August 20, 2016

Finance Ministry proposes Union Tax Law Amendment

Pyidaungsu Hluttaw being convened in Nay Pyi Taw.
Pyidaungsu Hluttaw being convened in Nay Pyi Taw.

THE Ministry of Finance put forward the Union Tax Bill for 2016 to Pyidaungsu Hluttaw yesterday.
The Union Tax Bill for 2016, which is based on the Union Tax Law 2015 with new amendments and added content, includes eight chapters and 39 sections, according to Union Minister for Finance U Win Shein.
The bill includes proposals such as adding a new tax system, abolishing a tax system, amending the commercial tax for specific goods and adding goods and services which would be free from tax.
The ministry also added that tax for mobile phones top-up cards will be collected next fiscal year, netting a possible 80 million kyats revenue.
The ministry expects to collect over 6.1 trillion kyats next fiscal year—a 269 million kyat increase from this year. The Bill Amending Criminal Law, the Bill Amending Insurance Permission Law and the Bill Amending Banking Law were approved. Amendments to laws relating to crime, insurance and banking were approved at the Tuesday session of Pyidaungsu Hluttaw.


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