political changes, an exporter shared his opinion.
Regardless of maritime trade disruption, border trade with China and Thailand remained strong. Withholding tax exemption will help smooth border trade businesses, a trader from Muse said. — HH/GNLM

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