Myanmar moves to prevent tax evasion
Xinhua, Yangon
Myanmar has introduced a new measure to prevent private companies' tax evasion by denying the biennial renewal of their business licenses on failure to fully settle their outstanding tax payment annually, the local journal Newsweek reported Tuesday.The measure was so taken as the government gained only 56 million US dollars from tax revenue in the fiscal year 2006-07 which ended in March against the projected 300 million dollars, the report said, blaming that 60 percent of the country's business companies evaded paying tax. The authorities have stressed the need for collecting tax to be spent on building infrastructures such as road and bridge and other development tasks, urging the companies to fulfill the need of the state.
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