The Yangon Regional Government is planning to hold a meeting with business leaders this month to discuss the 2018 Union Tax law in order to make the tax law more productive, according to Dr. Maung Maung Lay, Vice President of Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
U Phyo Min Thein, Chief Minister of Yangon Regional government, announced the topic at the monthly meeting between Vice President U Myint Swe and business leaders.
The present 2017 Union Tax Law faces criticism and complaints that it is difficult to apply because voices from business were not included in drafting it.
Union Tax Law is prepared and summited by Union Government to the Parliaments yearly.
‘’The Chief Minister was trying to say, ‘what do business leader want to say or do?’ So we are on it. We will discuss with the government until it (Union Tax Law) reaches the Parliament. Last years, criticism and complaints emerged only after the law was approved,” Dr. Maung Maung Lay, said.
Nearly 70 percent of the businesses across the country are based in Yangon, as development of the country, U Pyoe Min Thein claimed, depends on the development of private sector, the meetings are a high priority.
‘‘We will talk to the business leaders at the UMFCCI office on how to adopt reasonable tax measures, and how to streamline tax payments. This will be helpful for the proposed tax law that will be summited to the Parliaments this coming April,’’ he added.
Dr. Maung Maung Lay welcomed the plan of holding meetings to ask for advice and recommendations from business leaders.
‘‘We welcome the meetings. We must work together on this as a Private Public Partnership. The government can do nothing about the complaints and criticisms that emerge after the tax law is approved. It would take a year to revise or amend it causing a loss in GDP, and the economy would not be as successful as it could be,’’ he added.
Ref:
https://www.mmbiztoday.com/articles/2018-union-tax-law-calls-private-sector-involvement