Commercial Tax Generates K700 Million Per Week

Source : Myanmar Business Today
View Count : 669
Jul 26, 2019

The Internal Revenue Department said that revenue from commercial tax on mobile sales has surged to roughly K700 million per week, the surge is after they instructed local mobile stores to put commercial tax stamps on receipts starting on June 1.

“We’ve seen a big improvement in taxation. The amount of revenue has surged by seven times with around K700 million of revenue per week and it’s only been one month,” said U Min Htut, Director General of Internal Revenue Department.

However, there have been cases where mobile stores failed to put tax stamps on receipts. The Internal Revenue Department instructed Myanmar Mobile Dealers Association to have local mobile stores place the tax stamps on receipts when they are selling mobile phones to end users.

The department will penaltize stores who fail to put tax stamps on the receipts: K200,000 for the first time, K500,000 for the second time, K700,000 for the third time, K1 million for the fourth time and higher.

At present, the department has also instructed other services such as restaurants, hotels and motels to put the tax stamps on receipts.

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