News Non-Life28 Sep 2018

Myanmar:Govt-owned insurer generates over US$113m for tax coffers in 3 years

28 Sep 2018

The Myanmar government has received over MMK181bn ($113.5m) in tax revenue from Myanma Insurance over the past three financial years, said Minister for Planning and Finance Myint Thaung during a session of the Yangon Region parliament.

The information came after Yangon Region MP Tint Lwin asked the regional government whether there are plans to organise the people to better understand and get involved in insurance services and to allow Myanma Insurance and private insurance companies to fully explain their services and sell insurance policies at state organisations, reports Eleven Myanmar. He also questioned the regional government about any plan to giving priority to Myanma Insurance in government-related businesses.

"Myanma Insurance is working by having contacts with international insurance services. Ours is the organisation which has experience in insurance service for many years. The insurance services running in Myanmar are working in line with prescribed rules and disciplines. Myanma Insurance generated over MMK181 billion in tax revenue in three years—MMK46.39 billion in the 2015-2016 fiscal year, MMK65.67 billion in 2016-2017 and MMK69.67 billion in 2017-2018," said Minister Myint Thaung.


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