February 09, 2017

Breaking News

Revenue authorities collect pre-income tax of K4b from vehicle imports

Vehicles being seen on Strand Road in downtown Yangon on 20 July, 2016.
Vehicles being seen on Strand Road in downtown Yangon on 20 July, 2016.

THE Internal Revenue Department has received over K4 billion as pre-income tax from vehicle importation within the past one and a half months, according to the department’s spokesperson.
Between June and mid-July this year the department collected pre-income tax from around 2,700 cars imported with a free permit. According to the official figures of the department, 1,300cc and 1,600cc cars were imported most from foreign countries last month.
The department normally receives over K100 million pre-income tax from around 80 cars. The majority of individual tax payers are from the country.
A large number of imported cars enter the local market every month. Nearly 10,000 cars entered the country last month.
The Internal Revenue Department has been collecting four kinds of taxes and duties, namely income tax, commercial tax, stamp duty and state lottery tax from the 2011-2012 fiscal year onwards.

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