BUSINESS - Burma’s companies slacking off on taxes

Nearly half of Burma’s registered companies filed income tax documents this year, according to a senior tax official. The Internal Revenue Department announced a 30 June deadline to declare all assets, with penalties for late submissions. Despite the announcements published in state media, many companies filed two months past the deadline while others simply didn’t file at all. Last year, income tax in Rangoon alone generated about 710 billion kyat (US$710 million).