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State lottery to reduce number of tickets due to declining sales

The number of Aung Bar Lay state lottery tickets will be reduced due to a sales decline in some markets, but the size of the reduction is still unknown, said an official of the state lottery department in Yangon. More than 250,000 tickets were left unsold in April for May, and more than 500,000 lottery […]

Advanced income tax on imports, exports reinstated after one year

Companies involved in imports and exports will be required to pay an advanced income tax (AIT) of 2 percent from May 1, according to Notification 38/2019 issued by the Ministry of Planning and Finance on April 8. This voids a previous notification issued on January 22, 2018 exempting companies under the self-assessment system (SAS) from […]

Daw Suu pitches Myanmar to ASEAN, vows to improve business environment

State Counsellor Daw Aung San Suu Kyi in Singapore yesterday sought to drum up investor interest in Myanmar, couching the country’s economy as “Southeast Asia’s final frontier market with innumerable investment opportunities.” Daw Aung San Suu Kyi was delivering her keynote speech at the 2018 ASEAN Business and Investment Summit in the city state, where […]

Myanmar outlines new auto import policy for 2019

YANGON, Oct. 29 (Xinhua) — Myanmar has outlined a new auto import policy for 2019, saying that only vehicles with left-hand drive can be imported to suit the country’s traffic route direction, according to an announcement of the Supervisory Committee for Motor Vehicles Importation published Monday. Besides, 2016 will be the oldest model to be […]

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 […]

Income Tax Law should be amended: MP

The Income Tax Law should be amended as there are weaknesses compared to those in the foreign countries, said Upper House MP Myo Win. According to him, the Ministry of Planning and Finance is making necessary changes to the law. As I mentioned earlier, another point is incentives for tax payers. For instance, a taxpayer […]

Myanmar Tax Office: EOI for Individual Consultant-Translator cum, Interpreter for Medium Taxpayer Office, Internal Revenue Department (IRD), Yangon, Closing Date: 30 April 2018.

REOI No: MPFMp/A-C324 Closing Date: 30 April 2018 The project is seeking to recruit a national Translator cum Interpreter to support its work in the area of modernization of its tax functions. The translation services is to assist the IRD in translating documents from English to Myanmar and from Myanmar to English documents, and interpretation […]

IRD will reward those who lodge complaints on businesses that fail to pay tax

The government is raising its efforts to collect taxes from commercial enterprises. Last week, the Internal Revenue Department said it will reward those who provide information on establishments that fail to collect commercial taxes, according to state media. Under the law, consumers who buy goods and services in Myanmar are liable to pay commercial taxes. […]

Whoever Reports Tax Avoidance Will be Awarded 10 Percent of the Fine

The government is planning to award 10 percent of fines to those who report scofflaws who fail to put tax stamps on receipts to the Internal Revenue Department, according to U Myint Thaung, Minister of the Ministry of Planning and Finance. He was answering a question submitted to the Yangon Regional Parliament on February 20 […]

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 […]