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Revenue dept collects K60m in business fines in 3 months

The Internal Revenue Department (IRD) collected nearly K60 million (US$40,000) in fines from businesses from June to August, a senior tax official said. Most of the fines were levied on shops for failure to put tax stamps on sales receipts for mobile phones, according to Daw Swe Swe Khaing, deputy director of the department. A […]

K90 billion collected from foreign taxpayers last year

Some 9000 foreign residents paid income taxes totalling K90 billion (US$58.25 million) to the government during the previous fiscal year, says U Min Htut, director general of the Internal Revenue Department. “In the 2017-2018 fiscal year, income tax revenue totalled nearly K200 billion, K90 billion from foreigners and about K110 billion from local taxpayers,” he […]

UMFCCI members push for lower tax rates

BUSINESSES at the Union of Myanmar Federation of Chambers of Commerce and Industry have urged Nay Pyi Taw to lower the tax rate, while the Internal Revenue Department said the tax rate has been lowered on an annual basis. Businesses collectively asked the tax rate to be reduced during the Chief Financial Officer conference (CFO […]

507 Eateries Fined for Failing to Give Tax Stamps

A total of 507 restaurants in Yangon Region were fined for failing to stick tax stamps on the receipts in the fiscal year 2016-17. Myint Thaung, the Yangon minister for finance, told the regional parliament on April 24 in reply to the question about the state of taxation from MP Kyaw Kyaw Htun of Hlaing […]

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 […]

Govt Measures Fail to Cool Yangon’s Overheated Property Market: Experts

Property prices in Rangoon continue to soar and government measures to cool down the real estate market in Burma’s biggest city are failing to make an impact, according to property agents and economists. They said the government should revise its property tax policies in order to stop further price rises. Currently, real estate buyers can […]