January 27, 2017

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Authorities expect Ks180 billion in taxes from automobile industry this fiscal year

A staff member repairs a car at the Nissan Car Showroom and Service Center in Yangon.
A staff member repairs a car at the Nissan Car Showroom and Service Center in Yangon.

THE Planning and Finance Ministry expects to receive over Ks180 billion worth taxes from automobiles and related businesses this fiscal year, according to the ministry’s announcement.
The revenue authorities have collected four types of taxes from 21 different kinds of businesses during 2016-2017 FY. The ministry estimates the country will receive approximately Ks181.470 billion in tax after the end of this financial year.
According to the ministry’s budget estimation, the authorities expect to earn a total of Ks6,219.758 billion in tax including Ks181.470 billion from automobile and related industry, Ks710.613 billion from natural gas production and Ks5.762 billion from import businesses operated under the Ministry of Commerce.
The Union government plans to allot a K217.879 billion budget from its total revenue obtained from imposition of commercial tax.

 

 

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