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Government to Levy Five Percent Tax on Handsets and Accessories
AUTHOR: TIN MG OO
The government will levy a five percent commercial tax on the sale of handsets and accessories starting from June 1 this year, according to U Min Htut, Internal Revenue Department.
“We will enforce the taxation and take action for failing to pay tax, as we do with restaurants. By doing so, the handset and accessories will be legal as they will have tax stamp on them,” he added.
Businesses selling handsets and accessories beware, the internal revenue department fines restaurants K200,000 for failing to pay tax for a first offense. The fine for a second offense increases more three-fold to K700,000, and for a third offense or more the restaurant will be sued under Section E, Article 23, Commercial Tax Law.
The department under the Ministry of Planning and Finance issue the order on April 1 saying the commercial tax must be charged to the buyers, and the companies must put the tax stamps on the receipt. The department advised buyers to check if there are tax stamps on the receipt, and report to companies that don’t follow this new regulation to the nearest Internal Revenues Department.
The tax stamps have various values such as K50, K100, K200, K500, K1,000, K5,000 and K10,000, and must be put on the receipt showing the 5 percent commercial tax is paid.
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