Sat, 21 May 2022

Myanmar tax revenue plunges under coup regime

Khalid Umar Malik
17 Jan 2022, 11:01 GMT+10

YANGON, Myanmar - According to the latest annual report of the country's Internal Revenue Department (IRD), Myanmar's military junta has collected much less in taxes than its deposed democratic predecessor.

According to the data for the fiscal year ending September 30, which encompasses the first eight months of the coup regime's reign, total tax earnings fell by 35% last year compared to the same period the previous year.

According to the report, the IRD collected 4.745 trillion Kyats ($2.657 billion) in revenue in 2020-21, down from 7.296 trillion Kyats ($4.086 billion) in fiscal 2019-20.

According to IRD data, there has been a decrease in every category, including wealth taxes, special commodity taxes, commercial taxes, stamp duties, lotteries, and jewelry taxes.

Within a week of the report's publication, the junta imposed additional taxes on internet services in an apparent attempt to boost revenue, including a 20,000 kyat ($11) commercial tax on SIM cards that previously cost only 1,000 Kyats and a 15% service tax.

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