IRD Collected K60m in Business Fines in 3 Months

· Finance,Economy

Nearly K60 million (US$40,000) had been collected in fines from businesses by The Internal Revenue Department (IRD) from June to August. In the three-month period, a total of 596 fines worth K59.76 million were levied and most of the fines were levied on shops for failure to put tax stamps on sales receipts for mobile phones.

The amount of collected tax from January to August rose by more than K562 million from the same period last year said the department.

Fines will be increased under the new Union Taxation Law that took effect on Monday. Failure to affix tax stamps to sales receipts for mobile phones and accessories can result in a K500,000 fine the first time, K1 million the second time, and K1.5 million for a third offence. Habitual violators would be fined K2 million each time.

Revenue from stamp duties this year fell to K53.88 billion from K56.5 billion last year because of the sluggish performance of the construction industry.

Source: The Myanmar Times