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MYANMAR: Emeralds and Diamonds Now Exempt from Special Commodity Tax

The production, sale, export and import of emeralds and diamonds is to be exempt from the Special Commodity Tax (SCT). Prior to this change in legislation, the two were liable for SCT at a rate of 10% in their raw form and 5% in their processed state.

It is hoped that this exemption will help stem the informal trade in emeralds and diamonds, while boosting the local gems and jewellery sector. In an additional measure, the 5% commercial tax on gold nuggets has also been abolished.

Content provided by Picture: HKTDC Research
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