Financial Meeting: SG Addresses Financial Commission Meeting

23 September 2021
2021-09-23 10:15

The Chairman of the Financial Commission and Chairman of the State Administration Council Prime Minister Senior General Min Aung Hlaing addressed the first meeting of the Financial Commission (1/2021) in Nay Pyi Taw on Wednesday afternoon. The meeting was to discuss and approve the Union Budget for the six months from 1 October 2021 to 31 March 2022 and the Union Budget Bill.

The Senior General said that it is necessary to strive to increase revenue to implement the policies and allocate expenditures systematically to the Union, and regions/states. In order to do so, the State Administration Council will enact the national plan of the State, annual budget and tax bills under Section 100(b) of the 2008 Constitution under the existing laws, rules and regulations.

The financial year 2022-2023 will be set from April 1 to March 31. The budget must be prepared for the transition period of six months from October 1 to March 31.

In the 2020-2021FY, tax revenues have declined, as have state-owned enterprises due to the exemptions. He stressed to use essential purchases effectively, to complete the ongoing construction works, and new businesses during the six months under the National Planning Law, and to reduce the use of foreign currency as much as possible. He also highlighted the need to spend more on projects that directly benefit the people rather than administrative expenditures.

The attendees discussed matters including the status of the detailed scrutiny of capital expenditures, conditions for the reopening of suspended state-owned factories as per the policy, emergency funding for natural disaster prevention, relief and rehabilitation, the provision of additional funding to the regions and states, the budget situation for the current six months, the Union Budget and the Union Budget Bill for six months from October 1 2021 to March 31 2022.

In his response to the discussions, the Senior General said that the government should mainly focus on the welfare and development of the country.

Regarding the income, the Union, region and state governments need to work for the development of the production sector. There should be proper money circulation to ensure economic growth and it is mainly used for the development programmes of the economy and social status.

The manufacturers should know their duties in paying taxes. The concerned department needs to review the tax revenue and tax rate. The region and state governments also should utilize the allocated budget for the public. The six-month Union Budget from October 1 of 2021 to March 31st of 2022 approved at the meeting and the Union Budget Bill will be submitted to the State Administration Council. Concerted efforts should be made for the development of the agriculture and livestock breeding industry, regular operating of the factory, workshop and manufacturing industry and job opportunities.

It also needs to conduct researches for the agriculture and livestock sectors to ensure the quality and market. The development programmes of education and healthcare services also should be conducted. The COVID-19 expense is also allowed in this six-month budget year just like in 2020- 2021FY.

Regarding the foreign loan and financial assistance, the relevant departments and organizations should cooperate with the respective countries and organizations. If the country has strong budget status, it can reduce the foreign debt. Local and foreign investments will be invited to promote the government, private and cooperatives sectors. Saving the expenses, adopting the thrifty way and collecting the receivable taxes will support the financial status of the country.

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