Export Sector: Easing TT System to Facilitate Export Procedures

According to the Department of Trade under the Ministry of Commerce, the exporters no longer need to pay export revenue in advance to export their products starting from July 1st, 2023.

The Advanced Telegraphic Transfer (TT) system has been practiced in exports of pulses and beans, sesame and peanut to foreign countries via borders from July 2022. In order to facilitate the export procedures, the department is to ease this system from 1st July 2023.

The companies which has validity of more than three years and above of establishment on 1st July 2023 need to pay 20 % deposit of the total export value to the department and the companies which are under three years of establishment need to pay 35%.

The exporters can pay deposit with cash at AD (Authorized Dealer) Banks, according to the current market price. Then, they must show the Payment Order (PO Cheque) to the respective border zones and export and import offices. After verifying PO Cheque by the officials, the exporters can apply export license through Myanmar Tradenet 2.0 platform.

The companies have to deposit export earnings into the company’s account within the set period. They will also get their deposit returned after the inflow of export earnings into the company’s account.Those who fail to do so will be canceled automatically.