Friday, 23 March 2018
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myanmar - Tax & Revenue

Union Tax Law to be approved in Parliament

Parliament is set to approve the 2018 Union Tax Law today. The bill will include regulations on tax amnesty provisions under which tax payers who have failed to pay tax in the past will be given the opportunity to pay up under lower rates, said Pyidaungsu Hluttaw Speaker Mahn Win Khaing Than.
Date: 20 March 2018; Type: Tax News; Source: Myanmar Times

Parliament suggests Tax Rates for Non-Assessed Income

Parliament has suggested imposing taxes on three categories of income not included in the 2018 Union Tax Bill submitted by the government.
Date: 01 March 2018; Type: Tax News; Source: Myanmar Times

Industry debates Tax Levels after easing Gold Trade

Speculation has been rife over the level of duties involved in the import and export of gold since the trade was liberalised last month, allowing gold to move freely in and out of the country via air, sea and border routes.
Date: 22 February 2018; Type: Tax News; Source: Myanmar Times

Income Taxes not covered will be collected according to Specified Rates

The Ministry of Planning and Finance (MOFP) submitted a proposal that will enable income not declared in the past to be taxable at the appropriate rate under the 2018 Union Tax Law. The proposal was submitted to Parliament on Tuesday.
Date: 14 February 2018; Type: Tax News; Source: Myanmar Times

Government to remove Withholding Taxes from April 1 to support Businesses

The Inland Revenue Department (IRD) is planning to stop levying withholding tax starting April 1 onwards in a bid to boost the economy, it revealed during a weekend discussion. The discussions, which took place with the Yangon Regional Government, Union of Myanmar Federation of Chambers of Commerce and Industry and other business associations, ...
Date: 13 February 2018; Type: Legal News; Source: Myanmar Times

Online Tax Payment System to be introduced in February

Instead of making tax payments in cash, a more convenient online payment system will be implemented by the state banks early next year, said Deputy Director General Dr Khine Shwe Whar from the Central Bank of Myanmar (CBM).
Date: 01 December 2017; Type: Tax News; Source: Myanmar Times

New Tax Rates for Vehicle Ownership Changes discussed in Parliament

A proposed new tax for the transfer of vehicles from one owner to the next will be presented to the Union government for review, Daw Nilar Kyaw, Regional Minister for Electricity, Industry, Transport and Communication, said during a Yangon Parliament session.
Date: 28 November 2017; Type: Tax News; Source: Myanmar Times

Higher Fuel Import Taxes to be tabled

The Myanmar Fuel Oil Importers and Distributers Association will submit the parliamentary proposal urging the government to raise the Special Commodities Tax on fuel imports, U Win Myint, secretary of the association, told The Myanmar Times.
Date: 10 November 2017; Type: Tax News; Source: Myanmar Times

New Rules, Incentives will boost Taxpayer Numbers

Paying tax is the duty of every Myanmar citizen. Without sufficient tax revenues, the country must rely on resource exports and foreign debt to fund its growing fiscal budget. However, many say the benefits of paying taxes to the government, which typically involve public infrastructure and subsidised healthcare and education, have so far been lack ...
Date: 07 November 2017; Type: Tax News; Source: Myanmar Times

Mandalay Entrepreneurs to need Tax Clearance before getting Work Permits

Entrepreneurs holding work permits from the Cleansing Department of Mandalay City Development Committee will need a proof of annual tax clearance from the internal revenue department to get work licenses extension, said the department.
Date: 01 November 2017; Type: Tax News; Source: Myanmar Times

Effective Policy needed to tax Income from Digital Advertisements

Myanmar’s policy for taxing digital advertisements is lagging behind technology advancement in the country. Therefore, new policies enabling the collection of taxes from online and social media platforms should be implemented as soon as possible to raise the government’s revenue, officials from Internal Revenue Department and businessme ...
Date: 19 October 2017; Type: Media Article; Source: Myanmar Times

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

Industry Updates

Second law firm exits Myanmar, calls Companies Law delay a mistake

The govt has a mentality that, if something has to be done, “all you need to do is to pass a new law and that’s going to solve the problem.” It’s time to focus on communications with the private sector and actual implementation.

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Laws failing to protect Public: Survey

A survey conducted by non-government group My Justice showed that the current laws and practices of Myanmar and legal organisations fail to fail to protect individuals’ rights and are more concerned with national stability and control.

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ASEAN-Australia Partnership mutually beneficial: President

Sydney, Mar 18 (ANTARA News) - President Joko Widodo (Jokowi) has said that the partnership between ASEAN and Australia, including in the trade field, is mutually beneficial.

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Ministries promote Workplace Safety for workers

UDON THANI, Mar 15 (NNT) - The Office of the Occupational Safety and Health Division (OSH) in Udon Thani has set up a network of ministries to promote workplace safety among Thai and migrant workers.

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Government Support needed to develop Digital Payment Habits in Myanmar

Government support is badly needed for the local digital payments sector to develop further, U Zaw Lin Htut, CEO of Myanmar Payment Union (MPU) told The Myanmar Times in a recent interview.

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US-ASEAN Business Council Discuss Investment Opportunities

Jakarta, Mar 14 (ANTARA News) - The US-ASEAN Business Council and President Joko Widodo (Jokowi) discussed here on Tuesday several opportunities to increase US investment in the Southeast Asian region, including Indonesia.

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Thailand to host ASEAN Summits Next Year

BANGKOK, Mar 12 (NNT) - The Thai government has held a meeting to prepare for the hosting of two ASEAN Summits next year.

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Myanmar welcomes ASEAN-Australia Pact to combat International Terrorism

Faced with a growing terrorist threat posed by the Arakan Rohingya Salvation Army (ARSA), Myanmar legislators welcomed and approved the signing of a memorandum of understanding between members of the Association of Southeast Asian Nations (ASEAN) and Australia to intensify cooperation to combat international terrorism.

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Some Businesses see Positive Impact from Higher Minimum Wage

The Myanmar daily minimum wage has been set at K4,800, which is a rise of 33 percent from the K3,600 workers were drawing previously. The change was announced by the National Committee for the Minimum Wage on Monday.

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PH concludes Successful Chairmanship of the ASEAN-Korea Centre Council

SEOUL, Mar 2 - Philippine Ambassador to South Korea Raul S. Hernandez, Council Director of the Philippines, concluded his successful chairmanship of the ASEAN-Korea Centre (AKC) Council during the 10th Annual Meeting of the AKC at the Paradise Hotel in Busan, South Korea on 26 to 27 February 2018.

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Protesters in Bago call for Abolition of 2008 Constitution

More than 100 people in south-central Myanmar’s Bago Region staged a protest on Tuesday calling for the abolition of the country’s 2008 constitution, in a reprise of grassroots demonstrations demanding the scrapping of the military-drafted charter that filled the streets before Daw Aung San Suu Kyi’s civilian party came to power.

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Awareness of Consumer Protection Rights gains Momentum

Five years after two consumer protection rights associations were set up, Myanmar consumers are beginning to enjoy some rights supported by the government.

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