By Nyein Nyein
The Yangon Region Transport Authority (YRTA) will pay income tax on its earnings from the leasing of land and vehicle supervision charges, said YRTA Joint Secretary U Hla Aung. Yangon Region government has already directed the YRTA to pay annual income tax for each financial year, he continued. At present, YRTA is managing to pay income tax on its earnings derived from the vehicle supervision charges and the lease of land in line with rules and regulations. “We are managing income tax in compliance with policies and procedures. We will follow the guidelines of Yangon Region government in this matter,” the YRTA joint secretary added.
According to a report on the Yangon Region government’s spending in 2017-2018 financial year, the YRTA’s net income was over K7.6 billion. The net income was derived from the lease of land and vehicle supervision charges, after deducting spending. But, the YRTA did not pay an income tax. The YRTA’s gross income was estimated at K9.487 billion, while spending was approximately K1.796 billion, as per the Yangon Auditor- General’s report.
The YRTA was formed to improve transport facilities in Yangon for the convenience of the public. Yangon Region Chief Minister U Phyo Min Thein was appointed as the chairman of the transport authority, with 16 members, as per the order issued by Yangon Region government on 8 July 2016.
In April 2019, the number of members was increased to 22, with the YRTA appointing the Security and Border Affairs Minister as vice-president 1 and the Yangon Mayor as vice-president 2, besides officials from relevant departments and organizations. (Translated by Ei Myat Mon)