myanmar - Tax & Revenue

IRD to build ICT System enabling Tax Payments

Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD).
Date: 14 August 2018; Type: Industry Updates; Source: Myanmar Times

Withholding Tax Exemption necessary, but raises Concerns

Since taking office as new Minister of Planning and Finance in May, U Soe Win has pushed through a long-awaited reduction in withholding taxes for local businessmen and foreigners living in Myanmar.
Date: 11 July 2018; Type: Industry Updates; Source: Myanmar Times

Government under rising pressure to correctly tax Ride-Hailing Companies

Since June 13, ride hailing companies operating in Yangon have been obliged to pay income and commercial tax to the Yangon government under the law, U Myint Thaung, regional minister of Planning and Finance said in parliament.
Date: 20 June 2018; Type: Industry Updates; Source: Myanmar Times

Government removes 2 per cent of withholding Tax on Domestic Payments

The Ministry of Planning and Finance yesterday released its latest notification (47/2018) on withholding tax, which replaces notification (51/2017) released May 22, 2017.
Date: 20 June 2018; Type: Legal News; Source: Myanmar Times

Mandalay to rethink Wheel Tax Collection

Mandalay, June 4 (MMT) - The Mandalay City Development Committee (MCDC) has announced it will rework the collection of tolls and the wheel tax on vehicles without opening a new tender for the last six months of the 2018-2019 fiscal year.
Date: 04 June 2018; Type: Industry Updates; Source: Myanmar Times

Property weak on Canned Tax Amnesty Bill

With interest in investment properties in Mandalay expected to be lackluster in the coming months, property agents reckon demand will likely centre on homes priced below K1,000 lakh.
Date: 25 April 2018; Type: Legal News; Source: Myanmar Times

Government to collect Tax to fund Telecoms in Rural Areas

Funds will be collected from a tax on telecoms operators starting in June to extend the telecommunications network to remote areas of the country that do not yet have access, said an official of the Ministry of Transport and Communications.
Date: 24 April 2018; Type: Industry Updates; Source: Myanmar Times

IRD will reward those who lodge Complaints on Businesses that fail to pay Tax

The government is raising its efforts to collect taxes from commercial enterprises. Last week, the Internal Revenue Department said it will reward those who provide information on establishments that fail to collect commercial taxes, according to state media.
Date: 11 April 2018; Type: Industry Updates; Source: Myanmar Times

Tax Amnesty Law under Review, will be “Fair,” Minister says

The authorities will closely supervise the drafting of the tax amnesty law, ensuring that it is fair and discourages tax avoidance and money laundering, Union Minister of Planning and Finance U Kyaw Win said Monday during a meeting with the Vice President at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office.  ...
Date: 04 April 2018; Type: Tax News; Source: Myanmar Times

Yangon Tax Rates and Fines under Scrutiny

According to the 2018 Yangon taxation law, the Yangon City Development Committee (YCDC) will cease its collection of taxes or fines for illegal use of public space starting from this fiscal year, U Myint Thaung, Regional Minister of Planning and Finance said at the Yangon Parliament last week.
Date: 03 April 2018; Type: Tax News; Source: Myanmar Times

Yangon Starts New Wheel Tax Collection System, but More Reviews needed

MPs who discussed new tax regulations under the Yangon taxation law during a regional parliament session yesterday agreed that more should be done to improve the system.
Date: 30 March 2018; Type: Industry Updates; Source: Myanmar Times

Price of Higher-End Vehicles fall after Tax Reduction

Some high-end cars are looking a little cheaper following a reduction in taxes on special goods under the new 2018 Union Tax Law, which was signed into legislation on March 20.
Date: 27 March 2018; Type: Industry Updates; Source: Myanmar Times

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

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