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 […]

Myanmar courting global producers

The Myanmar authorities have sped up efforts in recent months to increase the country’s attractiveness for global manufacturers. The latest move was revealed in September by the Myanmar Investment Commission (MIC) and concerns the move to allow local and foreign investors into industrial zones across the country. This follows requests by companies from Hong Kong […]

Mandalay: 107 restaurants and a hotel fined for not having stamp duty

The Internal Revenue Department fined the owners of 107 restaurants and a hotel who failed to bear the stamp duty in their sale vouchers in Mandalay for the period from April to September, 2016, said U Kyaw Aung Moe, Assistant Director of Regional Internal Revenue Department. “It is not our country alone that assesses taxes—every […]

Number of Tax payers reaches over 300,000 in this FY

The number of taxpayers reached over 300,000 as of the end of October in the 2016-2017 fiscal year, allowing the nation to increase tax revenues, said U Myint Thaung, Yangon Region minister for planning and finance. Over Ks2,005,895 million have been received from a total of 363,266 taxpayers from April to the end of October […]

Gems and Jewellery Entrepreneurs Hustles for Lower Tax Rate

Gem entrepreneurs have urged the Ministry of Planning and Finance to review the commercial tax rate on the gems sector which is listed as a special item in the Special Commodities Tax Law. In 2015, the commercial tax rate was set at 15 percent for raw gem stones such as jade, rubies, sapphires, emeralds and […]

MIC to strengthen data on local companies

The Myanmar Investment Commission will work with the Ministry of Planning and Finance to collect accurate data on companies operating across the country, an exercise that officials say will help the government to form better economic policies. The MIC has data on large investments and companies, but many businesses in Myanmar are only required to […]