YANGON, March 7 (Xinhua) -- Myanmar's new government has laid down plan to collect more revenue in the next fiscal year 2017-18 under a new tax law passed by the parliament, according to official media Tuesday.
According to the new law, the country plans to collect 6,481.0088 billion kyats (about 4.77 billion U.S. dollar) in the next fiscal year and this expected amount is 261.25 billion kyats more than the current fiscal year.
Under the plan, the government is to increase the commercial tax rate on alcohol, beer, wine and cigarettes.
Reforming financial sector, especially the taxation system, is one of the highlighted sectors of the government 12-point economic policy which was introduced in the first four months after taking office.
Proper taxation remains one of the best remedies for the country's huge budget deficit, said local economists.
State Counselor Aung San Suu Kyi, in her address at the opening ceremony of Women's Week Forum in Nay Phi Taw Monday, called on entrepreneurs to dutifully pay taxes as a contribution to the country, warning those who evade tax will be taken action in accordance with the law. Enditem
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