Myanmar's Planning, Finance and Industry Ministry extended the effective period of exemption of advance income tax on exports late Tuesday.
To lessen the impact of COVID-19 on the businesses in the country, the ministry previously announced the exemption of the two percent withholding tax or advance income tax from April 1 to Sept. 30.
According to the ministry's latest announcement, the exemption will be extended until the end of December to stimulate the economy hit hard by recession from the impacts of the pandemic.
Myanmar earned over 16.4 billion U.S. dollars from exports as of Sept. 4 in the present FY 2019-2020 which started on Oct. 1, 2019, said the latest figures from the Ministry of Commerce.