First Private Bank chairman denies tax evasion

First Private Bank has not committed tax evasion since its establishment, said Dr Sein Maung, the bank’s chairperson, at the 24th annual general meeting of the bank on November 29.
“First Private Bank (FPB) has fewer branches than Myanmar’s major private banks. From its inception until the end of the previous fiscal year, the bank has paid taxes about 18,000 times. Among the private banks, the First Private Bank stands at 5th and 6th places on the top tax-payer lists,” the chairman said.
Tax evasion by construction companies and other businesses with connections to the government have been reported across the country. Myanmar has about 45,000 registered companies, and only around 15,000 of these regularly pay taxes.
Banks such as Yoma Bank, which owned by Serge Pun, who was named ‘Mr Clean’ by Singapore’s Channel New Asia, and the United Amara Bank (UAB), established by U Nay Aung, the son of U Aung Thaung, Myawady Bank, Inwa Bank and Nay Pyi Taw Sibin Bank were not included in the 100 top tax-payers list for the 2011-2012 fiscal year or the 500 top tax-payer list for the 2012-2013 fiscal year, according to the Internal Revenue Department.
Kanbawza Bank topped the top tax-payer lists among banks, followed by the CB Bank, the First Private Bank and the Industrial Development Bank, according to the Internal Revenue Department.
AGD Bank, owned by U Tay Za, paid over Ks 12 million in taxes in the 2011-2012 fiscal year and over Ks 23 million in 2012-2013 fiscal year. AGD Bank prepaid Ks 3 billion in taxes for the 2013-2014 fiscal year.
Between the 1992-1993 fiscal year and the 2013-2014 fiscal year, the First Private Bank paid Ks 13.3 billion in taxes. In the 2014-2015 fiscal year, it paid Ks 2.2 billion in taxes.
The First Private Bank is relatively small compared with other private banks, Dr Sein Maung added.