MT News
State Administration Council Chairman Senior General Min Aung Hlaing said that efforts must be made to collect taxes and revenues as the domestic businesses in the country have revived again.
At present, as construction, agricultural and livestock breeding, CMP, manufacturing and tourism businesses in the country have revived again, efforts must be made to collect taxes and revenues for the State and the people deserve. Responsible officials are to work together in motivating public taxpayers to pay their taxes and facilitating taxation process, the Senior General said.
The Internal Revenue Department issued a notice that tax evaders will be sentenced to seven years in prison with tax administration law which will be effect on 1 January 2023.
The tax revenue of the country dropped by about 40 percent from Ks-7,000-8,000 billion to around Ks-5,000 billion after political crisis happened in February, 2021. Tax evasion is increased by reason of political crisis.
Tax evaders will be taken action with tax administration law which promulgated by former NLD government. If a person is found guilty of tax evasion, he/she shall face a prison term not more than seven years or a fine which is the greater amount from a fine of Ks-250,000 and the amount of tax evaded during the time of both punishments.
The tax evaders will be taken action under the tax administration law as well as anti-money laundering law based on their guilty and shall face a prison term 10 years and a fine.
Although Myanmar estimated to receive the tax revenues worth over Ks- 8,615 billion in 2020-2021 financial year, the country received over Ks-5,742 billion.
Similarly, the country expected to receive Ks-7,179 billion in this FY and has received only over Ks-1,673 billion within the three months period until June, 2022.
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