Interview on 9 June with U Khin Maung Than, chair of the Myanmar Real Estate Services Association by May Thet Hnin, a reporter for the Global New Light of Myanmar. Q: What is the current conditionof real estate market? A: First of all, let me give you a brief history of the real estate market […]
To pay or not to pay? INGOs wrangle over income tax
May 5, 2016 by
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 […]
Booze and Cigarette Taxes to Change from April
January 13, 2016 by
Cigarettes will be taxed individually and alcohol will be taxed per litre, according to the draft Commercial Tax Law 2016. For cigarettes, a roll of cigarette will be taxed from K3 to K48 depending on the price of the cigarette. For alcohol, a litre of alcohol will be taxed from K66 to K2,231 depending on […]
Informal contracts risk bite buyers
January 12, 2016 by
Most property buyers are using informal contracts that fall short of transferring full legal ownership and fail to stand up in court, a senior official from the Internal Revenue Department (IRD) told The Myanmar Times. A variety of property purchases – including those of apartments and condominiums – are usually made using informal contracts. But […]
Tax income exceeds estimates
December 1, 2014 by
In first six months of the 2014-15 financial year, the union collected tax volumes of US$2,5 billion, exceeding the estimate of $2.3 billion, according to the Union Tax Report. The estimated tax volume of the Ministry of Finance for the same period was more than $1.3 billion but in excess of $1.5 billion was collected. […]
Kanbawza Bank pays Ks 22 billion in advance tax
April 25, 2014 by
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 […]
Myanmar Tax Department Says 2,500 Tax-Evading Firms Named in Error
March 17, 2014 by
YANGON — The Myanmar government’s tax department has admitted that it mistakenly named nearly 2,500 companies as tax evaders. The Internal Revenue Department (IRD) on March 6 published a list of 10,670 companies that it said had failed to pay taxes for the 2012-13 fiscal year, which ended in March 2013. The list included well […]
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