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 […]

Govt collects more tax than expected

The government collected more tax revenue than expected during the six-month interim period between April and September last year, U Maung Maung Win, deputy minister for the Ministry of Planning and Finance (MOPF) explained during a Union Hluttaw session on January 21. A total of K3.4 trillion was collected compared to the K2.8 trillion projected […]

FDI has risen under the NLD: U Set Aung

Foreign direct investments (FDI) have increased under the NLD government, said U Set Aung, deputy minister for planning and finance. “The total approved FDI during the two years from April 2016 to the end of March 2018 under the current government is 16 percent of the total FDI approved during the entire period from 1988 […]

Govt deploys strategy to raise tax revenues

Myanmar will implement plans to raise tax revenues in the coming years. “Our target is collect over 15 percent in taxes to GDP,” said U Min Htut, director general of the Internal Revenue Department under the Ministry of Planning and Finance. The tax to GDP ratios of other ASEAN countries are all above 10pc, with […]

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 […]

Govt Investment Director Confident in Foreign Investment Despite Rakhine Conflict

YANGON — U Aung Naing Oo, director-general of Directorate of Investment and Company Administration under the Ministry of National Planning and Finance, talked to The Irrawaddy reporter Shwe Lay about foreign investment in Myanmar and the government’s plan to promote it. How much investment has Myanmar had over the past year? Which countries are the […]