Myanmar Announces Aid Package for Trade Sector

Myanmar recently announced an aid package to help industry mitigate the impacts of the COVID-10 pandemic, according to a May 7 report from the Hong Kong Trade Development Council. The measures include a waiver for a 2% withholding tax on exports, a reduced “Specific Goods Tax” on medical supplies and the elimination of customs duties on medical imports. The country is also allocating $100 billion for trade financing for domestically produced goods and will prioritize “mobile payment platforms” to encourage online trade.