Illicit capital flows into Myanmar soar

The report, by US non-profit Global Financial Integrity (GFI), looks at illicit capital flows in Myanmar between 1960 and 2013. It finds that despite a number of political and economic changes since 2010, unlawful inflows – mostly due to misinvoicing – are growing fast. GFI estimates that US$18.7 billion flowed illegally out of Myanmar over […]

Tax collectors set to scour Yangon for tax evaders

The Internal Revenue Department will start scrutinising tax collection in 203 wards of 20 townships in municipal Yangon from the last week of this month, it said. The move is aimed at uncovering tax evasions among businesses in industrial zones, as well as factories, warehouses, land and house rentals. “We will invite entrepreneurs in 203 […]

Revenue Dept to Improve Tax Collection from Soaring Rent Rates

YANGON — The Department of Internal Revenue announced Monday that it would improve tax collection on income earned from rent rates across Myanmar and warned property owners to submit their earnings from rent soon. The announcement comes at a time of skyrocketing rent rates in the country’s commercial capital Yangon, which has seen companies and […]

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 […]