With the expansion of auction markets to 12 more townships in Sagaing Region, income from cattle auctions has exceeded Ks1 billion in the interim budget year, said U Thit Htoo Myint, the director of Sagaing Region’s Development Affairs Committee.
“In the last mini-budget period, cattle auctions were held in 13 townships, earning over Ks5 million. With the auction markets now increased to cover 25 townships in the region, cattle auctions have fetched over Ks1 billion in FY2018-2019,” he said.
According to data from the region’s Development Affairs Committee, out of the 25 townships, Kawlin Township registered the highest income of Ks450 million, while Salingyi witnessed the lowest earnings.
“We have created auction markets in towns where cattle are traded most. We have received tax from the auction markets. Some cattle export companies also purchase cattle through contracts and they pay taxes,” said U Thit Htoo Myint.
“Both the sellers and buyers have to pass a screening. Sellers need a verification from the respective administrative office, to guarantee the ownership of the cattle. This kind of auction market aims to eliminate illegitimate trading. Additionally, it can help raise the country’s revenue,” he added.
—Myo Win Tun (Monywa)
(Translated by Ei Myat Mon)