Myo Myint, Aye Aye Thant (Myanmar News Agency)
The Pyidaungsu Hluttaw considered bills amending the Special Goods Tax Law and the Myanmar Coastal and Inland Water Transport License Law yesterday. The legislative body also considered a criminal extradition bill.
Deputy Minister for Planning and Finance U Maung Maung Win also described tax collection activities for the second half of FY2016-2017. He estimated that Ks6.5 trillion in taxes was collected in FY2016-2017.
The Deputy Minister said that the initial estimate of outstanding tax in the second half of the financial year was estimated to be Ks4.37 trillion, but in fact, the government ended up collecting more than that in the latter half of the financial year: Ks4.57 trillion.
The Internal Revenue Department (IRD) estimated commercial tax for the second half of FY2016-2017 would be Ks1.27 trillion – instead Ks1.34 trillion was collected due to more tax revenue being collected from state-owned enterprises compared to previous periods. Taxes were also collected for services provided by government owned enterprises in FY 2014-2015 and FY 2015-2016, said the Deputy Minister.
Department of Trade expected import license fees for the second half of FY2016-2017 to be Ks2.1 billion, but Ks 3.9 billion was collected.
IRD expected to collect taxes from the Aung Bar Lay lottery in the second half of the financial year of Ks23 billion, but only Ks23 billion was collected.
Road Administration Department License vehicle and driver fees was expected to be Ks130 billion for second six months, instead Ks170 billion was collected.
IRD collected Ks 636 billion for special goods fees, while Ks507 billion was expected.
Customs Department collected Ks 258 billion for customs duty while the estimated amount was Ks 253 billion. The Fisheries Department collected taxes worth Ks2.1 billion, while the estimated tax was Ks630 million.
The Mining Department collected taxes worth Ks20 billion; the estimate was Ks10 billion.
Posts and Telecommunications Department collected communication service taxes of Ks350 billion instead of an estimated Ks91 billion.
IRD collected stamp duties of Ks31 billion instead of Ks34 billion.
IRD collected Ks 1.5 trillion in income taxes instead of an estimated Ks1.67 trillion.
The Forest Department collected Ks 2.4 billion in forestry taxes instead of Ks5.1 billion. Ministry of Electricity and Energy collected oil and extraction taxes of Ks228 billion instead of Ks 363 billion.
A report on status of tax collection for second six months of FY 2016-2017 by the Joint Public Accounts Committee concluded that tax collection had increased over all but that the ratio of tax revenue to Gross Domestic Product (GDP) was too low.