Income Tax Law should be amended: MP

The Income Tax Law should be amended as there are weaknesses compared to those in the foreign countries, said Upper House MP Myo Win.

According to him, the Ministry of Planning and Finance is making necessary changes to the law.

As I mentioned earlier, another point is incentives for tax payers. For instance, a taxpayer submits the data to create a Tax ID. The world countries have ID. Our country is not in a position to make it clear. Thanks to the ID system, we can know how much a taxpayer has paid his payable taxes, he said.

It is called “white money” after taxes have been paid. For instance, a taxpayer pays Ks-600,000 in tax. He has to pay his taxes said by staff from the Internal Revenue Department as he doesn’t know the exact amount. The law should describe the calculation method as an example in order that taxpayers and staff can calculate it clearly, he continued.

“I think the rates fixed for purchases are a bit high. For instance, a person has to pay a 15-per-cent tax on the purchase of a property worth over Ks-30 million. It is a bit high for taxpayers. We need to reduce it by a certain degree. We need to equalize it with those in foreign countries when the public become familiar with the tax culture.

The Tax Amnesty Law should be drafted only after the Income Tax Law has been amended. Suggestions have been sent to the Bill Committee and the Ministry of Planning and Finance,” he added.

A section pertaining to tax amnesty was put in the Union Budget Bill 2018. But parliament removed that section as MPs suggested that it should not be put in the law and draft a separate law.

Source: Eleven Myanmar

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