Annual Report For the Fiscal Year 2015-2016
The Internal Revenue Department faces many challenges to increasing the revenue collected such as development of new technologies, unexpected natural disasters, political changes and the fluctuations in the world economy. The Internal Revenue Department has been trying to adjust its internal operations in order to quickly adapt to these situations.
Tax Revenue Collected by Tax Type
Income Tax is the largest source of tax revenue, accounting for 51 % of IRD collection. It grew from 2344.388 billion kyats in FY 2014-15 to 2356.338 billion kyats in FY 2015-16. Even though it could not meet the budget target, the boost to public and private spending from Myanmar’s economic growth resulted in improved collection.
Commercial Tax accounted for 45% of IRD collection. Although the collections increased from 1959.825 billion kyats in FY 2014-15 to 2107.182 billion kyats in FY 2015-16, it could not meet its budget target. The increase was due to improvement of taxpayers’ compliance and effectiveness of cooperation with other departments.
Stamp Duty, which is a duty on documents, accounted for 3 % of IRD collection. Collections grew by 77.362 billion kyats in FY 2014-15 to 139.399 billion kyats in FY 2015-16.
Collections of Lottery Tax amounted to 34.138 billion kyats, and it contributed 1.00 % of IRD collection in FY 2015-16.