Thursday, 21 September 2017
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myanmar - Tax & Revenue

Commercial Taxes on Mobile Handsets and Accessories to be levied Soon

Commercial taxes will be levied on mobile handsets and accessories in Mandalay Region from October onwards, said an official from the regional Internal Revenue Department (IRD).
Date: 11 September 2017; Type: Tax News; Source: Myanmar Times

15 Days for Regional Investment Commissions to assess Applications

The Myanmar Investment Commission will retain the power to approve or reject applications for tax incentives.
Date: 25 August 2017; Type: Tax News; Source: Myanmar Times

Liquor Licenses yet to be approved for Hotels

The Ministry of Hotels and Tourism and the Ministry of Home Affairs Liquor and Tax Department, have yet to agree on the issuing a single liquor licenses for hoteliers.
Date: 18 August 2017; Type: Legal News; Source: Myanmar Times

YSX-listed Firms to enjoy 5 Per Cent Tax Reduction

Companies listed on Yangon Stock Exchange (YSX) will now need to pay only 20pc income tax, according to the Ministry of Planning and Finance.
Date: 17 August 2017; Type: Tax News; Source: Myanmar Times

Five Gold Shops in Mandalay punished

Five gold shops in Mandalay were slapped with fines for not collecting stamp duties in the jewelry they sold, an official of the Mandalay Region International Revenue Department said.
Date: 14 August 2017; Type: Legal News; Source: Myanmar Times

Tax Exemptions on Diamonds, Emeralds and Gold approved

The Pyidaungsu Hluttaw agreed on Tuesday to stop levying special commodity tax on diamonds and emeralds, as well as commercial tax on gold nuggets.
Date: 10 August 2017; Type: Legal News; Source: Myanmar Times

Government seeks to lift Special Commodity Tax on Diamonds, Emeralds and Gold

The Union government asked the Pyidaungsu Hluttaw on July 26 to lift the special commodity tax and commercial tax on the production and sale of diamonds, emeralds and gold.
Date: 28 July 2017; Type: Tax News; Source: Myanmar Times

Restaurants in Mandalay fined for Tax Stamps Breach

Twenty-three restaurants in Mandalay Region were slapped with fines in June for failing to affix commercial tax stamps on their receipts, an official of the regional internal revenue department said.
Date: 14 July 2017; Type: Tax News; Source: Myanmar Times

Hluttaw approves Amendments to Special Commodity Tax Law

The Pyidaungsu Hluttaw on Tuesday passed the Amendment Bill of Special Commodity Tax Law aimed at improving revenue collection.
Date: 12 July 2017; Type: Legal News; Source: Myanmar Times

MRF, IRD to discuss Withholding Tax

The Myanmar Rice Federation (MRF) is going to negotiate with officials from the Internal Revenue Department (IRD) about withholding tax on high-income agri-businessmen, U Nay Lin Zin, joint secretary of Myanmar Rice Federation, told The Myanmar Times.
Date: 05 June 2017; Type: Tax News; Source: Myanmar Times

Pyithu Hluttaw nod for increased Land, Water, Embankment Tax

A proposal urging the Union government to increase land, water and embankment taxes on farmers to be compatible with the times has been approved by the Pyithu Hluttaw on May 22.
Date: 24 May 2017; Type: Tax News; Source: Myanmar Times

Restaurants might have Licenses seized for Tax Non-compliance

Restaurants which have failed to include commercial tax stamps might have their licenses seized, according to discussions among lawmakers at the Yangon regional parliament session on April 24.
Date: 27 April 2017; Type: Legal News; Source: Myanmar Times

IRD imposes Commercial Tax for Gold

The Internal Revenue Department (IRD) will impose a commercial tax rate of 1 percent and 5pc respectively for gold jewellery and refined gold, it was announced at a meeting with gold entrepreneurs in Nay Pyi Taw on March 15. “The commercial tax (CT) rates for gold jewellery and refined gold are different because, according to a proposal ...
Date: 21 March 2017; Type: Tax News; Source: Myanmar Times

Union Government agrees to Tax Revisions by Hluttaw

Revisions to tax rates proposed by Pyidaungsu Hluttaw Joint Bill Committee in the 2017 Union Tax bill have been agreed to by the Union Government, said Deputy Minister for Planning and Finance U Maung Maung Win.
Date: 27 February 2017; Type: Tax News; Source: Myanmar Times

