Customs tariff to be collected based on online market trading rate
Myanmar Automated Cargo Clearance System (MACCS) division under the Customs Department announced on 27 December 2024 that Customs tariffs imposed on goods being exported or imported will be collected according to the market online trading rate.
This notification 90/2024 of the Ministry of Planning and Finance stated that Customs Department will amend the weekly exchange rate as per the online trading rate, instead of the rate based on the reference rate of the CBM, while collecting customs tariffs starting from 1 January 2025.
Moreover, the notification revealed that the exchange rate based on the online trading rate will be posted on the Customs Department website and Facebook page weekly.
The Central Bank of Myanmar’s reference exchange rate is K2,100 against the US dollar and the market online trade rate is K3,588 on 27 December 2024. — NN/KK
