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Collected Taxes Surge by K100 Billion Over Same Period of Previous Fiscal Year
02/07/2019
AUTHOR: ZIN THU TUN
During the first eight months of FY 2018-2019, Myanmar collected over K4 trillion in taxes. These have come from taxes on income, special items, and lotteries, in addition to commercial taxes, taxes on court fees, and stamp taxes. This figure stands K100 billion higher than the taxes collected during the same period last year.
Among the various types of taxation, income tax generated the largest percentage of revenue, K1.67 trillion. Then there was K1.35 trillion in commercial tax, K930 billion in special tax, K92 billion in lottery taxes, and finally K38 billion in stamp taxes.
An official from the Internal Revenue Department said: “This increase of revenue is driven by higher tax payments from individuals. This means our taxpayers are willingly participating in paying their taxes.”
The government of Myanmar is trying to put an effective taxation system in place, and is encouraging people to pay taxes as part of their duty as responsible citizens.
The Internal Revenue Department will begin levying a five percent commercial tax on smartphones and smartphone accessories as of July 1.
Along with their efforts to put an effective taxation system in place, the government’s next objective is to practice effective tax management, to conduct awareness-raising campaigns, and to employ a check-and-balance system with reward-and-punishment approaches.
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