YRTA will pay tax if Union government gives instruction: Yangon Chief Minister

Source : Daily Eleven
View Count : 378
Feb 10, 2020

Yangon Region Transport Authority (YRTA) will pay tax if the Union government gives instruction, Yangon Region Chief Minister U Phyo Min Thein said at a public meeting in Sanchaung Township in Yangon on 9 February.

“I have heard the news that the YRTA fails to pay tax. Under the Tax Law, the government organizations don’t need to pay income taxes. That’s why, we did not pay tax. We will pay tax if the Union government orders us to do so. The reason is these money go to the Union government and the region government. This is the heading change. It is not problem for us. These incomes cannot be transferred to other places," he said.

“Step-by-step efforts should be made for the implementation of card payment system. The first step is the Yangon Payment Services (YPS) card. Passengers can use any cards two or three years after the first step. We need to have a good start. For that, we have to make necessary preparations, taking a few period of time, he added.

“The reason why we choose it that the country has no card system before. We have a chance to advance to the latest step due to the lack of better card system. It is said to be one of the late mover advantages. Other countries will think about the same means like us. They will have to do more to upgrade the existing cards.”

The YRTA failed to pay tax the government though it earned a net income of over Ks7,600 million, said Yangon Region Auditor-General Daw Khin Than Hla, who read out the audit report for 2017-2018 fiscal year, at the session of Yangon Region Parliament on 8 December, 2019.

The YRTA earned Ks9487.785 million in income, spent Ks1796.184 million in expenditure and generated Ks7691.80 million in income. She also pointed out that it also include Ks30.480 million for salaries of those involved in the administrative bodies and administrative funds.

Moveable and immovable properties are not described in the account as the YRTA has not made valuation yet. The YRTA’s cash balance is Ks7670.451 million in total—Ks4868.780 million at Ayeyarwady (AYA) Bank, Ks2800.941 million at Kanbawza (KBZ) bank and Ks0.730 million at Myanma Economic Bank (MEB).

TOP IMAGE: Yangon Region Chief Minister U Phyo Min Thein gave a speech at a public meeting in Sanchaung Township in Yangon on 9 February.

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