Yangon revenue to rise $100m next year

Yangon revenue to rise $100m next year

By Aung Shin   |   Monday, 11 November 2013

Yangon Region is expected to generate K100 billion more in taxes next year, regional hluttaw members heard last week as they discussed the 2014-15 financial year budget law.

Minister for Finance Daw San San Nwe told the hluttaw on November 4 that the additional income meant the budget deficit could be brought in to less than 5 percent of GDP, the deficit target used by the national government.

"The total expenditure is K334.908 billion, and the total budget deficit will be K58.703 billion in 2014-15 financial year, according to the estimated budget," she said.

Yangon Region will spend K32.11 billion on special development projects, including the fly-over at Myaynigone junction in Sanchaung township and a new bridge over the Ngamoeyeik Creek to connect Dawbon and Thingangyun townships.

Yangon City Development Committee will be neither a burden nor a boon for the budget, with revenue and expenditure both expected to hit K233.633 billion.

"YCDC revenue derives K14.304 billion from taxation, K134.476 billion from other usual revenue, K80.67 billion of monetary revenue and K4.210 billion in loans," Yangon Mayor U Hla Myint said.

YCDC will earn K34.251 billion from the sale of apartments in Shwemyaya Housing in Mingalar Taung Nyunt township, Shwezabu Condominium in Ahlone township and Dagon River Bank Housing, and K82.090 billion from selling shops in Dagon Ayeyar and Aungmingalar Highway Bus Stations, the mayor said.

YCDC also plans borrow ¥23.683 billion (about US$239 million) from the Japanese government as an ODA loan for the Greater Yangon Water Supply Project, which it will implement together with the Japanese International Cooperation Agency next year, he said.

U Zaw Aye Maung, the regional minister for Rakhine affairs, said the Yangon Region government should consider allocating budgets for its two national race affairs ministers next year, he said. "Yangon Region has two national races affairs ministers, for Kayin and Rakhine. Budgeting for ethnic affairs is in accord with the constitution and would support national unity," he told hluttaw members.

During the budget debate, Daw Nyo Nyo Thin, a representative for Bahan 2, highlighted several discrepancies in the new budget law. "This year's budget seems much more transparent than previous years but hluttaw members received the text only one day in advance," she said, requesting more time in future.

She also called for more transparency in the sections on transportation, buying new facilities and entertainment expenses.

She also questioned why only K70 million a year was earned from leasing Yangon zoo when the Kandawgyi Freshwater Aquarium is leased for K120 million. "The regional government should check the agreement between [Htoo Group] and the Union Government for leasing the zoo."

Source: http://www.news.myanmaronlinecentre.com/2013/11/11/yangon-revenue-to-rise-100m-next-year/