Myanmar government is preparing to submit its state budget bill for the 2014-15 fiscal year (April-March) and taxation bill for 2014 to the parliament during its ninth session on January 13.
President U Thein Sein told the government's financial commission on January 7 that more funds will be allocated to local governments.
Myanmar got a revenue of more than 16 trillion Kyats (16.32 billion USD) last fiscal year 2013-14 and spent 19 trillion Kyats, he said.
The central government shared about 1.5 trillion Kyats with local governments and loaned more than 25 billion Kyats to them, he added.
The country’s projected gross domestic product (GDP) for 2014 is 66.197 trillion Kyats (67.5 billion USD), said the President.
The health and education sectors will see increased budget allocation, he said, stressing the need to crack down on tax evasion and provide incentives to tax payers.
He also disclosed that in the coming fiscal year, government employees' salaries will be raised along with pension and other allowances.
The President announced on January 6 that the government is drawing up a people-centered plan in a bid to achieve the goals for the 2014-15 fiscal year .
The plan will not only benefit Myanmar’s politics, economy and society but also relate to neighbouring countries, he said.
The President also stressed the need to attract foreign investment to develop technology and human resources, and double domestic production in several sectors in order to reach an 8-percent GDP growth.
Myanmar's draft national plan for 2014-15 targets a growth of 3.9 percent in the agriculture sector, 10.4 percent in the industry sector and 12.4 percent in the service sector.
The growth of major regions is set at 9.3 percent for Yangon, 12.4 percent for Mandalay and 28.2 percent for Nay Pyi Taw.
The International Monetary Fund has predicted Myanmar's economy will grow 6.75 percent in the 2013-14 fiscal year, driven by natural gas, trading and investment.-VNA
President U Thein Sein told the government's financial commission on January 7 that more funds will be allocated to local governments.
Myanmar got a revenue of more than 16 trillion Kyats (16.32 billion USD) last fiscal year 2013-14 and spent 19 trillion Kyats, he said.
The central government shared about 1.5 trillion Kyats with local governments and loaned more than 25 billion Kyats to them, he added.
The country’s projected gross domestic product (GDP) for 2014 is 66.197 trillion Kyats (67.5 billion USD), said the President.
The health and education sectors will see increased budget allocation, he said, stressing the need to crack down on tax evasion and provide incentives to tax payers.
He also disclosed that in the coming fiscal year, government employees' salaries will be raised along with pension and other allowances.
The President announced on January 6 that the government is drawing up a people-centered plan in a bid to achieve the goals for the 2014-15 fiscal year .
The plan will not only benefit Myanmar’s politics, economy and society but also relate to neighbouring countries, he said.
The President also stressed the need to attract foreign investment to develop technology and human resources, and double domestic production in several sectors in order to reach an 8-percent GDP growth.
Myanmar's draft national plan for 2014-15 targets a growth of 3.9 percent in the agriculture sector, 10.4 percent in the industry sector and 12.4 percent in the service sector.
The growth of major regions is set at 9.3 percent for Yangon, 12.4 percent for Mandalay and 28.2 percent for Nay Pyi Taw.
The International Monetary Fund has predicted Myanmar's economy will grow 6.75 percent in the 2013-14 fiscal year, driven by natural gas, trading and investment.-VNA
