Tax income exceeds estimates

In first six months of the 2014-15 financial year, the union collected tax volumes of US$2,5 billion, exceeding the estimate of $2.3 billion, according to the Union Tax Report.

The estimated tax volume of the Ministry of Finance for the same period was more than $1.3 billion but in excess of $1.5 billion was collected.

Other taxes were estimated to exceed $955 million but the actual collected volume was more than $1,026 million, according to the report.

Five types of Ministry of Finance tax are commercial, income and lottery tax and customs and stamp duty. Commercial tax volume was estimated at over $516 million while the actual amount was in excess of $560 million.

Income tax was estimated at more than $665 million but nearly $668 million was collected.

As for stamp duty, $25 million was collected after a $15 million estimate. Nearly $10 million for lottery tax was estimated but over $11 million was collected.

The estimated customs duty was $95 million and but more than $237 million was collected.

One exception was the telecommunications tax collected by the Ministry of Communication and Information Technology which was lower than the estimate despite the significant increases in the sector.

The tax collected was over $723 million when the estimated volume was nearly $735 million.

The reason was that when the Myanmar Foreign Trade Bank gave out the taxes from Ooredoo Myanmar Ltd and Telenor Myanmar of $755 million, the volume was reduced by the exchange rate, the report said.


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