fbpx

President U Win Myint honors highest taxpayers for 2017-2018 tax year


A ceremony to present honorary awards and certificates to the highest taxpayers for the 2017-2018 tax year was held at the Presidential Palace in Nay Pyi Taw yesterday. President U Win Myint conferred the awards on individuals with outstanding payments for income tax, commercial tax, and specific goods tax.

The importance of paying taxes

At the ceremony, the President said that it was clearly written in Section 389 of the 2008 Constitution that ‘every citizen has the duty to pay taxes to be levied according to the law’. He said stability and development of a nation does not necessarily rely on its natural resources, but on the taxpayers, who reflect our civic responsibility and economic development. This ceremony was held to promote a culture of dutifully paying tax among the people, said the President.

He said the nation had drawn economic policies to bring about citizen-centered inclusive and sustainable development. Separate policies have been drawn to allow every citizen the freedom to pursue their business of interest, which will aid in developing the private sector, and to increase foreign investment, said the President. He said this also included copyright and rule of law.
The policies include laws, rules and regulations for protecting the rights and property of the people, while establishing a fair and beneficial tax system that would increase national revenue. He said tax was levied not just for government spending but also to establish a fair and equitable budget system and to regulate cash flow by setting suitable policies.
The President said the national budget was one of the most important components for establishing a developed nation. He said maintaining national stability, security, and rule of law all required money. He said the government had plans to improve the tax system and to promote a taxpaying culture.

Taxpayers are a source of national strength
The President said a tax system required honesty, authenticity, transparency, and accountability. He said they were amending outdated tax laws and irrelevant protocol, and to promote the spirit and skillset of the tax staff. He said the taxpaying citizen’s contribution in implementing these changes would remain as a historical milestone.
The President said the ceremony was held to honor the responsible entrepreneurs and businesspersons who have contributed to national development. He said the Union government was working to improve the socioeconomic livelihood of the people, for decentralization, and to bring about public-driven development in order to establish a democratic federal union. There would be challenges and hardships along the way, but the tax payments from businesses provide considerable support in national expenditure, said the President.
He said the Union government was working carefully to use taxpayers’ money for bringing benefits to the public and to avoid wastages. He said the Union government extended its deepest gratitude to the businesspeople at the ceremony and to all the taxpayers across the country.
The President wished for continued success to the taxpaying businesspeople and citizens, and to continue paying the required taxes to bring about personal and national benefits.

Highest taxpayers honored
The President then conferred the presidential award and honorary certificate to U Aung Ko Win, Chairman of Kanbawza Bank Ltd., for paying the highest amount of income tax from 2011-2012 tax year to 2017-2018 tax year for seven consecutive years.
Highest income tax payers from local companies
The President also conferred honorary awards and certificates to the other highest income tax payers for 2017-2018 tax year.
They include KBZ Bank’s Deputy CEO Daw Nang Lang Kham, Myawaddy Bank’s Managing Director U Yu Lwin, Myanmar Economic Holdings Limited’s Head of General Administration U Min Zaw, Shwe Taung Development Co.’s CEO U Aung Zaw Naing, International Beverages Trading Company Ltd.’s Executive to Chairman Daw Mya Pwint Phyu, Ayeyarwady Bank Ltd.’s Chairman U Zaw Zaw, Myanma Grape and Beverages Company Ltd.’s Managing Director U Aung Moe Kyaw, Co-operative Bank Chairman U Khin Maung Aye, Myawaddy Trading Ltd.’s Managing Director U Khin Maung Soe, and Myanma Awba Group Co. Ltd.’s Head of Corporate Affairs and Special Projects U Aung Swe.
Highest commercial tax payers from local companies
The President then conferred honorary awards and certificates to the highest commercial tax payers for 2017-2018 tax year.
They include Denko Trading Co. Director U Wunna Khaing, City Mart Holdings Company Ltd.’s CEO Daw Win Win Tint, International Beverages Trading Company Ltd.’s Joint-Chairman U Aung Moe Kyaw, PT Power Trading Co. Ltd.’s Managing Director U Win Swe, Asia Energy Co. Ltd.’s Managing Director U Thet Wai, Shwe Byain Phyu Co. Ltd.’s Managing Director U Thein Win Zaw, Kyaw San Co. Ltd.’s Director U Zaw Zarni Kyaw, Ayeyar Hinthar Holdings Company Ltd.’s Chairman U Zaw Win Shein, Outfitter Company Ltd.’s Director U Maung Kyay, Benha Trading Company Ltd.’s Managing Director U Kyaw Aung.

