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 […]

Myanmar garment manufacturers request tax exemption in FOB system

Myanmar garment entrepreneurs have requested the Ministry of Commerce and the Ministry of Planning and Finance to grant a tax exemption in the Free-on-Board (FOB) system to maintain Myanmar’s garment industry for the long term, it is learnt from the Myanmar Garment Entrepreneurs Association. Myanmar garment factories are currently operating under Cut,Make and Pack (CMP) […]

Yangon chief minister to strengthen tax system

The Yangon Region chief minister has outlined plans to strengthen the city’s taxation system by examining weaknesses in local business audits. During a meeting with industrial zone officials on April 25, U Pyo Myo Thein said that businesspeople never show their audits to tax officials. “We need to make sure their audits are reliable,” he […]

Mandalay realtors gloomy over new Union tax rates

  Real estate agents in Mandalay say business is likely to be hurt by new higher tax rates that will take effect from April 1. All transactions will be taxed at least 15 percent in the coming fiscal year, up from this year’s base rate of 3pc. Sales worth up to K30 million will be […]

Booze and Cigarette Taxes to Change from April

Cigarettes will be taxed individually and alcohol will be taxed per litre, according to the draft Commercial Tax Law 2016. For cigarettes, a roll of cigarette will be taxed from K3 to K48 depending on the price of the cigarette. For alcohol, a litre of alcohol will be taxed from K66 to K2,231 depending on […]

Telecom Tax Delayed Until New Gov’t

Finance minister U Win Shein has presented to a union parliamentary meeting a plan to collect commercial tax on every mobile phone top-up credit starting from April 1 when the new government starts their term. The commercial tax on mobile phone users was planned to start in the current government’s term but members of the […]

Sagaing set to sparkle with gems market

Sagaing businesspeople aim to capitalise on the city’s informal gems and jade trade by opening a formal gems market as soon as this year. The gems market will help eliminate illegal trade and bring revenue flows into the open, as well as operate as a business in its own right, according to U Aung Gyi, […]

Myanmar expects competitive realty prices by 2018

Exorbitant property prices, highlighted as one of the biggest business barriers in Myanmar, are expected to be brought down to a level competitive with that of neighbouring countries by 2018. Moe Thida, deputy director of the Construction Ministry’s Urban and Housing Development Department, told the Myanmar Global Investment Forum last week that some measures have […]

China’s drug habit fuels return of the Golden Triangle

By the end of this year Myanmar should have been free of narcotics. Instead, production of opium is soaring and the East Asian country, once part of the fabled Golden Triangle, is the second largest producer in the world. Axel Kronholm investigates why. Proposing a toast at the end of a successful meeting is not […]

Retailers to charge commercial tax

Shops and supermarkets will begin charging a 5 percent consumer tax from the start of next fiscal year, officials said. The International Revenue Department (IRD) is preparing the ICT systems, ahead of the launch next April 1. Director U Tun Than from the ICT branch of the Yangon Region Revenue Department, said he has asked […]