Internal Revenue Department (IRD) announced that all companies in Yangon will have to pay their taxes through online starting from October 1.

Taxpayers will be able to pay via M-banking, e-banking, i-banking and mobile payment system as well as online payment platforms linked by MPU Corporate Debit Cards. We have connected with five banks including CB Bank and KBZ Bank to arrange the system. At present, tax revenue of K50 billion has been remitted through the online system, said U Min Htut, Director General at the IRD.

The tax payers no longer need to carry cash or cheques or come in person to pay tax. It will save a lot of time and money. As they don’t need to touch the money, they will be able to avoid other cash-related risks, he added.

Source: mmtimes