K119 Million Collected in Tax Fines

Source : Myanmar Business Today
View Count : 565
Jul 26, 2019

The Government of Myanmar has generated over 119 million between October 2018 and May 2019 from fining restaurants, hotels and motels for failing to put tax stamps on receipts, according to the Internal Revenue Department.

The department has awarded K10.7 million to people who reported the restaurants, hotels and motels to the department that failed to put the tax stamps on receipts.

Myanmar started levying commercial taxes on the services of restaurants, hotels and motels starting in 2015, in accordance with the Union Tax Law.

According to the law, service businesses must put tax stamps on receipts, or they will face K200,000 in fines. The second offence will be raised to a K500,000 fine, K700,000 for the third offence and K1 million for the fourth.

Failing to put the tax stamps for fourth time and above, the businesses must pay at least K1 million for every time after.

Yangon, Mandalay and Naypyidaw started the initiative of fining businesses that fail to put tax stamps on receipts starting in May 2019.

Among the companies that have been fined include both local and foreign restaurants, according to the Department of Internal Revenue. Since the initiative, the department has provided tax stamps to restaurants, hotels and motels.



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