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 that year. The list of top tax payers in 2013-14 has not come out yet.
“We paid income tax of more than Ks 10 billion in 2012-13 and Ks 17 billion (US$ 17 million) in 2013-14. We also paid Ks 22 billion in advance tax for 2014-15,” Aung Ko Win told journalists at the ceremony of conferring honorary certificates to top tax payers.
The government started collecting advance tax in June 2013. Many companies complained of the difficulties they faced paying tax in advance.
Advance tax collection is necessary because some companies have registered under the wrong addresses and some tend to dissolve themselves to avoid taxes, according to Min Htut, director general of the Internal Revenue Department.
Kanbawza Bank is a subsidiary of Kanbawza Group of Companies, which operates a diverse range of businesses including Air Kanbawza and IKBZ insurance.
There are a total of 21 private banks and 4 state-owned banks in Myanmar. Kanbawza bank is the largest among them in terms of the number of branches.
Myanmar’s tax collection monitoring board has been meeting with business people to achieve bigger revenue. They recently met with 60 companies to warn them against tax evasion.
Source: ELEVEN Myanmar