Tuesday, October 31, 2017

7th day meeting of 2nd Pyithu Hluttaw 6th regular session



 October 30, 2017
The 7th day meeting of 2nd Pyithu Hluttaw 6th regular session was held at 10 am in Pyithu Hluttaw meeting hall Nay Pyi Taw.

At the meeting, Daw Cho Cho Win of Mawlaik constituency raised a question on systematic arrangements made for collection of full commercial tax and the ease with which tax payers could pay tax. In response to the question Deputy Minister for Planning and Finance U Maung Maung Win said commercial entities that are required to pay commercial tax are fined progressively upon violations such as failure to affix a commercial tax stamp on the receipt, not affixing the proper value of commercial tax stamp and failure to issue a receipt.
According to Commercial Tax Law, up to 100 per cent of the value of the commercial tax is fined. An additional fine is levied on repeat offender. First failure to pay commercial tax would result in an additional fine of Ks 200,000. Second and third failure means an additional fine of Ks 500,000 and Ks 700,000. For subsequent failures, each failures will be fined Ks one million explained the deputy minister.
Rewarding the consumers who report the failure of commercial entity to pay commercial tax is also prescribed. Consumers were informed through daily newspapers not to purchase commercial taxable products without a proper receipt and set commercial tax stamp attached to it. Assessment teams were formed to conduct spot checks in the market and any violation of the law would result in confiscation of the product and fine.
Tax payers are now required to pay tax into Internal Revenue Department accounts opened in Myanma Economic Bank branches.
Through cooperation with Central Bank of Myanmar and Myanmar Economic Bank, arrangements are made for tax payers to pay tax with ease by mobile banking, mobile payment, e-payment systems. Customer Credit Transfer function from CBM-Net System of Central Bank of Myanmar will be used to do this.
As a first step this will be started in Yangon, Mandalay and Nay Pyi Taw. By February 2018, top-level and mid-level tax payers will be able to use this system. By using this system, tax payers will be able to pay and transfer the tax between banks within an hour or minutes online in a timely manner. Regardless of what ever bank the tax payer had its own account, arrangements are made for tax to be paid with ease into Internal Revenue Department accounts in Myanma Economic Bank and bank branches explained the Deputy Minister.
Owning of home and lands is for stability of social life and not for speculators to make money by playing the market and to prevent this speculative and monopolistic action, U Tin Ko Ko Oo of Bilin constituency asked whether there is any plan to collect property tax. Deputy Minister for Planning and Finance U Maung Maung Win replied to the question and said for now property tax is collected by municipals of state and region governments according to a rate set in the municipal law. In order to oversee and manage the collection of property tax, starting from October 2016 members of Pyidaungsu Hluttaw’s Legal Affairs and Special Cases Assessment Commission, officials from Ministry of Planning and Finance, Ministry of Commerce, Ministry of Construction, Union Audit General pffice, Union Attorney General office, Yangon, Mandalay and Nay Pyi Taw city development committees met and discussed for nine times and were able to draw a draft bill on management of property tax collection.
The aims are to collect property tax according to law, increase tax revenue to the government as well as increase the number of tax payer, enable tax officers to properly and systematically collect property tax from those living in the property, increase tax revenue collected by municipal committees and to have a fair amount of property tax.
Once the management of property tax collection law is enacted, property tax collection central management group will be formed with the agreement of the Union Government.
This group will determine and set the annual land and building prices with the consent of the Union Government and will collect property tax preventing speculators from profiteering or monopolizing the market explained the Deputy Minister.
Afterwards, questions of Dr. U Khin Maung Maung of Dagon Myothit (North) constituency, U Tun Tun of Pwintbyu constituency, U Myo Zaw Aung of Kawlin constituency and U Aye Win of Ingapu constituency were answered by Deputy Minister for Planning and Finance U Maung Maung Win.
Myanmar News agency
Ref; The Global New Light of Myanmar

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