June 29, 2017

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Advanced income tax on car imports reached over Ks31billion in eight months

The advanced income tax on car imports from May to December in 2016 reached Ks 31 billion with 18,400 cars import to Yangon.
Photo: Phoe Khwar

Advanced income tax on car imports from May to December in 2016 was over Ks31billion, according to the Internal Revenue Department.
This amount was earned from 18,400 cars imported to Yangon. Starting this fiscal year, the advanced income tax was levied on car imports in situations where the importers cannot present how they earn. If the car importers can fully provide the way they earn, they do not need to pay tax, according to the Internal Revenue Department.
According to 2016 Union Tax Law, the cars worth below Ks30million are levied at 15 per cent while 20 per cent is paid for cars worth from Ks30 to Ks100 million. A 30 per cent tax is imposed on cars worth above Ks100million.
Additionally, cars with engine displacements over 1800cc are liable for a special goods tax worth 25 per cent of the car’s value.
The advanced income tax was received mostly from those who imported cars with slips upon the return of deregistration of old cars and car importers with foreign bank accounts. — Ko Khant

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