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Announcement on applying electronic payment systems instead of cash/cheque for tax payment of taxpayer companies to the State

  1. Under the Ministry of Planning and Finance, the Internal Revenue Department arranges easy and rapid tax payment ways for taxpayer people through electronic payment, mobile banking, mobile payment, MPU Debit Card online, and links with relevant banks.
  2. The taxpayer, who has received taxpayer identification number-TIN, can pay income tax, commercial tax, special commodity tax, and gem tax to the banking accounts of relevant tax office at the branches of Myanmar Economic Bank from their bank A/C opened at private banks including foreign bank branches in Myanmar with the use of CBM-NET of the Central Bank of Myanmar or https://onlinepayment.ird.gov.mm/etax which is the online tax payment system of using MPU Debit Card.
  3. Income tax payment of staff from the companies paying tax at the Large Taxpayer Office or Medium Taxpayer Office can be paid to the banking accounts of the respective tax offices through electronic payments, mobile banking and mobile payments or MPU Debit Cards.
  4. Relevant private banks will issue the initial documents for payment as evidence of paying tax from the banking accounts of companies through electronic payment methods, mobile banking and mobile payment or payment from MPU Debit Card. After receiving the tax payment in the accounts, the Internal Revenue Department will send the e-payment to the taxpayers on completion of paying the tax.
  5. The taxpayers who have opened the banking accounts at the State-owned banks can pay tax through cash/cheque and account transfer.
  6. Hence, Income tax payment for staff of the taxpayers and the companies which pay tax at the Large Taxpayer Office and the medium taxpayer offices in Yangon, except for the taxpayers who opened bank accounts at the State-owned banks, will apply easier and smoother electronic payment systems instead of cash/cheque payment system as of 1 July in 2020-21 financial year. So, the department requested the taxpayers to cooperate in the process.
  7. For further information, taxpayers may contact-
    (a) Tax service office (Nay Pyi Taw)
    Office No. 46, Internal Revenue Department, Nay Pyi Taw
    Tel: 067-3430533 and 067-3430522
    (b) Tax service office (Yangon)
    No 59/61 (first floor), Pansodan Road, Kyauktada Township, Yangon
    Tel: 01-378370 and 01-378372
    (c) Information and Technology Branch (e-payment section)
    No 569/577, corner of Merchant Street and Baha Bandoola Park Street
    Kyauktada Township, Yangon, Tel: 01-8379021.
    Internal Revenue Department

Source: The Global New Light of Myanmar

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YGEA strives for gold market stability

Myanmar gold market has risen along with the dollar gain in the local forex market. Yangon Region Gold Entrepreneurs Association (YGEA) reportedly decided not to sell the gold to those who influence and manipulate the gold market. The decision was made at the monthly meeting of the YGEA held May-end. The main point is not to sell those traders who practise market manipulation. Only gold retailers and gold shops from regions and states are available to buy the gold.

It’s an attempt to control the price as well, U Win Myint, general secretary of YGEA, pointed out. The precious yellow metal fetched K1,568,000 per tical (0.578 ounces or 0.016 kilograms) in May-end. The price of pure gold slightly increased to K1,573,000 per tical on 1 June. The price will not fluctuate widely on account of the concerted efforts. The domestic gold market was bullish, tracking the dollar gains in the local forex market.

The price reached an all-time high of K1,706,000 per tical on 12 May, while the dollar exchange rate against Kyat strengthened up to K1,760. The rate is recorded as the highest in history. At the monthly meeting, U Myo Myint, chair of YGEA, delivered an opening remark, and the patron U San Lwin also remarked. Secretary U Win Myint discussed ways to stabilize the gold price with the members of the YGEA. The association concluded to avoid bulk sale with gold shops and stop selling them to those traders who purposely manipulate the market.

Source: The Global New Light of Myanmar

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Amata Holding Public Company debuts on YSX today (3 June)

The Amata Holding Public Co., Ltd (AMATA) is listed on the Yangon Stock Exchange (YSX) on 3 June 2021 at the base price of K4,500 per unit. Its share trading is made on the same day, according to the recent notice released by YSX. The upper limit price is set at K5,500, while the lower is at K3,500. If investors place a market order, it can be matched between the upper and lower limit price based on the balance of supply and demand. After scrutinizing submitted application documents and a deliberate listing examination, YSX approved the Amata Holding Public Co., Ltd. (AMATA) to be listed on YSX under Section 41 (c) of the Securities Exchange Law and Section 7 and 8 of the Securities Listing Business Regulations, on 28 December 2020. Earlier, it was earlier scheduled to debut on the exchange on 12 March.

YSX has postponed the scheduled date of listing of the Amata Holding Public Co., Ltd. (AMATA for a certain period, according to the YSX notification dated 26 February 2021. AMATA is the very first hotel and tourism business to be listed in the equity market. The base price of AMATA will be announced on the YSX website one working day prior to the listing date. On 18 July 2018, the company issued a prospectus in which 596 investors held 497,598 shares at an offering price of K5,000 per unit. AMATA would be the seventh public company to list on the exchange. AMATA is a public holding company as per the company’s profile. It operates resorts in Ngapali Beach, Inlay Lake and Bagan, and a hot air ballooning business with 15 balloons in six cities.

AMATA owns 99.99% share from United International Group Co., Ltd and 51% shares from Myanmar Ballooning Co., Ltd. At present, shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH) and the Ever Flow River Group Public Co. Ltd (EFR) are traded on the exchange. On 2 June 2021, the share prices of FMI were closed at K9,000 per unit, MTSH at K3,500, MCB at K7,800, FPB at K19,000, TMH at K2,750 and EFR at K2,950, respectively. Usually, over K60 million worth of shares were traded on the exchange every day. The COVID-19 impacts cooled down the market.

Source: The Global New Light of Myanmar