The collection of tax revenues from the offices which practice Self Assessment System (SAS) will account for 80 per cent of the total tax revenues, said Daw Swe Swe Khaing, Director of the Internal Revenue Department (IRD) at the Ministry of Planning, Finance and Industry.
In the 2018-19 fiscal year, the IRD collected five kinds of taxes, namely commercial tax, income tax, special good tax, stamp tax, and lottery tax.
“The total tax revenues from the five kinds of taxes were projected to fetch Ks 6,238 billion. The IRD collected Ks6,748 billion, up Ks 787 billion compared with the same period last year. It achieved a 108-per-cent success, she added.
Apart from stamp tax, the IRD’s tax revenues for four other taxes were higher than that in the previous year. The IRD collects tax based on the SAS and the Official Assessment System (OAS), she said.
Two kinds of SAS offices are the Large Taxpayer Office (LTO) and the Medium Taxpayer Offices (MTOs). The tax revenues collected by two SAS offices amounted to Ks4,557 billion, accounting for 68 per cent of the total tax revenues. The tax revenues from the SAS office are expected to hit 80 per cent, she said.
Regarding the law and policy sector, the Tax Administration Law which can describe the differences between duties and rights of the taxpayers was enacted. The Union Budget Bill was drafted four times. The Special Goods Tax Law was enacted and the Union Budget Bill was compiled.
