Over Ks-7,575 billion in tax revenues budgeted for 2018-19 FY

Deputy Minister for Planning and Finance Maung Maung Win submitted the Union Budget Bill for 2018-2019 FY at Union Parliament.

 

According to the Union Budget for 2018-2019 FY, the tax revenue is expected to hit over Ks-7,575 billion, up over Ks-1,000 billion compared with last year’s figure.

In 2017-2018 FY, the budgeted tax revenue was Ks-6,481,008.890 million. From April to September, this year, the tax revenue is estimated to reach Ks-2,791,896.763 million.

Deputy Minister for Planning and Finance Maung Maung Win submitted the Union Budget Bill for 2018-2019 FY, at the session of Union parliament on August 24.

The tax revenue collected on local products and local spending is Ks-3,862,785.944 million, Ks-1,084.275 for excise tax by the Ministry of Home Affairs, Ks-2,122,838.547 million for commercial tax by the Ministry of Planning and Finance, Ks-7,000 million for import license and permit fees by the Ministry of Commerce, Ks-142,781.612 million by Internal Revenue Department, Ks-121,400 for vehicle, driver and business licenses by the Ministry of Transport and Communications, Ks-74,636.719 million for office tax and stamp tax by the Ministry of Planning and Finance, Ks-720 million by the Ministry of Natural Resource and Environmental Conservation, Ks-865.475 million by Ministry of Hotels and Tourism and Ks-1,391,459.316 million for special good taxes by the Ministry of Planning and Finance.

Taxes collected on income taxes and property ownership by the Ministry of Planning and Finance cover Ks-2,324,816.320 million in income taxes and Ks-530,000 million. Ks-858,331.950 million is earmarked for the taxes collected on the extraction of state-owned resources. The Home Affairs Ministry has budgeted Ks-10.392 million for taxes collected on its own lands, the Nay Pyi Taw Council, Ks-76.003 million for water taxes, Home Affairs Ministry, Ks-0.025 million for dam taxes, Ks-5,100 million for forest taxes for the extraction of forest products, Home Affairs Ministry, Ks-45.048 million for the mine exploration.

Ministry of Agriculture, Livestock and Irrigation has budgeted Ks-2,607 million for fishery sector, the Ministry of Electricity and Energy, Ks-410,313.212 million for oil and gas exploration, Ministry of Natural Resources and Environmental Conservation, Ks-30,368 million for mining and gem, Ministry of Transport and Communications, Ks-396,963.800 million for telecom services, Ministry of Electricity and Energy, Ks-12,197.920 million for hydropower generation, Ministry of Agriculture, Livestock and Irrigation, Ks-650.550 million for vacant, fallow and virgin lands, the deputy minister said.

The Union Budget for 2018-2019 FY is the 6th taxation law to be approved by Union parliament. It is drafted using the 2018 Union Taxation Law, the deputy minister added.