Wednesday, September 20, 2017

New prizes to be introduced for state lottery

Even with a jackpot offer of K1 billion by the ‘Aung Bar Lay’ state lottery, the government is planning to introduce more prizes.

Finance and Planning Minister U Kyaw Win said the government was working out its plan.

“The reason for the K500 lottery tickets is for the people to try their luck and wit. If they hit the jackpot, they’ll have enough money to start their own business.

“Based on the number of players and tickets sold, we will introduce additional prizes later valued at K200 million, K300 million and K500 million,” he told a press conference on Monday on the government’s first-year performance.

U Kyaw Win also said the K50 lottery was not to collect more taxes for the government, but aimed at eliminating 2-digit and 3-digit illegal gambling.

He said the people did make contributions to the Internal Revenue Department (IRD) under the Ministry of Finance and Planning, which ran the state lottery, when they buy tickets.

“At the same time, they are trying their luck to win a prize. Even if they don’t win, they can feel happy their money goes into Myanmar’s development,” he said.

His deputy minister U Maung Maung Win said when the prizes had been increased to K200 million or K300 million, the ticket prizes and lottery opening period might vary.

“The tickets might be cheaper than K200 or K500. They may open fortnightly, instead of once a month,’ he said.
Tax revenue from lotteries in 2016-17 was K40.203 billion, according to the IRD director general.

Only K200 lottery tickets were sold last year but this year, the ticket price went up to K500, and so the department expects a revenue of over K100 billion this time.

With more prizes to be offered, the director general said people could expect the new additions in July.

“There are 50 letters on lottery tickets coming in July. So there are going to be more prizes,” he said.


 

Translation by Kyaw Soe Htet and Zaw Nyunt