doing business in myanmar – what you need to know as a singaporean
KBZ is the largest lender in the local market, and has paid income taxes up to K28 billion in the Fiscal Year 2017 making itself the biggest tax payer in the country for six years running, according to Internal Revenue Department under the Ministry of Planning and Finance.
Internal Revenue Department announced lists of the largest tax payers for FY 2017 on January 22.
KBZ Bank paid more than K6.015 billion income tax in FY 2012, more than K10.827 billion in FY 2013, over K17.062 billion in FY 2014, over K22.014 billion in 2015, over K23.155 billion in FY 2016, and over K28.042 billion in FY 2017.
KBZ has paid pre-income tax up to K32 billion for FY 2018, and K38 billion for FY 2019 Fiscal Year.
The bank which was founded in 1994 has diversified its financial services by continuously setting up new branches, opening mini banks, coordinating with other banks, financing international trade, assisting financial management, handling remittances from oversea Myanmar workers, providing safety deposit services for valuable items, and managing for exchange services.
KBZ bank has now more than 500 branches with over 20,000 employees, and owns 40 percent of the market share in retail and commercial banking in Myanmar excluding three foreign representative offices in Singapore, Thailand and Malaysia.
Source: Myanmar Business Today
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