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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 […]

Telenor Tops Taxpayer List in Myanmar

Yangon – Telenor Myanmar stands as the largest taxpayer among all foreign companies operating in Myanmar, contributing to both the commercial tax and corporate income tax sectors for 2018 tax assessment year, according to an announcement from Myanmar’s internal revenue department last week. The announcement stated that Telenor Myanmar ranks first on the international companies […]

Shut down of Moehti Moemi gold mine helps no one: company

The government’s suspension of the Moehti Moemi gold mining concession had affected the lives of 5000 company workers, and had cost the government between 26.6 kilograms and 53.2kg of gold in lost monthly revenue, U Soe Tun Shein, chairman of National Prosperity Co Ltd, which operated the concession, said at a press conference last Friday. […]

At a glance: Taxes in Myanmar

Attracting investments into its recently opened-up economy is a clear priority of Myanmar’s tax regime, with a slew of tax incentives for foreign investors. But that is tempered by a need to collect more tax revenues – less for the government to spend on developing public infrastructure creates roadblocks to Myanmar’s economic development too. Despite […]

Attitudes towards taxation in Myanmar revealed

The San Francisco-headquartered Asia Foundation has launched the Myanmar tax attitudes paper this month. The publication reveals that a clear majority thought taxes were fair while urban citizens surveyed were more positive about tax than those in more rural areas. In 2017, The Asia Foundation and the Yangon School of Political Science conducted the City […]

Developers Urge Government to Temporarily Reduce Tax to 5 percent

During a meeting with the Yangon Regional government held at MCC on February 17, construction developers urged the government to temporarily reduce the commercial tax from 30 percent to 5 percent for a period of two years. The Myanmar Licensed Contractors Association welcomed the income tax reduction in the Union Tax bill 2018, and supported […]

Yangon to tighten enforcement on tax stickers

The government will take action against those popular restaurants which do not affix commercial tax stamps properly,Yangon Region Minister for Planning and Finance U Myint Thaung said on February 20 at the regional legislature. Some retail stores, department stores and restaurants charge a 5 percent consumer tax fom customers. But nobody knows whether the 5 […]

UMFCCI members push for lower tax rates

BUSINESSES at the Union of Myanmar Federation of Chambers of Commerce and Industry have urged Nay Pyi Taw to lower the tax rate, while the Internal Revenue Department said the tax rate has been lowered on an annual basis. Businesses collectively asked the tax rate to be reduced during the Chief Financial Officer conference (CFO […]

Businesses Help Shape New Tax Law

The event, entitled “CFO Conference”, led to fruitful discussions and a paper based on the participants’ suggestions would be submitted to authorities concerned, according to Ye Min Aung, vice president of UMFCCI and managing director of Myanmar Agribusiness Public Corporation, who leads the organisation’s tax working group. “We decided to work closely with the government […]

Government settles gold debts by private miners

The outstanding gold debt owed by private gold mining firms to the government as at September 30, 2017 is 14,121.32 ticals, U Ohn Win, Union Minister for National Resources and Environmental Conservation reported at the Pyithu Hluttaw held on October 19. In Myanmar, 1 tical is equivalent to 16.34 grams. Those debts are to be […]