Friday, September 22, 2017

Tax department admits error over public disclosure

The Internal Revenue Department (IRD) has publically disclosed the names more than 10,000 local businesses guilty of tax evasion in the 2012-13 fiscal year though the government agency now admits that some of those listed were made in error, said an official.

AGD Bank managing director U Ye Min Oo speaks during the joint press conference on Tuesday. (Aung Htay Hlaing/The Myanmar Times)AGD Bank managing director U Ye Min Oo speaks during the joint press conference on Tuesday. (Aung Htay Hlaing/The Myanmar Times)

The list, which was published on the IRD website on March 6, includes a total of 10,670 local companies, included local tycoon, Tay Zaw’s Asia Green Development Bank Ltd (AGD Bank), A1 Garment Co Ltd, Serge Pun’s Yoma Strategic Holdings Ltd, Small & Medium Industrial Development Bank and six other names published erroneously due to a ‘computer error,’ IRD Director U Tin Htun Naing announced during a press conference held jointly between the IRD and AGD Bank on Tuesday.

“We want to speak to those companies that are in touch or reorganizing themselves who do have plans to pay taxes as our staff mistakenly listed such firms,” he said, adding that the nine firms have since been dropped from the list of offenders.

The conference comes following several reports in the local media over the alleged misconduct. The IRD has since withdrawn the list.

“I assume that the media misunderstood banking procedures as banks’ filing procedures are not the same as other companies because since we are working with money,” said U Ye Min Oo managing director of AGD Bank.

He said that the banks are required to report daily financial earnings reports to the Central Bank, as opposed to other firms that are only required to do so every six months.

“The government and Central Bank [of Myanmar] are very strict on us,” he said.

The original list included a statement demanding that the firms pay the back taxes by March 20.