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Myanmar-Thailand border trade down by $12.79 mln in April

The value of Myanmar’s bilateral trade with the neighbouring country Thailand through land border has registered a decrease of US$12.798 million in April of the current financial year 2022-2023 as against a year ago period, statistics issued by the Ministry of Commerce indicated. The ministry reported that exports surpassed imports in trade with Thailand this year, with exports reaching over $240.4 million and imports valued at over $92 million, totalling $332.47 million.

During the corresponding period of the past FY2020-2021, Myanmar-Thailand border trade touched a high of $345.27 million. There are seven border posts between Myanmar and Thailand through Tachilek, Myawady, Kawthoung, Hteekhee and Myeik. Except for Kawthoung, Myeik and Myawady, the remaining border crossings showed a slight increase in the trade this FY. The value of border trade stood at $10.677 million via Tachilek, $134.848 million via Myawady, $18.1 million via Kawthoung, $4.655 million via Myeik and $163.4 million via Hteekhee.

Myanmar exports the corn to Thailand through Myawady and Tachilek land border. Additionally, exports of natural gas from the Taninthayi Region contributed to the enormous increase in border trade with Thailand in the previous years. Myanmar primarily exports natural gas, fishery products, coal, tin concentrate (SN 71.58 per cent), coconut (fresh and dried), beans, and bamboo shoots to Thailand. It imports capital goods such as machinery, raw industrial goods such as cement and fertilizers, and consumer goods such as cosmetics and food products from the neighbouring country.

Source: The Global New Light of Myanmar

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The Internal Revenue Department issued to submit income tax return, annual salary statement and annual trade tax declarations

The Internal Revenue Department issued to submit income tax return, annual salary statement and annual trade tax declarations. Year of Revenue, Year of Sales / Revenue The year of sales and revenue (accounting period) is from October 1, 2021 to March 31, 2022. Offices that will receive the declaration must submit it to the tax assessment office of the current taxpayer. If the company is not yet a taxpayer, the application must be submitted to the Central Tax Service Office for registration and tax assessment office, and the declaration must be submitted to the tax office designated by the Central Office for Taxation Services. 

If it is an individual who is not yet a taxpayer, it must be submitted to the relevant Township Revenue Office. If the submission is made in person, it will be considered as submission by the Department on the date of receipt of the receipt. In case of sending by post, it will be considered as delivery on the date stamped. In case of electronic submission, the Department will consider the submission on the date of receipt of the electronic form. When filling out the declaration, you must use the relevant forms prescribed by the Internal Revenue Department, and the tax declaration forms can be obtained from the relevant tax offices and the department’s website  at www.ird.gov.mm. The taxpayer is responsible for the accuracy and completeness of the tax declarations, so it is necessary to complete the prescribed declaration forms. 

The declaration form must be signed by the taxpayer himself, and if the tax declaration or part of the tax declaration is amended for a fee, the person making the amendment must also co-sign the declaration. The declaration must be submitted by June 30, 2022 at the latest. Failure to submit tax returns on time will result in a fine of one of the following two fines: (A) one percent of the amount of tax to be paid for each month or part of the month which continues to fail to submit the declaration from the date stipulated to be submitted by the Director-General in addition to five percent of the tax payable; (B) One hundred thousand kyats. If for some reason it is difficult to submit the declaration on time, you can apply to the relevant tax office in advance to extend the tax filing deadline.

Source: Daily Eleven