E-commerce threat for Myanmar’s jade

As if human rights abuses, corruption charges and deadly landslides haven’t hurt the industry enough, Myanmar’s multi-billion-dollar jade and gemstone industry now has to deal with the challenges of e-commerce. Myanmar produces 90 percent of the world’s jade and is a major player in the global gem economy, but poor regulations mean up to two-third […]

Tax amnesty proposed, prompting renewed debate

The chorus of voices defending and opposing the reduction of tax rates for undisclosed income has come to the fore again following the submission of the Union Tax Bill 2019 to the Pyidaungsu Hluttaw earlier this month. The proposed tax reduction rate, or tax amnesty, could see tax rates revised to 3 percent for income […]

Govt again proposes tax amnesty on undisclosed income

The government is again proposing to reduce the tax rates on undisclosed incomes so that more will be willing to pay the taxes owed on those incomes. The proposal, which was part of the Union Tax Bill submission for the new 2019-20 fiscal year beginning October 1, was submitted to the Pyidaungsu Hluttaw on August […]

Tengchong: the allure of border town gemstones

YUNNAN, Southwest China — A builder surnamed Zhang squats as he rummages through a pile of rocks, examining them intently with a pocket-size flashlight. Each one has been sliced in half to expose the jade within. Zhang traveled more than 600 kilometers from the provincial capital, Kunming, to the bustling jade market in Tengchong in […]

Tax levied on real estate dealing in Bago Region earned over US$410million

The tax levied on real estate transactions in Bago Region in the six months of this fiscal year has reached over US$410million, it is learnt from the Bago Region Internal Revenue Department. The tax has to be paid per the prescribed tax rate at the tax office in the regional government concerned when real property […]

MGW’s Win Aung missing from top tax-payers list

Win Aung, managing director of MGW Construction, has been granted permission to construct eight high-rise commercial buildings in main business areas in Yangon such as Mayangon, Yankin and Bahan townships, making him one of the most prolific businessmen in Myanmar this year. MGW won permission to build the highest building in Yangon – Diamond Inya […]

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 […]

Police vow to investigate financial crimes

The police are clamping down on financial crime and money laundering but urged the revenue authorities to provide more information on instances of tax evasion. A high ranking police official has insisted that the police will follow up on information regarding financial crime and has so far investigated 46 cases of money laundering involving drug […]

Myanmar cracks down on illegal trade, tax evasion

YANGON: Myanmar is clamping down on illegal trading and tax evasions to better reflect its trade numbers. Over a one-and-a-half-year period, officers confiscated illegal goods worth about US$17 million. Authorities are now expanding their inspections to five international ports and airport in Yangon. This is to make sure that traders are accurately declaring the products […]

IRD launches special taxation office

The Internal Revenue Department (IRD) has launched a taxation office on April 1 to improve tax services for large businesses and corporations. Experienced tax officers have been hired to provide high quality services at the newly opened Large Taxation Office, which will work together with the taxpayers to provide accurate information on filing taxes. The […]