IRD to raid shops in crackdown on illegal alcohol, cigarettes

Surprise inspections for alcohol, wine and cigarettes are beginning this month, the Internal Revenue Department said in a November 30 statement. A special team has been formed for the unannounced inspections, said an IRD official. There will be no advance warnings, he added. The IRD will seize goods that merchants have not paid tax on. […]

Online Tax Payment System to Be Introduced in February

Instead of making tax payments in cash, a more convenient online payment system will be implemented by the state banks early next year, said deputy director general Dr Khine Shwe Whar from the Central Bank of Myanmar (CBM). “This online customer-to-customer transfer (CCT) payment system will start in February 2018,” she said in a meeting […]

Invitation for Bids (IFB), Ministry of Planning and Finance, Modernization of Public Finance Management,Closing Date: 8 January 2018

Credit No. 54020-MM/Grant No. TF017910, IFB No: MM-MOPF-31520-GO-RFP IFB Title: Supply, Implementation and Support of an Integrated Tax Administration System (ITAS) and related linkages 1. This Invitation for Bids (IFB) follows the General Procurement Notice (GPN) for this project that appeared in Development Business, on February27, 2014. 2. The Government of the Republic of the […]

Why the construction sector is ailing and how it could recover

To help the construction and real estate sectors expand and stay profitable, government support in the form of tax and loan policy reforms is necessary, developers said. Currently, developers must pay taxes of up to 10 percent on the sale of condominium units priced between K100 million to K500 million. Meanwhile, buyers must pay a […]

Over 570 business tax evaders uncovered in Mandalay

More than 570 businesses in Mandalay were found to be remiss in paying their taxes and were given ultimatum by an internal revenue inspection team to settle their arrears immediately, a senior revenue official said on Monday. U Aung Moe, deputy director of Internal Revenue Department in Mandalay, said the erring businessmen were uncovered during […]

IRD lowers stamp duty on property

The Internal Revenue Department (IRD) has announced that stamp duty for buying, transferring and mortgaging property will be reduced to 4 percent. The decision on the stamp duty reduction is a measure to boost the real estate industry. The current rate for stamp duty is 5pc. The 1pc reduction came after businesses on May 20 […]

Restaurants Might Have Licenses Seized for Tax Non-Compliance

Restaurants which have failed to include commercial tax stamps might have their licenses seized, according to discussions among lawmakers at the Yangon regional parliament session on April 24. Regional MP U Kyaw Kyaw Htun said that the regional government should deal with the restaurant situation. He suggested seizing licenses of restaurants which have failed to […]

Tax Exemption on Interest Income Questioned

​​ The Ministry of Planning and Finance has issued a statement on February 19 that income tax will not be levied on interest from bank savings and deposits. The statement means that tax on interest from bank deposits will be exempted in the coming 2017-18 fiscal year. However, interest from bank deposits is not the […]

Myanmar boosts incentives for infra development, labour-intensive projects

THE MYANMAR Investment Commission, a government body to facilitate both foreign and local investment, has planned plans to provide more incentives for investors in the two areas that are crucial to the country’s growth, labour-intensive industries and infrastructure development, a senior official said. According to Aung Naing Oo, secretary of Myanmar Investment Commission and director […]