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 […]

Gems and Jewellery Entrepreneurs Hustles for Lower Tax Rate

Gem entrepreneurs have urged the Ministry of Planning and Finance to review the commercial tax rate on the gems sector which is listed as a special item in the Special Commodities Tax Law. In 2015, the commercial tax rate was set at 15 percent for raw gem stones such as jade, rubies, sapphires, emeralds and […]

Rising Supply Pushes Up Real Estate Mortgage Rates

With rising supply in the real estate market, property owners are finding themselves up against new competition which is causing the property bubble in Myanmar to deflate and more owners are looking to mortgage their land due to the lack of buyers. Starting from 2000, trade in the real estate market started to develop and […]

MPs call for effective tax collection reform

MEMBERS of parliament stressed the need for reforming taxes in order to foster the country’s current social and economic reforms while debating the Joint Public Accounts Committee’s report on the tax collection target for the second six months of this fiscal year during a session of the Pyidaungsu Hluttaw yesterday. Dr Thet Thet Khine of […]

Entrepreneurs ask finance minister to reconsider special tax

Planning and Finance Minister U Kyaw Win received a barrage of requests to cut taxes during a meeting with a group of almost 50 business associations in Yangon earlier this week. The minister met with entrepreneurs at the Union of Myanmar Federation of Chambers of Commerce and Industry, to ask their opinions on economic development and learn […]

To pay or not to pay? INGOs wrangle over income tax

With a new government in office and the start of a new financial year, international non-government organisations (INGOs) are holding intense discussions over whether their well-paid expat staff should pay income tax in Myanmar. Some have been paying tax for years; others claim to have deals that exempt their foreign staff; and others would not […]

Tax to be levied on stock exchange investments

This will be the case initially, even though other countries such as Vietnam are untying their investors from tax, said Dr Maung Maung Thein, chair of the Securities and Exchange Commission Myanmar (SECM) and deputy finance minister, on August 29. However, he provided no information about the value of tax that investors will be charged, […]

Govt targets 10% for tax to GDP ratio

Finance Minister U Win Shein said the country has aimed to increase the tax to GDP ratio to 10 percent this year. Myanmar has the lowest tax-to-GDP ratio in ASEAN, at 8pc in 2014-15, though it has improved markedly since 3.7pc three years ago. The minister said he hopes foreign investment will grow and the […]

MIC confirms disputed tax on FDI

The Myanmar Investment Commission (MIC) has confirmed the corporate income tax rate stands at 25 percent for companies registered under the Myanmar Companies Act or Myanmar Foreign Investment Law (FIL). The statement follows several months of discussion between various government ministries that corporate rates for some projects such as offshore oil and gas ought to […]

Large taxpayer list to affect 130 firms

The Large Taxpayer Office (LTO) released the select list of companies which are to change to a self-assessment style of tax payment, Internal Revenue Department director U Zeya Kyi Nyunt said. Some 130 companies out of the top 500 taxpayers are to change to the new system, including several of the most prominent firms in […]