The joint committee on the 2016 tax bill has stated that the taxation of incomes that cannot show sources needs to be abolished since it can encourage money laundering.
MP Dr Myat Nyana Soe, the joint secretary of the committee, said: "Paragraph 24 of the bill says to tax the incomes that cannot show sources. We should think about it from multiple angles. It cannot be related to the money laundering, according to the Anti-Money Laundering Law. But institutions need to review whether this paragraph should be included in the tax bill. Paragraph 24 could support the money launderers, so institutions need to think this through again.”
He added that the 3-per-cent taxation on Ks100 million (US$76,900) incomes that cannot show sources was a very small amount for the money launderers, and the taxation on incomes without sources ought to be removed. (Courtesy of Eleven Myanmar)
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