MT News
Effective measures will be made to fully collect tax revenues the State should receive in accordance with the law, Union Minister for Planning and Finance Ministry U Win Shein said.
Effective measures will be made to fully collect tax revenues for the State without alleviation in accordance with the law, the Union Minister said.
The Internal Revenue Department collected over 80 percent of total taxes received by the State. In performing to receive taxes and revenues for the development of the State, the educative campaigns are needed to develop the revenue culture which can persuade people to provide taxes loyally, he said.
Myanmar earned Ks-3,069 billion from income tax, commercial tax, specific goods tax, stamp duties, lottery tax as well as other taxes within six months from October 2021 to March 2022 FY, according to the annual report released by IRD.
Of them, Myanmar collected over Ks-1,424 billion from only income tax, the largest revenue with 46 percent of the total revenues. Over Ks-998 billion was collected from the commercial tax, the second largest revenue with 33 percent of the total revenues.
Those who commit tax evasion will be taken action in accordance with Tax Administration Law and filed a lawsuit under the anti-money laundering law, IRD issued on 16 November 2022.
