“All Yangon-based firms, once they pay revenue tax, business tax or particular commodity taxes, must pay by way of a brand new cell system beginning on October 1.
Although some companies have already making tax funds this fashion, it’s going to now be obligatory for all Yangon companies. That is to remind them to arrange upfront,” U Min Htut, director common on the IRD, stated.
The federal government has organized for funds to be made by way of M-Banking, e-Banking, i-Banking and Cell Cost programs, in addition to on-line fee platforms linked by MPU Company Debit Playing cards.
“There aren’t any specs by way of the kind of firm. It applies to all companies in Yangon. We’ve got made preparations with CB and KBZ earlier within the yr, and can be capable to settle for funds by means of a complete of 5 banks. Presently we obtain round Okay50 billion in tax income by way of our on-line fee system,” he stated.
Those that are presently paying revenue tax on the tax workplace want to vary to the digital fee system. These taxpayers might want to make a contribution by way of the bank, as a substitute of by means of their passbooks.
“Taxpayers not want to hold cash or cheques. The brand new technique will save them quite a lot of money and time,” U Min Htut stated. – Translated