Tax levied on real estate dealing in Bago Region earned over US$410million

The tax levied on real estate transactions in Bago Region in the six months of this fiscal year has reached over US$410million, it is learnt from the Bago Region Internal Revenue Department. The tax has to be paid per the prescribed tax rate at the tax office in the regional government concerned when real property […]

MGW’s Win Aung missing from top tax-payers list

Win Aung, managing director of MGW Construction, has been granted permission to construct eight high-rise commercial buildings in main business areas in Yangon such as Mayangon, Yankin and Bahan townships, making him one of the most prolific businessmen in Myanmar this year. MGW won permission to build the highest building in Yangon – Diamond Inya […]

Enforcement Teams to Target Growing Tax Evasion in Myanmar

The Internal Revenue Department (IRD) will start collecting data on unpaid government taxes to tackle Myanmar’s growing tax evasion problem after up to 400 industrial companies were reported avoiding local tariffs. Mobile enforcement teams will monitor industrial zones including the South Okkalapa, Mingaladon, Thaketa, Shwe Pyi Thar, Hlaing Thayar and South Dagon townships, according to […]

Police vow to investigate financial crimes

The police are clamping down on financial crime and money laundering but urged the revenue authorities to provide more information on instances of tax evasion. A high ranking police official has insisted that the police will follow up on information regarding financial crime and has so far investigated 46 cases of money laundering involving drug […]

Myanmar cracks down on illegal trade, tax evasion

YANGON: Myanmar is clamping down on illegal trading and tax evasions to better reflect its trade numbers. Over a one-and-a-half-year period, officers confiscated illegal goods worth about US$17 million. Authorities are now expanding their inspections to five international ports and airport in Yangon. This is to make sure that traders are accurately declaring the products […]

IRD launches special taxation office

The Internal Revenue Department (IRD) has launched a taxation office on April 1 to improve tax services for large businesses and corporations. Experienced tax officers have been hired to provide high quality services at the newly opened Large Taxation Office, which will work together with the taxpayers to provide accurate information on filing taxes. The […]

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 […]

Over 10,000 Companies Called Out for Evading Tax Collectors

YANGON — Over 10,000 local companies have been called out for failing to pay taxes to the Myanmar government during the 2012-13 fiscal year. The Internal Revenue Department (IRD) on Thursday released a notice on its website listing 10,670 companies that are required to contact the department by March 20 because they did not pay […]

Tax department admits error over public disclosure

The Internal Revenue Department (IRD) has publically disclosed the names more than 10,000 local businesses guilty of tax evasion in the 2012-13 fiscal year though the government agency now admits that some of those listed were made in error, said an official. The list, which was published on the IRD website on March 6, includes […]