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 […]

KBZ is The Biggest Tax Payer for Six Years Running

KBZ is the largest lender in the local market, and has paid income taxes up to K28 billion in the Fiscal Year 2017 making itself the biggest tax payer in the country for six years running, according to Internal Revenue Department under the Ministry of Planning and Finance. Internal Revenue Department announced lists of the […]

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 […]