Photo: http://www.myanmartours.us
A little corner of Asia is very much the talk of the town right now in the automotive industry. We're talking about the Republic of the Union of Myanmar, or Myanmar for short. It's the second largest country in Southeast Asia and has a population of 61 million people, most of which are Burman. Despite its size, the market has been largely shut off from foreign luxury automobiles, which are too expensive.
Anybody who's watched the last couple of Top Gear episodes will have noticed the bad roads and outdated vehicles, most of which come from a different century. But good news for Myanmar's car buyers and importers came today when the republic announced a new tax relief program.
According to the regulations, buyers of high-class cars will be able to save up to Ks 20 million (equivalent $20,000). The changes will also be felt at the bottom end of the market, as even the cheapest imports will receive tax relief of Ks 300,000 ($300).
The Myanmar Road Transport Administration Department (RTAD) made the announcement on Tuesday through the state-run newspapers. New car registration fees have also reportedly dropped from 30% on cars with engines smaller than 1,350cc up to 80% on those with engines between 2,001 to 5,000cc.
“For SUVs, most people buy ones worth US$ 4,500 to US$ 25,000. At the highest price, they usually buy ones worth US$ 45,500 such as the 2008 Toyota Land Cruiser with a diesel engine. The higher the price, the higher the relief. Some other kinds will save up to Ks 20 million (US$ 20,000) in tax breaks,” said said Htut Hteik from Distinct Trading.
Via elevenmyanmar.com
According to the regulations, buyers of high-class cars will be able to save up to Ks 20 million (equivalent $20,000). The changes will also be felt at the bottom end of the market, as even the cheapest imports will receive tax relief of Ks 300,000 ($300).
The Myanmar Road Transport Administration Department (RTAD) made the announcement on Tuesday through the state-run newspapers. New car registration fees have also reportedly dropped from 30% on cars with engines smaller than 1,350cc up to 80% on those with engines between 2,001 to 5,000cc.
“For SUVs, most people buy ones worth US$ 4,500 to US$ 25,000. At the highest price, they usually buy ones worth US$ 45,500 such as the 2008 Toyota Land Cruiser with a diesel engine. The higher the price, the higher the relief. Some other kinds will save up to Ks 20 million (US$ 20,000) in tax breaks,” said said Htut Hteik from Distinct Trading.
Via elevenmyanmar.com
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