Tax Exemption on Interest Income questioned

The Ministry of Planning and Finance has issued a statement on February 19 that income tax will not be levied on interest from bank savings and deposits. The statement means that tax on interest from bank deposits will be exempted in the coming 2017-18 fiscal year.
Date: 27 February 2017; Type: Tax News; Source: Myanmar Times

Over K100b Alcohol, Cigarette Tax collected in Nine Months

The government has received more than K100 billion in taxes from the production and sale of alcohol and cigarettes in Myanmar over a period of nine months, said Deputy Minister for Planning and Finance U Maung Maung Win.
Date: 22 February 2017; Type: Tax News; Source: Myanmar Times

Customs calls for Inspection Overhaul after illegal Timber Sting

The seizure of 13 containers of timber scheduled for illegal export at a Yangon port has prompted the Customs Department to suggest restarting joint inspections with the Forest Department staff.
Date: 01 February 2017; Type: Legal News; Source: Myanmar Times

Industry Updates

Malaysia-Thailand to ink MoU on Security Cooperation

BANGKOK, Sept 20 (Bernama) - There will be closer security cooperation between Malaysia and Thailand with the establishment of a Joint Committee on Security Cooperation, according to a cabinet resolution document released by the Thai government.

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High Taxes, Competition choke Cheroot-Makers

Myanmar's traditional mini cigar, the cheroot, is near extinction as manufacturers struggle with high taxes, high production costs and stiff competition from imported and local cigarettes.

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ASEAN enhances Coordination to tackle Cyber Threats

SINGAPORE, Sept 18 (Bernama) - ASEAN member states have agreed on the importance of enhancing coordination to ensure that its cybersecurity efforts across various platforms in countering increasingly sophisticated cyber threats are focused, effective and in synergy with one another.

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ASEAN to promote Trade with Russia and EAEU

Jakarta (ANTARA News) - ASEAN Economic Ministers agreed to expand trade with Russia and those grouped in the Eurasian Economic Union (EAEU).

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Conclusion of the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong, China Investment Agreement (AHKIA)

The Economic Ministers of ASEAN and Hong Kong, China (HKC) announced the conclusion of the ASEAN-HKC Free Trade Agreement (AHKFTA) and the ASEANHKC Investment Agreement (AHKIA) at the Second ASEAN Economic Ministers (AEM)-HKC Consultations held on 9 September 2017 in Pasay City, the Philippines.

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ASEAN Meet explores Issues related to Tariff Commitments, Rules under ATIGA

KUALA LUMPUR, Sept 12 (Bernama) - The discussions on Association of South-East Asian Nations' (ASEAN) internal economic-related affairs, which were held in the Philippines at the 31th ASEAN Free Trade Agreement Council, explored issues related to tariff commitments and applicable rules under the ASEAN Trade in Goods Agreement (ATIGA).

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ASEAN-Korea Free Trade Area increases Bilateral Trade by 92.3 per cent

KUALA LUMPUR, Sept 10 (Bernama) - Bilateral trade between ASEAN and South Korea has increased by 92.3 per cent to US$118.84 billion in 2016 from US$61.81 billion in 2006 since the ASEAN-KOREA Free Trade Area (AKFTA) took effect in 2007.

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ASEAN MSMEs need More Financial, Technical Support: Study

MANILA - While the Association of Southeast Asian Nations (ASEAN) has available programs and pushing for policies that will boost micro, small, and medium enterprises (MSMEs), the region needs to introduce more financial and technical support to MSMEs, an ASEAN study said.

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ASEAN urged to widen Development through Inclusive Business

MANILA - The 10-member states of the Association of Southeast Asian Nations (ASEAN) are enjoined to promote inclusive business model in the region in order to achieve greater impact of development and reach the bottom of the pyramid.

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MIC issues 13 New Business Permits in August, including One for Beer

The Myanmar Investment Commission (MIC) has approved the issuance of 13 permits, including one for a beer joint venture in Mandalay.

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Court Action on Journalists, Activists delayed 2 Weeks

The court procedures related to the recently released journalists and activists will be completed on September 15, according to Hsipaw township court.

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Students

Union Government urged to recognize Student Unions

The government should recognise student unions at the union level to ensure their survival, urged U Thant Zin, a student of the 88-89 Generation and former chairman of the All Burma Federation of Student Unions of Upper Myanmar.

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