Yangon gold shops cleared to charge over reference rate

Gold shops in Yangon Region have been allowed to sell at rates that include an additional amount above the government-set reference rate, according to the Yangon Region Gold Entrepreneurs Association (YGEA).
Gold shops in Yangon Region are permitted to sell at prices that include a 3 per cent tax, staff costs, and general expenses added to the reference price, which is published daily by the Mineral (Gold) Reference Price Setting Committee, an official from the Yangon Region Gold Entrepreneurs Association (YGEA) said.
“Gold shops may sell at prices that include taxes, staff costs, and general expenses. However, if they reduce or raise the government-set price, we will take action. Currently, some gold shops are selling at the government-set reference price, but some are violating the rules, so the association is conducting monthly inspections of gold shops in Yangon. During these inspections, if gold shops do not sell according to the rules, action will be taken under the Essential Supplies and Services Law. Therefore, we urge all gold shops in Yangon to work together to stabilize the market and sell at the correct price,” said an official from the Yangon Region Gold Entrepreneurs Association (YGEA).
There are about 1,800 gold shops in Yangon Region that have applied for mineral (gold) service licences, and about 1,500 of them have already received licences, according to the Yangon Region Gold Entrepreneurs Association (YGEA). — ASH/MKKS

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