Friday, 23 February 2018
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myanmar - Tax & Revenue - News

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

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

Industry Updates

Start-ups, SMEs Call for Greater Access to Loans by Foreign Banks

Start-ups and small and medium-sized enterprises (SMEs) are now calling for equal treatment of foreign and local banks as this will give them more options to borrow money for growth.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Departing Lawyer urged NLD Government to get their Acts together

ERIC Rose from Herzfeld Rubin Meyer & Rose Law Firm Limited (HRMR), the Myanmar affiliate of New York-based Herzfeld & Rubin PC (H&R), attributed his exit to the combination of government inaction, the Rakhine crisis, remaining US financial sanctions and the suspension of the EU-Myanmar Investment Protection Agreement (IPA), which he alluded to as a “three-legged stool”.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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Court Staff involved in Corruption: Committee

Low-rankING court officers have been accused of misusing judges’ names to solicit bribes, which is damaging the integrity of the courts, said U Myint Lwin, chair of the Examination Committee at the Yangon regional Hluttaw.

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Lawyers mark One Year since U Ko Ni’s Death

Lawyer groups marked the first anniversary of U Ko Ni’s assassination on Sunday with a call for the swift punishment of his accused murderers.

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Myanmar, Denmark launch New SME Fund

The Embassy of Denmark in Yangon and Department of SME Development under the Ministry of Industry on Thursday launched a Responsible Business Fund aimed at improving the productivity and competitiveness of Myanmar Small and Medium Enterprises (SMEs).

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Connectivity determinant to promote ASEAN-Indian Economic Cooperation

New Delhi, India, Jan 27 (ANTARA News) - Combined population of nearly 2 billion of the Association of Southeast Asian nations (ASEAN) and India could make southern Asian region a potential economic grouping.

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Chile, Thailand, ASEAN step up Cooperation on Anti-Money Laundering Campaign

BANGKOK, Jan 24 (NNT) - Thailand and Chile are organizing an international workshop on a joint anti-money laundering campaign.

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ASEAN-India Leaders vow to broaden Cooperation

Asean and Indian leaders agreed yesterday to enhance their strategic partnership and broaden cooperation in various fields to drive economic development in the two regions, the Lao Ministry of Foreign Affairs has said.

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Laos, Myanmar vow to cement Ties, sign Three Cooperation Deals

The governments of Laos and Myanmar agreed yesterday to enhance bilateral ties and cooperation during Prime Minister Thongloun Sisoulith’s official visit to the country.

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