Thursday, May 4, 2017

Government exceeds revenue target in fiscal 2016-2017

May 3, 2017
The government exceeded revenue targets in the revised budget in the fiscal year 2016-2017.
The revenue from all sectors was Ks360 billion higher than the target set by the government, said an official from the Internal Revenue Department.

The revenue target according to the revised budget was Ks5 trillion in the 2016- 2017 fiscal year.

The government had collect revenue of over Ks1.62 trillion from commercial taxes, Ks30 billion from lottery taxes, over Ks37 billion from stamp duty taxes, Ks600 billion from special commodity taxes and over Ks2.37 trillion from incoming taxes, for a total of Ks4.66 trillion.

Although the revised budget targets revenue of Ks5 trillion, the revenue earned was over Ks5.4 trillion. The revenue of the Myanmar government is the lowest when compared to other Asian countries.

Therefore, the government needs to ensure full collection of all the taxes due and to expose tax evaders.

Ref; The Global New Light of Myanmar

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