Announcement for Tax Payers
1. The Internal Revenue Department established a project office at the Yangon Region Revenue Department on 17 August to provide quick services for those who want to increase their investments during the COVID-19 crisis.
2. It was learnt that some tax payers were concerned about the establishment of the project team, and that it is informed that the project office will not scrutinize shares initially acquired by existing shareholders.
3. The following are the objectives of the establishment of the project office.
(a) In accordance with Section 25 of the 2019 Union Tax Law, income taxes collected on the incomes exempted from tax collections for 2019-2020FY are exempted and the plan could be enjoyed before the end of this financial year.
(b) To provide ‘one stop services’ for the shareholders who want their shares to be taxed at the project office, rather than going to relevant township revenue departments to pay their taxes.
(c) Shareholders who want to contribute new shares can pay their taxes at a single place.
(d) Shareholders who have yet to pay their taxes will now be able to pay their taxes quickly and easily with their consent at the office.
(e) By levying taxes on shares at one place, the collection of the taxes will be fair and equal.
Internal Revenue Department
The Ministry of Planning, Finance and Industry