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Myanmar earns less tax revenue from private sector in 2006-07 (2) |
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15:12, July 18, 2007 |
There are five categories of tax collected by the government, namely commercial and service tax, income tax, profit tax, tax for sale of state lottery and stamps.
Collecting through these five categories of tax, the country obtained revenues in total ranging from 104 billion Kyats to 265 billion Kyats in the past three years, according to the finance ministry''s figures.
The figures also show that the country gained a total of 447. 964 billion Kyats in revenue in 2005-06, a significant increase over the previous years but much lower than targeted, other local media said.
The ministry attributed the lower figures to tax evasion, blaming some companies and individuals for presenting false data about their income for taxation assessment as well as the government''s ineffective measures in collecting tax from companies, service providers, restaurants, supermarkets or individuals for 18 years.
However, the finance authorities held that the recent amendments to income and commercial tax laws would not affect the tax rate levied by the government but would ensure that tax collection policy will be more effective and widespread.
Meanwhile, the Myanmar authorities are introducing a new measure soon aimed at preventing private companies doing business in the country from tax evasion.
The biennial renewal of business licenses of companies will be granted only on full settlement of their profit tax levied on them annually, according to the authorities.
Source: Xinhua
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