Highest specific goods tax payers from local companies
Next, the President conferred honorary awards and certificates to the highest specific goods tax payers for 2017-2018 tax year.
They include Dagon Beverage Co. Ltd.’s Administrative Director U Hla Min Thu, Royal Club Beverages Co. Ltd.’s Director U Zaw Win, Lin Let Win Gems and Jewelry Co. Ltd.’s Managing Director U Tun Kyi, Yadanar Taung Tan Gemstone Co. Ltd.’s Managing Director U Thet Naing, Yaung Ni Distillery’s Factory Head U Kyaw Min Lwin, SMM Shwe Myanmar Beverages Co. Ltd.’s Administrative Director U Tin Shwe, Wai Aung Kabar Gemstone Co. Ltd.’s Director Daw Nway Nway Hlaing, Globe Tobacco Co. Ltd.’s Director U Aung Kyaw Oo, Kan Pwint Oo Gemstone Co.’s Director Daw Mhway Khayay, and Phyo Thiha Kyaw Gemstone Co. Ltd.’s Director U Sein Win.
Highest income tax payers from private foreign companies
The President conferred honorary awards and certificates to the highest income tax payers from private foreign companies for 2017-2018 tax year.
They include Motttama Gas Transportation Co. Ltd.’s General Manager MR. Romaric Roignan, Telenor Myanmar Ltd.’s CEO Mr. Sharad Mehrota, Taninthayi Pipeline Company LLC’s Head of Finance Uqba Jamshaid Iftikhar, Myanmar Brewery Ltd.’s Managing Director Mr. Hideki Mitsuhashi, and KDDI Summit Global Myanmar Co. Ltd.’s CFO Mr. Junji Nakayama.
Highest commercial tax payers from foreign companies
The President conferred honorary awards and certificates to the highest commercial tax payers from private foreign companies for 2017-2018 tax year.
They include Telenor Myanmar Ltd.’s CFO Ms. Caroline Yin Yin Htay, Ooredoo Myanmar Ltd.’s CEO Mr. Vilran Sinha, Myanmar Brewery Ltd.’s Deputy Managing Director U Soe Kyaw Thu, Shwe Li (1) Hydropower Co. Ltd.’s Factory Head U Zaw Win Tun, and Virginia Tobacco Co. Ltd.’s Chairman U Myint Oo.
Highest specific goods tax payers from foreign companies
The President conferred honorary awards and certificates to the highest specific goods tax payers from private foreign companies for 2017-2018 tax year.
They include Myanmar Brewery Ltd.’s Corporate Communication Manager U Moe Zaw Oo, Virginia Tobacco Co. Ltd.’s Chairman U Myint Oo, Myanmar Distillery Co. Ltd.’s Co-Chairman U Aung Moe Kyaw, Heineken Myanmar Ltd.’s Finance Director Mr. Shankar Romalingam, and Myanmar Carlsberg Co. Ltd.’s Corporate Communication & CSR Manager Daw Han Su Tin.
Closing formalities
As the ceremony drew to a close, the President took a documentary photo with all the honorary award recipients, and then hosted a formal tea reception.
Also attending the ceremony and reception were Union Ministers U Kyaw Tint Swe, U Thant Sin Maung, U Win Khaing, Dr. Than Myint, U Soe Win, and U Han Zaw, CBM Governor U Kyaw Kyaw Maung, deputy ministers U Aung Hla Tun and U Hla Kyaw, and other officials. —MNA

Source: Global New Light of Myanmar

To see the original article click link here

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar