New requirements for import/export companies: Ministry of Commerce
The Ministry of Commerce (MOC) has warned that it will remove companies that do not apply for new exporter/importer registration numbers by December 31, from the registry list and not allow them to carry out trading.
According to the provision included in the Myanmar Companies Law 2017, the Directorate of Investment and Company Administration (DICA) requires companies to re-register with sthe Myanmar Companies Online (MyCo) registry system. The Ministry of Commerce also amended its procedures for exporter/importer registration numbers to be in line with the company registration procedures.
If companies that have already re-registered with the MyCo registry system want to keep carrying out an export/import business, they need to apply for a new nine-digitTaxation Identification Number to replace their existing number in exporter/importer registry by the end of this year.
The Department of Trade is also upgrading its system of issuing export licences to the Myanmar Tradenet 2.0 system and beginning January 5, 2020, relevant departments such as DICA, Customs, Internal Revenue Department, Department of Trade, and Central Accounts Office can share company information, the MOC said.
The companies that registered as import/export companies with MyCo but do not apply for the new nine-digit Taxation Identification Number will be removed from the import/export registry after January 5,2020, the ministry said, adding if these companies want to continue trading, they will have to reapply and register as new import/ export entities.
The MOC is targeting US$33 billion in trade volumes during fiscal 2019-20. Imports are expected to exceed exports, resulting in an estimated trade deficit of $2 billion for the period.
Trade volumes for the first two months of this fiscal year have already exceeded volumes during the same period last year with imports up by $110 million year-on-year and exports up by $800 million.
Meanwhile, the Ministry of Agriculture, Livestock and Irrigation is negotiating for additional export quotas to China and for maize to be exported to Thailand in higher quantities during 2020.
If the circumstances remain, trade volumes for the year will exceed the target, said U Khin Maung Lwin, assistant secretary at the MOC.