The taxes were received from income tax, commercial tax, special commodites tax, stamp duties and the Aung Bar Lay lottery tax.
There are three reasons behind the rise, U Min Htut, director general of the IRD, told The Myanmar Times.
“The first reason is improvement in tax-payer compliance. The second is the rate change of commercial tax which is updated yearly based on forecast GDP growth. The third is increased trade value,” he said.
The IRD’s statement revealed that the IRD collected a total of K985 billion in income tax, K928 billion in commercial tax, K605 billion in special commodity tax, stamp duties worth K29 billion and Aung Bar Lay lottery taxes totalling K50 billion. The actual tax received is 123.6pc of the government’s target.
According to 2018 Tax Law, tax revenues from a total of 21 kinds of taxes collected from the Ministry of Home Affairs, Ministry of Transportation and Communication, Ministry of Electricity and Energy, Ministry of Agriculture, Livestock and Irrigation and Ministry of Hotel and Tourism is forecast at K2.8 trillion.
With help from the World Bank, Myanmar has set an aim to increase its tax to GDP ratio to 10pc by 2022, said U Min Htut.