To make the tax law more productive, Yangon Regional Government plans to hold a meeting with business leaders to discuss the 2018 Union Tax Law

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.

(Myanmar Business Today: https://www.mmbiztoday.com/articles/2018-union-tax-law-calls-private-sector-involvement )

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