Myanmar expects US$2.8 bn increased revenue

National revenue for this fiscal year is expected to increased by about 2,400 billion kyats (US$2.8), a big jump from the previous year, according to the statistics released.

More revenue income is expected from Ministries of Finance & Revenue, Home Affairs and Environmental Conservation & Forestry, while less from Ministries of Rail Transportation, Commerce, Livestock & Fisheries, Agriculture & Irrigation.

“Compared to 2012-2013 fiscal year, we have projected increased revenue from some ministries in 2013-2014; K555.71 billion (US$646m) from Ministry of Finance & Revenue, K16.82 billion (US$19.56m) from Ministry of Home Affairs, and K332.8 million (US$0.3m) from Ministry Environmental Conservation and Forestry,” Win Shein, Minister for Finance and Revenue, said.

He added there is no improvement in other ministries’ tax collection and called for better measures to obtain full revenue it should achieve.

Meanwhile, concerned committees at the Union Assembly are still discussing coming fiscal year’s tax collection based on the report of Win Shein.

It is required to transform tax collection system, to identify tax-evading companies and to collect tax directly from the tax-paying people in order to obtain full amount of revenue for the nation, Aye Mauk, secretary to planning & revenue committee of lower house, told Eleven Media.

In Myanmar, 11 departments of 7 ministries collect tax under 4 main categories divided into 14 sub-categories.

Comparison of Revised 2012-13 Projection & Initial 2013-14 Projection (in million kyats)

No.    Ministry                    Rev. 2012-2013 Proj.    Init. 2013-2014 Proj.    Up(+)/Down(-)

1.    Home Affairs                              10205.763        27028.175               (+) 16822.412
2.     Rail Transport                         133625.750        37845.230              (-) 95780.520
3.     Commerce                               6400.000            6000.000               (-) 400.000
4.     Livestock & Fisheries             10745.351          10607.020               (-) 138.331
5.    Environmental & Forestry    4111.603            4444.404                  (+) 332.801
6.     Agriculture & Irrigation       2600.702            1104.896                  (-) 1495.806
7.    Finance & Revenue                 1751286.840        2307000.000        (+) 555713.160
                             Total                     1918976.009        2394029.725         (+) 475053.716

source: Eleven Myanmar

http://elevenmyanmar.com/business/2747-myanmar-expects-us-2-8-bn-increased-revenue