YGEA denies 5 percent tax on gold and dollar investment

It is incorrect news that all those who have been holding gold and dollars would be levied 5 percent tax on a daily basis, Yangon Region Gold Entrepreneurs Association (YGEA) chairperson U Myo Myint told the Global New Light of Myanmar (GNLM).

The fake news says people who have been holding gold and dollars would have to pay 5 percent tax on total value of their possessions on a daily basis at township tax offices and submit a recommendation for gold trading and for the right to use dollars to get a tax receipt, however, YGEA denied it on 13 May.

“YGEA made it public that it was just fake news. But legal actions may be followed later. Such news disturbs the public. There is only 1 per cent stamp duty and no other tax for buying gold,” he said.

The spread of the fake news will gradually fade, he added.

“Respective departments have a plan to take action against acts which aim to make the gold price unstable. Law will be coming out soon. The drafting of a bill is underway with the purpose of defining the gold trading as an essential service and it will be coming out soon. When it enacts, these dishonest acts will be dealt in accordance with its rules and regulations. The content of the bill is still unknown, the government has worked on it and it is going to be finalized,” he said.

Authorities have worked to ensure legal action against dishonest behaviours that are intended to speculate the gold market and they have dealt with complaints too. An official announcement was made that actions were taken against 7 gold shops last month and respective departments have continued inspections on complaints, said U Myo Myint.

MT/ZS