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 […]

Tax Cut Planned For Low-Cost Housing Purchases

​​ The government is planning to drastically reduce the taxes it levies when people purchase state-commissioned low-cost housing, which developers say puts many units out of reach for ordinary buyers. Union Planning and Finance Minister U Kyaw Win, in a speech to developers and business leaders last week, said that the only taxes levied on […]

48 shops in Mandalay fined for failing to place commercial tax stamps on vouchers

FROM 1 April to 22 August this year, Mandalay Region Internal Revenue Department fined 48 shops for failing to put commercial tax stamps on their vouchers, said its Assistant Director U Kyaw Aung Moe. The department collected tax revenues of K88,488 and K13.1 million in fines. “Every country in the world collects taxes. We have […]

Entrepreneurs ask finance minister to reconsider special tax

Planning and Finance Minister U Kyaw Win received a barrage of requests to cut taxes during a meeting with a group of almost 50 business associations in Yangon earlier this week. The minister met with entrepreneurs at the Union of Myanmar Federation of Chambers of Commerce and Industry, to ask their opinions on economic development and learn […]

Booze and Cigarette Taxes to Change from April

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 […]

IRD to Tax Gem and Jewellery Traders

Commercial and income tax would be collected from Myanmar gems and jewellery entrepreneurs under the newly-enacted Union Tax Law 2015, a top government official said. U Min Htut, director general of Internal Revenue Department (IRD), said, “Gem companies did not need to pay income tax last year. Under the new 2015 tax law, income tax […]

IRD Racks Up $53m in Real Estate Taxes

The Internal Revenue Department (IRD) announced that it has received K53 billion ($53 million) in tax revenues this financial year until February from real estate sector through renting and trading taxation. “When the government eases tax rate, more people pay taxes. People want to legalise their property and they did it after the government set […]

Tariff Bill Expected to Create Export Exemptions

Manufacturing companies will be able to deduct taxes for material imports and manufacturing operations from their export tariffs if a bill to update the Tariff Law for 2015-16 fiscal year passes. The tax credit for exports is aimed at promoting value-added processes and the export production capacity, U Zay Ya Si Thu, deputy director of […]

Campaign aims to snare tax dodgers

Tax dodgers are being warned that authorities will begin a crackdown later this month. An anti-tax avoidance campaign will be launched in August and announced in state-run newspapers in a bid to increase the Ministry of Finance’s revenue generation by 20 percent for the 2014-15 fiscal year, said Internal Revenue Department director of the Companies […]

Enforcement Teams to Target Growing Tax Evasion in Myanmar

The Internal Revenue Department (IRD) will start collecting data on unpaid government taxes to tackle Myanmar’s growing tax evasion problem after up to 400 industrial companies were reported avoiding local tariffs. Mobile enforcement teams will monitor industrial zones including the South Okkalapa, Mingaladon, Thaketa, Shwe Pyi Thar, Hlaing Thayar and South Dagon townships, according to […]