Business

KBZ Bank, Army-Owned Companies are Tops on Highest Taxpayer List

By Kyaw Hsu Mon 16 December 2016

RANGOON — For the fifth year in a row, Kanbawza (KBZ) Bank topped the list of the 50 highest income tax payers in Burma, according to the latest tax data published by the finance ministry’s Internal Revenue Department.

During the fiscal year 2015-16, KBZ bank paid at least 20 billion kyats (US$14.7 million) in income tax, and it was the only company listed in the highest income tax category. Three army-owned companies—Myawaddy Bank, Myanma Economic Holdings, and Myawaddy Trading—were listed second, third, and fourth in income tax paid, respectively. All three companies paid between 5 and 10 billion kyats ($3.7 to $7.4 million) in income tax.

In the commercial tax category, the Eden Group conglomerate-owned Denko Trading topped the list of the 50 highest taxpayers in Burma. Denko Trading also paid over 20 billion kyats ($14.7 million) in tax during fiscal 2015-16. Dagon Beverages and Myawaddy Trading, both army-owned companies, followed in second and third position on the commercial tax list. They paid between 10 and 20 billion kyats ($7.4 to $14.7 million) each.

This year’s top income tax and commercial taxpayers were also among the top companies during the previous fiscal year, according to the Internal Revenue Department.

In fiscal 2014-15, KBZ Bank paid 22 billion kyats ($18.1 million) in income tax, securing the No. 1 ranking. Owned by Aung Ko Win, the KBZ Group of Companies was founded in the 1990s in Taunggyi, the Shan State capital. KBZ Group owns one of Burma’s largest banks and operates businesses in several other sectors.

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