Myanmar's Planning, Finance and Industry Ministry has extended the effective period of exemption of advance income tax on exports, Xinhua reported.

To lessen the impact of COVID-19 on businesses in the country, the ministry previously announced the exemption of the two percent withholding tax or advance income tax from April 1 to Sept. 30.

According to the ministry's latest announcement, the exemption will be extended until the end of December to stimulate the economy hit hard by recession from the impacts of the pandemic.