Rumour of special goods tax for automobile market prompts car price rise

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Cars are crawling on a busy road in downtown Yangon. Photo: Phoe Khwar

The rumour of a special goods tax levied on imported cars is spreading around the automobile market, resulting in car price hikes of up to Ks1million, said car dealers from the automobile market in Hlaing Township.
There is no official announcement concerning the special goods tax on imported cars yet, but the rumour nevertheless drove prices up.
The Cost, Insurance and Freight (CIF) values for imported automobiles with engines below 1350cc were set at US$5,000. However, those cars are needed to import with the slip, which could turn into an uneconomical deal for the importers, said a car broker.
The price of slip returned on deregistration of old cars was likely to decline. However, a widespread rumour in the automobile market predicts that a special goods tax will be levied on imported cars starting in April led the car price to surge, which made the slip price increase by Ks400,000 to 500,000. As a result of this, the car prices began an upward trend, it is learnt.—Ko Htet

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