Tax revenues exceed target in mini budget

Tax revenues exceed target in mini budget
Published 5 December 2018

Customs Department generated the tax revenue of over Ks 596 billion in 2017-2018 fiscal year. During the mini budget period in 2018, the total tax revenues hit over Ks 294 billion, said Kyaw Htin, Director-General of Customs Department, at a business talk between officials from the Customs Department at Ministry of Planning and Finance and private entrepreneurs on economic development of the country, according to the State-owned newspapers.

The department collects custom duty, commercial tax, special good taxes and prepaid income taxes. The department collects commercial tax, special good taxes and prepaid income taxes for the Internal Revenue Department.

The tax revenue collected for Internal Revenue Department hit over Ks1,562 billion in 2017-2018 FY and over Ks772 billion in the mini budget of fiscal year in 2018, he added.

For the modernization of customs industry, the Customs Department is implementing Customs Reform and Modernization Plan from 2017-2021.