Yangon at dusk. Htet Tayza discusses Myanmar. Image by mydaydream.

While there has been a government lottery in operation in Myanmar since 1938, it wasn’t regulated. This has prompted the government to draft and submit a new lottery bill, as well as move into the 21st century with the introduction of an e-lottery.

U Kyaw Win, the Minister for Planning and Finance, said: “The bill aims to impose a tax in accordance with law and to introduce an e-lottery.”

The minister also explained that participants can play the lottery using their chosen amount when playing online. It’s expected that these new rules, and the new online access will expand the market for the lottery and therefore increase the amount of tax the government make on it.

The lottery has long been one of Myanmar’s largest earners of tax revenue and should raise around K47,356 billion this financial year (2017/2018). Last year (2016/2017) the lottery raised K30 billion.

Foreign partners can participate

The bill states that the e-lottery will welcome both local and foreign participants. The bill says that: “the Ministry may, with the approval of the Government, cooperate for mutual benefit with domestic and foreign companies or partnerships or individuals in accordance with existing laws.”

There was also an amendment made to stamp-duty, with the aim of avoiding losses in tax because of the repeal of the Yangon City Development Committee (YCDC) law and Mandalay City Development Committee (MCDC) law.

A 2% stamp duty tax was previously collected for sales of immovable assets under the MCDC and YCDC laws. As these two laws were subsequently repealed, the stamp duty law had to be amended in order to collect the tax.

Stamp duty rates reduced

The amendment further reduces some tax rates. It’s expected that the stamp duty will bring in K47.689 billion this year, according to the government.

Htet Tayza

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

About Htet Tay Za

My name is Htet Tay Za and I’m a young banking professional from Myanmar. I was born in Yangon, Myanmar twenty-four years ago. I have a keen interest in business, cuisine, lifestyle and philanthropy.

Category

Economy, Htet Tayza, htoo htet tayza, Myanmar

Tags

, , , , ,