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Ministry Of Finance and Revenue
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The Finance and
Revenue Sector has played a major role in providing the development of'
Myanmar's economy. The Ministry of Finance and Revenue is constituted with live
functional departments and seven institutions. The departments include Budget
Department, Internal Revenue Department, Customs Department, Revenue Appellate
Tribunal and Pension Department.
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Institutions
include the Minister's 011-ice, the Central Bank of Myanmar, the Myanmar
Economic Bank, the Myanmar Foreign Trade Bank, the Myanma Investment and
Commercial Bank, the Myanma Small Loans Enterprise and the Myanma Insurance.
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To achieve the
objectives of the political, econornic and social policies. the Ministry of
Finance acrd Revenue has been performing the following activities
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collecting, maintaining - and allocating the public finance to increase tax
revenue and to raise sufficient fund liar -ovcrri- ment expenditure,
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lowering the inflation, |
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stabilizing the general prices, |
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mobilizing the domestic resources, and financing tire needs of private sector.
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it is responsible for :
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formulating and performing the State Budget and the Supplementary Budget, |
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collecting the actual State Fund Account, |
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allocating the foreign exchange to the spending agencies and |
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instituting Financial Regulations and Service Regulations. |
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To achieve above
mentioned responsibilities, the Budget Department conducts its future plan
according to the Financial Regulations. |
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Internal Revenue Department
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| The Internal
Revenue Department administers five kinds of taxes of State Budget Law, namely
commercial tax, income tax, profit ;ax, lottery tax and stamp duties, in
accordance with the laws, rules, regulations, orders and directions issued
periodically if they become necessary.
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It has been
performing various reform measures such as reducting tax rate by broadening the
tax base, giving incentives of tax exemptions and relaxation in specific cases
to attract foreign investment and technical know-how, protecting the domestic
production, promotion of exports, reformation of the tax system to promote
savings, collecting the tax without hindrance of the tax-paNers streamlining of
procedures in the collection of tax and improvement of tax administration,
reduction of the cost for tax administration, improving the ratio of tax
revenue to Gross Domestic Product, processing the bilateral agreements for the
avoidance of double taxation with neighbouring countries and prevention of
fiscal tax evasion.
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Revenue Appellate Tribunal
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Revenue Appellate
Tribunal is responsible for decision making in the cases of appellate of twelve
types of taxes.
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| To promote the
market economic systern as envisaged by the State and to protect the true
competition in the market, the Customs Department investigates and seizes
illegal imports, inspects import and export commodities to oversee if they
abide by the laws, rules and regulations, levies duties on exports and imports,
and compiles the data on foreign trade and domestic coastal trade. With the
enhancement of the international trade sector, the Customs Department
introduces the Harmonized System of import classification with effect from 1
April 1992 for the modernization and standardization of tariffs in line with
international practices. In accordance with the pace of changes occurring in
the world, the 1996 Version of the Harmonized System has been implemented since
I January 1996. |
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To build up the
ASEAN Free Trade Area, the Common Effective Preferential Tariff (CEPT) Scheme
has been implemented. According to the (CEPT) Scheme, Tariff Reduction Plan
came into force on January I, 1998 with a maximum tariff rates of five per cent
and that of a minimum of zero per cent in 2008. Since becoming an ASEAN member
on July 23, 1997, Myanrnar also will start its CEPT scheme in 1998 to reach a
minimum tariff rates of zero percent and that of a maximum of five per cent in
2008.
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The Pension
Department calculates the Pension and Gratuity, in accordance with the Law, for
government pensioners, as well as political pension and Naing-Ngant-Gon -Ye
awards on monthly grant, rind reports to the departments concerned. This
department compiles and sends the pension payment authority to the Myanma
Economic Bank. It computes and issues payment order commutations. |
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Moreover, this
department estimates and draws up an account of expen- ditures for civil
pension, military pen political pension and Naing-Ngant-Gon-Ye awarding monthly
grant. |
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To obtain the
lawful rights of pension promptly, discussions are held with °. departments and
organizations at the State and Divisions level, the training courses opened for
the staff of pension department from the head offices in Yangon for six time a
year, and lectures on pension subjects the training courses arranged by the
other government departments have been conducter by the Pension Department.
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It has now been
implemented for the employees, technicians and intelligentsiste enjoy their
rights after retirement fastertha the stipulated time of 30 days after their
retil, ments.
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Central Bank of Myanmar (CBM)
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responsibilities of the Central Bank of Myanmar are as follows. |
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to preserve the internal and external value of the Myanmar currency, Kyat, |
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to formulate and implement monetant policy, |
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to act as the sole issuer of domestic currency and as a banker to the Govern
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to act as an adviser to the Government in respect of such economic matters, |
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to inspect and supervise the financial institutions, |
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to act as a banker for the financial institutions, |
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to manage the international reserves of the State, and, |
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to perform the transactions resulting from the participation of the State in
inter. |
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organizations and to undertake all the responsibilities in the name of the
Government dealing with the aforesaid organizations on behalf of the
Government.
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Government & Policy
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