YANGON, Feb. 20 (Xinhua) -- Myanmar currently has no plan to impose tax on the interest earned from bank deposit in view of overall status of the country, an official of the Internal Revenue Department told Xinhua Monday.
U Min Htut, director-general of the department, said according to the income tax law, interest generated from bank deposits are to be taxed, however, clarifying that the department will not impose the tax on the bank interest.
U Than Lwin, senior advisor to the giant private Kanbawza Bank, expressed welcome of the department's move of the non-imposition of tax , saying that if the bank interest is taxed, savers will move to buying stock exchange.
The Yangon Stock Exchange (YSX) officially began trading on March 25 last year and there have been four listed companies available for transactions with five securities companies providing services as underwriters on YSX.
Although the YSX had drawn much interests from local investors in the initial period, the securities trading and per share prices declined since late last year.