Jul 2, 2014

Myanmar reaps US$3 bln in taxes for 2013-14 FY

The government has received nearly US$3 billion, 4.4 percent of Myanmar’s GDP, in total tax revenue for the 2013-14 fiscal year.

The amount is the lowest compared to other countries in the region, where Cambodia gets 11.6 percent of its GDP from tax, Thailand – 16.5 percent and Philippines – 12.9 percent respectively.

The internal revenue department was unclear how much tax was paid from state-owned firms, especially the Myanma Oil and Gas Enterprise and other mining companies and extractive industries.

According to a report by the Asia Foundation and the International Growth Centre (IGC), state-owned enterprises earning the most profit are still under the Ministry of Energy, the Ministry of Mining, and the Ministry of Environmental Conservation and Forestry.

The report said that it is difficult to gage the amount of natural resources left in Myanmar, what remains to be explored and what is running out due to excessive mining or illegal logging.

Over US$4 billion in tax was raised from oil and gas in 2013-2014, US$400 million from forestry and logging, US$ 300 million from mineral exploration, and US$1 billion from electrical energy.

Source: Eleven Weekly Media