Number of Tax payers reaches over 300,000 in this FY

The number of taxpayers reached over 300,000 as of the end of October in the 2016-2017 fiscal year, allowing the nation to increase tax revenues, said U Myint Thaung, Yangon Region minister for planning and finance.

Over Ks2,005,895 million have been received from a total of 363,266 taxpayers from April to the end of October in this fiscal year.

The General Administration Department under the Ministry of Home Affairs levies land taxes, water taxes, Embankment taxes, mineral extraction taxes and excise duty. Taxes on fisheries are levied by the Fishery Department under the Ministry of Agriculture, Livestock and Irrigation. The Forest Department collects taxes on extraction of forest products and on rubber. Licence fees on imported goods are imposed by the Ministry of Commerce, whereas taxes on transport are levied by the Department of Road Transport Administration. Income taxes, commercial taxes, special goods taxes, the state lottery tax and stamp duties are levied by the Internal Revenue Department under the Ministry of Planning and Finance. Customs duties are imposed by the Customs Department.

Additionally, the Pearl Oyster Tissue Implant Tax, the mineral tax and the gemstones tax are imposed by the Ministry of Natural Resources and Environmental Conservation. The Hotels and Tourism ministry collects licenses fees while the Ministry of Transport and Communications collects taxes for telecommunication services. Taxes are levied on the extraction of oil and natural gas and also on generation of electric power by the Ministry of Electricity and Energy, it is learnt.

The Government collects taxes and duties not only to cover government expenditure but also to implement the following fiscal and monetary policies: to steady the budgeting system and to regulate money circulation and inflation, to stabilise domestic consumption, investment and saving, to stabilise commodity prices, to balance distribution of wealth and to facilitate economic development, according to the Internal Revenue Department.

Source: The Global New Light of Myanmar

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