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Country Rankings - Myanmar

  • Jun 20, 2013   Myanmar: doesn't understand

    It is a pity to have to introduce a new country to our analysis on a negative note, especially when that country is making some sort of effort to join the modern world, but it's impossible to approve of Myanmar's trading tax, masquerading as advance income tax. Like a lot of other emerging market economies in the region (and in other regions, for that matter) Myanmar has an inefficient tax collection apparatus, collects tax from a very small proportion of individuals and businesses, and finds it easy to attack instead the physical reality of goods entering or leaving the country. It's what you might expect from a bunch of economically illiterate generals; but everything is wrong about this tax. It will add bureaucracy, encourage corruption and smuggling, and depress trade levels. And does anyone seriously believe the tax authority when it says it will refund overpaid tax? How will anyone know until years after the event whether a refund is due or not? What about a trading company that pays the tax but is owned by a person who pays income tax? It will just be a God-awful mess.
    Source: www.lowtax.net/asp/story/front/Myanmar_Introduces_Advance_Income_Tax_On_International_Trade____61064.html


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