Myanmar deploys just 0.3 percent of total tax revenue compared to 2pm in Vietnam, U Maung Maung Win said in a Hluttaw session on February 28. “Compared with other emerging markets, we are about eight times lower in terms of government spending,” he said.

Myanmar collected taxes totalling K8.3 trillion during fiscal 2018-19, which is up by more than a third compared to five years ago.

But the ratio of tax income to GDP has been decreasing. In 2018-19, this was 7.9 percent compared to 8.7pc in fiscal 2014-15, data showed. This ratio is 15pc on average across the Asean region.

As such, the country should raise efforts to deploy funds towards development, said U Win Htut, Pyithu Hluttaw MP from Phyapon constituency in Ayeyarwady Region.  

U Maung Maung Win said a larger portion of the budget should be allocated to the Internal Revenue Department for the purposes of upgrading its tax collection procedures as well as on tax education.

He added that the government needs parliamentary support in expediting amendments to existing tax regulations and when enacting new tax laws. – Translated

Source: https://www.mmtimes.com/news/govt-spending-lagging-despite-higher-tax-revenues.html