Hefty fines for tax evasion
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The Internal Revenue Department (IRD) gave a stern warning that companies in Myanmar must file their taxes by June 30, otherwise they stand to face a heavy fine that could be up to 150 times the size of their actual tax bill.
“Trying to dodge tax could be a risky task. If they don’t follow the rules and procedures, a heavy fine will be imposed,” said Aung Myo Oo, the head of the Seikkan Township IRD.
Under section 21 of the commercial tax law, a company must pay 10 per cent of its due tax as a fine for failure to: register with the tax department, inform about running its business, pay monthly tax, file three-month and annual statements, pay annual tax, follow the rules and procedures, pay tax by the specified date and show required receipts or documents upon filing tax.
