Import costs for vehicles below 1350cc engine power set at US$5,000

New Cost, Insurance and Freight (CIF) values for imported automobiles with below 1350CC engine power will be set at US$5,000 starting next year, it is learnt from the Customs department.

This action will come into force after the model year of imported cars is officially fixed. The CIF values on import of 1350CC cars will be submitted to the vehicles import supervisory committee.

Only cars with an approved slip are entitled to pay the prescribed value of US$5,000. The CIF prices will be levied on brand new, left-handed cars on the basis of car invoice price.

To be able to fix the CIF values of new 2017 cars, the CIF values will be set depending on the car prices set by the manufacturer.

The change will not be dramatic, officials said.

“CIF values won’t change very much. We will set reasonable prices,” said an official from the Customs Department.

Source: Global New Light of Myanmar

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