Government
Taxation
Tax perks in push for more children
Individual taxpayers can claim child allowance deductions for an unlimited number of biological children or up to three foster children under the new personal income tax structure effective from the 2017 tax year. The move, among other changes, is aimed at encouraging people to have ...
ANZ Royal approved to facilitate tax payments
ANZ Royal Bank has been authorised to facilitate payments owed to the General Department of Taxation (GDT) through its corporate tax payment service, a company release on Friday stated. The service will expand on the bank’s capability to deliver secure digital transactions and will be ...
Kingdom slips in TI’s graft index
For the fourth year in a row, Transparency International has rated Cambodia the country perceived as ASEAN’s most corrupt, and just ahead of North Korea and Afghanistan for the entire Asia-Pacific region. The 2016 Corruption Perceptions Index, which scores and ranks 176 countries and territories ...
Bridge crossing nets 98 million kip from Value Added Tax
Customs checks at Lao-Thai Friendship Bridge in Vientiane have netted the country over 98 million kip via the 10 Percent Value Added Tax since implementation of stricter controls in late 2016. Deputy Head of the Customs International Checkpoint under Lao-Thai Friendship Bridge, Mr Soutchai Inthavong ...
More tourists, less revenue
The Ministry of Tourism released its annual report on January 24 during its yearly meeting, showing growth continued for the sector in 2016, while launching a campaign to eliminate unlicensed tourist establishments that ministry officials claim slowed revenue collection last year. International tourism arrivals increased by ...
Vice President demands transparency from Finance Ministry
Vice President Phankham Viphavanh called for the Party Committee of the Ministry of Finance to work harder to ensure all the sector’s party cadres and financial officials performed their professional tasks transparently. Mr Phankham, who is also Standing Secretary of the Party Central Committee’s Secretariat, ...
Commerce ministry cracks down on unreported export earnings
The Ministry of Commerce is working with the Central Bank to crack down on unreported export earnings, according to Union minister U Than Myint. The government has adopted a multi-pronged strategy to try to counter the volatile US dollar-kyat exchange rate, which has prompted widespread complaint ...
Tax cut planned for low-cost housing purchases
The government is planning to drastically reduce the taxes it levies when people purchase state-commissioned low-cost housing, which developers say puts many units out of reach for ordinary buyers. Union Planning and Finance Minister U Kyaw Win, in a speech to developers and business leaders ...
Sleeker tax system nets more revenue
Efforts to introduce an effective, modern taxation system appear to be paying off as government coffers swelled last year, giving the state more revenue to use for development at a time when donor aid is drying up. Tax collection revenue grew by 15 percent to ...
Soros fund management to assist Myanmar in budget drawing process
The Soros Fund Management will render technical assistance to Myanmar for its budget drawing process and taxing, Myanmar News Agency reported on January 12. The assistance was discussed when Myanmar State Counselor Aung San Suu Kyi met with the Soros Fund Management delegation led by ...
