Jewellers worry over tax hike on cut stones

Gem entrepreneurs will be required to pay a 10 per cent commercial tax on sales of finished stones, plus 15 per cent for uncut stones, even as other commercial taxes have been reduced under the 2015 Taxation Law, according to the Internal Revenue Department under the Ministry of Finance. Min Htut, director-general of the Internal […]

Gov’t to exempt export tax for small businesses

The government is planning to collect value added tax in advance instead of commercial tax, and to scrap taxation on small export businesses according to Min Htut, Director of the Internal Revenue Department. “Currently, it has been reduced step by step to use value added tax instead of commercial tax. Soon, we are planning to […]

Kanbawza Bank pays Ks 22 billion in advance tax

Kanbawza Bank Ltd, the largest private bank in Myanmar, has paid Ks 22 billion (US $ 22 million) in advance tax for the fiscal year 2014-15, according to its chairperson Aung Ko Win. The bank topped the list of income-tax paying companies in 2012-13 after paying Ks 10 billion (US$ 10 million) for income tax […]

Myanmar tax dodgers warned with 10-year prison term

More than 60 businesses who are thought to be evading income tax were warned that they will face a maximum 10 year prison sentence if found guilty of evading taxes. The customs department issued the warning on April 7, saying that the law will be enforced after an educational period. “The country is facing tax […]