August 19, 2016

Tax stamp policy successful, Yangon IRD chief says

Yangon, 1 July — The Yangon Region Internal Revenue Department hailed its restaurant tax stamp policy a success Wednesday, after collecting more than K3 billion in commercial taxes from food outlets last fiscal year.
At a meeting with businessmen, Yangon Region IRD chief U Zaw Thant Lwin said the commercial tax pulled in more than K3,129 million in fiscal 2014-2015, compared to K1,938 million the previous year.
Last year, the Ministry of Finance and Revenue launched a program across the country selling to restaurants stamps to be affixed to receipts as proof of tax payment to customers.
More than 950 million has already been collected in the first two months of April and May of the current 2015-2016 fiscal year. Despite the success of the program, the department received complaints from some customers that they had received receipts without stamps, U Zaw Thant Lwin said.
The department sent warning notices to more than 50 restaurants last year and fined more than 30 in 2015 for not following the policy, he said.
According to the policy, customers must pay a 5 percent commercial tax on their meals as of November 1 last year.
The purpose of the program is to collect taxes indirectly from the public through restaurants,  said the head of the Yangon Region IRD, who urged customers to make sure they receive receipts with the tax stickers properly affixed without fail.
The stamps produced by the International Revenue Department range from K50 to K10,000 in value.
Taxes on restaurant sales and services started in 1949 and have been brought under the Commercial Tax Law (1990).— GNLM


Related posts

Translate »