Revenue dept collects K60m in business fines in 3 months

The Internal Revenue Department (IRD) collected nearly K60 million (US$40,000) in fines from businesses from June to August, a senior tax official said.

Most of the fines were levied on shops for failure to put tax stamps on sales receipts for mobile phones, according to Daw Swe Swe Khaing, deputy director of the department.

A total of 596 fines worth K59.76 million were levied in the three-month period.

Daw Swe Swe Khaing said she expects the number of violators to decline in the future.

“If more violators are reported to our department, businesses will finally learn to follow the law. That is what we want,” she said.

Fines will increase under the new Union Taxation Law that took effect on Monday. Failure to affix tax stamps to sales receipts for mobile phones and accessories can result in a K500,000 fine the first time, K1 million the second time, and K1.5 million for a third offence. Habitual violators would be fined K2 million each time.

The department said the amount of tax it collected from January to August rose by more than K562 million from the same period last year.

Taxes collected during the period included income, commercial, special commodity, and state lottery.

This year’s revenue from stamp duties fell to K53.88 billion from K56.5 billion last year due to the sluggish performance of the construction industry.

“Revenue from stamp duties on transactions and transfers of real estate was low this year,” Daw Swe Swe Khaing said.

Source: Myanmar Times

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