Tax revenue hits 58.09 pc of the target

Tax revenue hits 58.09 pc of the target
Internal Revenue Office in Yangon.
Internal Revenue Office in Yangon.
Published 19 May 2019

From October, 2018 to April, 2019, the Internal Revenue Department has collected a tax revenue of Ks 3601.721 billion or 58.09 per cent of the total tax revenue target, in 2018-2019 fiscal year.

During the seven months of this fiscal year, the tax revenues collected by the state-owned sector amounted to Ks 705.725 billion, the cooperative sector, Ks 1.264 billion and the private sector, Ks 2,894.732 billion.

Till April of this FY, the income tax was Ks 1539.384 billion, the commercial tax, Ks 1168.175 billion, the special good tax, Ks 779.866 billion, the stamp tax, Ks 34.557 billion and the lottery tax, Ks 79.739 billion.

During this fiscal year, the total tax revenues are projected to hit Ks7,575.934 billion—Ks 2,324.816 billion in income tax, Ks2,122.838 billion in commercial tax, Ks 1391.459 billion in special good tax,  Ks 74.636 billion in stamp tax and Ks 142.781 billion in lottery tax.

The annual tax revenue hit Ks 1,683 billion in 2011-2012 FY, Ks 3,373 billion in 2012-2013 FY, Ks 4,459 billion in 2013-2014 FY, Ks 6,518 billion in 2014-2015 FY, Ks 6,315 billion in 2015-2016 FY, Ks 7,122 billion in 2016-2017 FY, Ks 7,423 billion in 2017-2018 FY and Ks 2,792 billion in the mini budget from April to September in 2018.

The contribution of tax revenue to GDP ratio was: 3.63 per cent in 2011-2012 FY, 6.5 per cent in 2012-2013 FY, 7.69 per cent in 2013-2014 FY,  9,84 per cent in 2014-2015 FY, 8.61 per cent in 2015-2016 FY, 8.93 per cent in 2016-2017 FY, 8.21 per cent in 2017-2018 FY and 8.49 per cent in the mini budget.