Higher revenue collection reported by the IRD

The Inland Revenue Department (IRD) has collected K4.9 trillion in revenue across five categories of taxes from October 2018 to June 2019.

According to the IRD, the amount collected was more than the amount collected in the corresponding period of last year. Four-fifths of the amount collected this year came from income tax, commercial tax, special commodities tax, court fees and stamp duties as well as the Aung Bar Lay Lottery tax.

An IRD list showed that revenue from income tax was K243 billion, special commodities tax collection came in at K42 billion, the lottery tax contributed K31 billion, commercial tax contributed K16 billion while court fees and stamp duties contributed K5.3 billion compared to the corresponding period of last year. All categories except court fees and stamp duties was higher than the corresponding period of last year.

The IRD noted that action has been taken against shops that failed to put the tax stamp on mobile phones and mobile phone accessories. There were 98 cases with fines totaling K10.9 million while whistle blowers were awarded K164 million in total from 11 cases.

Source: Myanmar Times

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