Myanmar has reduced the import and production taxes for gemstones and jewellery by as much as nearly 70 percent since 1 April 2015. Under the country’s 2015-16 tax law, the import tax for jade, rubies, sapphires, emeralds, diamonds and other precious stones has been reduced by half from 30 percent to 15 percent, while jewellery set with those stones is now subject to a five-percent tax, from the previous 15 percent, according to a report dated 5 April 2015 from 7 Day Daily, Myanmar.
The export taxes for jade and other raw precious stones and jewellery set with jade and other precious stones are both slashed by 50 percent under the new law, to 15 percent and 5 percent respectively.
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