MCEA President guarantees compensation out of own pocket for possible tax reduction losses

Writer: 
Zeyar Nyien

 

Shein Win, President of Myanmar Construction Entrepreneurs Association (MCEA) told Myanmar State Counsellor Aung San Suu Kyi on August 27 that he would pay back compensation for loss using his own personal wealth if tax revenues starts to decline due to tax reduction.

Myanmar State Counsellor Aung San Suu Kyi held a talk with local entrepreneurs and business persons in Nay Pyi Taw on August 27.

Myanmar State Counsellor Aung San Suu Kyi said, according to economists, tax exemptions would not help support economic development.

“I would like to promise that I can assure a guarantee on behalf of the MCEA if some economists don’t accept tax reduction. Please compile the lists of total tax revenues earned in 2016, 2017 and 2018. As a president of the MCEA, I will pay all necessary financial amounts in discrepancies if tax revenues to be earned in 2019 were found to be in decline compared to those in 2018 after deducting tax rates levied on buyers. I alone will bear the compensations using my personal belongings if nobody wants to do it,” he added.

State Counsellor Aung San Suu Kyi said: “I would record to remember his promise. I am very happy to see the burning desire about the Condominium Law. It can be said that it has achieved progress during the struggle in five years. I think everybody know why the government collects taxes. A country needs to spend taxes for its citizens in order to stand with dignity. The collection of taxes is not for the government and for government ministers. It is the spending of tax revenues for the country. Tax collection is not intended to fine businesspersons and the public.”

The government will use tax revenues for its expenditures. The government will not find its expenditures by selling natural resources. Entrepreneurs are urged to extend a helping hand to the government. Especially, a country needs to have sufficient tax revenues for its expenditures in order to become a country with the stability and sustainable development. We don’t want to collect taxes without necessary, she added.