(Chindwin): The junta regime’s Central Bank announced on Friday that oversea worker must pay at least Kyats 30 per US dollar for tax when sending the money back to Myanmar from respective countries.
The move is charging the legal oversea workers a 15% hike for their remittance – from the current remittance rate.
The directive, Central Bank says, will be effective on 01 November this year.
The additional tax will be paid immediately through the licensed exchange agencies where remittance is withdrawn.
The move is to appreciate the overseas workers, although it is a punitive act of the regime for families as well as those legally working overseas.
Our business analyst in Yangon says the move is the latest attempt of the junta regime to collect money from the people to fund its illegal war against civilians, as the war has so far drained the deep pocket of the junta regime.
Myanmar received more than USD 2.25 billion through personal remittances in 2020, according to Statista report.
The additional tax on personal remittances will result in the junta regime collecting billions of Kyats for funding the war in the country.