myanmar - Tax & Revenue - News

More Taxes to be levied on Alcohol, Cigarettes

The government has submitted its Union Taxation Bill for the 2018-2019 fiscal year, which includes higher tax rates on alcohol and cigarettes, to the Pyidaungsu Hluttaw.
Date: 28 August 2018; Type: Legal News; Source: Myanmar Times

IRD to launch Integrated Tax Administration System

The Internal Revenue Department (IRD) under Ministry of Planning and Finance is aiming to launch an Integrated Tax Administration System (ITAS) by next year, U Min Htut, Director General of the IRD, told The Myanmar Times.
Date: 23 August 2018; Type: Legal News; Source: Myanmar Times

Parliament mulls Maintaining Tax Rates to Offset Forex Pressure

The Pyidaungsu Hluttaw public accounts joint committee has suggested experimenting with different strategies to raise tax revenues without changing current rates.
Date: 20 August 2018; Type: Legal News; Source: Myanmar Times

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

INDUSTRY UPDATES

Duterte will ‘definitely’ Order Oil Excise Tax Suspension

MANILA, Oct 15 (PNA) - Malacañang on Monday confirmed that President Rodrigo R. Duterte will soon order the temporary suspension of the second tranche of excise tax on fuel, but has yet to decide whether it will heed a senator's suggestion to suspend it "now or sooner."

Read More

INDUSTRY UPDATES

Indonesia's proposal on Tuna Labeling approved by Asean Ministers

Jakarta, Oct 15 (ANTARA News) - Indonesia`s proposal on the ASEAN Tuna Eco-Labeling (ATEL) policy has been approved and endorsed at the ASEAN Ministers of Agriculture and Forestry (AMAF) meeting in Hanoi, Vietnam.

Read More

INDUSTRY UPDATES

IMF-WB - Indonesia to use OECD Recommendations to set up Policies

Nusa Dua, Bali, Oct 14 (ANTARA News) - Indonesia will use a recommendation on tourism development from the OECD (Organization for Economic Cooperation Development) as one of the references in setting up policies.

Read More

INDUSTRY UPDATES

Deterrent Punishment must be imposed if Death Sentence to be abolished - AADK

BANGI, Oct 15 (Bernama) - The National Anti-Drug Agency (AADK) urged the government to decide on appropriate punishment for drug offences, if the mandatory death sentence to be abolished, says its director-general Datuk Seri Zulkifli Abdullah.

Read More

INDUSTRY UPDATES

Parliament building declared Smoke-Free Zone

PUTRAJAYA Oct 15 - Smoking-designated corners inside the Parliament building have been declared as smoke-free zones, effective today, said Health Minister Datuk Seri Dr Dzulkefly Ahmad.

Read More

INDUSTRY UPDATES

Launch of Professional Mobility Framework, Social and Sustainability Bond Standards

The ASEAN Capital Markets Forum (ACMF) met in Singapore and launched two key initiatives to drive a more connected and sustainable ASEAN capital market. These initiatives complement the measures introduced by the ACMF on collective investment schemes, corporate governance, disclosure standards and capacity building.

Read More

INDUSTRY UPDATES

IPOS Assistant Chief Executive speaks at INTA Asia-Pacific Conference

Assistant Chief Executive Mr Ng Kok Wan spoke at the International Trademark Association (INTA) Asia-Pacific Conference 2018, which took place on 11 Oct in Sydney, Australia.

Read More

INDUSTRY UPDATES

Total Abolition of the Death Penalty - The Right Time to Do the Right Thing, says Bar

The Malaysian Bar has wholeheartedly welcomed the decision of the Malaysian Cabinet to totally abolish the death penalty in Malaysia. "We commend the Minister in the Prime Minister’s Department (Law), Datuk Liew Vui Keong, for making the announcement on 10 October 2018, which coincided with the 16th World Day Against the Death Penalty. We look forward to seeing the legislation being tabled and passed by both houses of Parliament in the Parliamentary session that begins on 15 October", said the President of the Malaysian Bar, Mr. George Varughese.

Read More

INDUSTRY UPDATES

Singapore and Indonesia sign Bilateral Investment Treaty to promote Stronger Economic Ties

Singapore and Indonesia signed an Agreement on the Promotion and Protection of Investments, also known as the Bilateral Investment Treaty (BIT), at the Singapore-Indonesia Leaders’ Retreat in Bali, Indonesia, today. Minister for Trade and Industry Chan Chun Sing, who is attending the Leaders’ Retreat as part of the Singapore delegation, signed the agreement with Indonesian Minister for Foreign Affairs Retno Marsudi. The signing was witnessed by Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo.

Read More

INDUSTRY UPDATES

New EODB Law to impact 2020 doing Business Survey

Department of Trade and Industry (DTI) Undersecretary Rowel S. Barba said on 10 October that the new Ease of Doing Business (EODB) Act can significantly affect the country’s rankings in the upcoming 2020 Doing Business (DB) Survey if government agencies strictly implement the law.

Read More

INDUSTRY UPDATES

SC advocates Sustainable Investing at InvestSmart Fest 2018

InvestSmart® Fest 2018, an investor education initiative by the Securities Commission Malaysia (SC), was officiated by Yang Berhormat Syed Saddiq Syed Abdul Rahman, Minister of Youth and Sports Malaysia at the Kuala Lumpur Convention Centre today.

Read More

INDUSTRY UPDATES

Singapore needs to regain Edge in Legal Tech, says Chief Justice

Chief Justice Sundaresh Menon has urged the Singapore Academy of Law to strive to get the legal profession to step up in the area of legal technology, and help the country regain its status as the world leader.

Read More

INDUSTRY UPDATES

EC clarifies New Election Law to Press Members

BANGKOK, Oct 12 (NNT) - The Election Commission (EC) has clarified the new election law to press members.

Read More

INDUSTRY UPDATES

NLA approves Committee to vet Election Commission Candidates

BANGKOK, Oct 12 (NNT) - The National Legislative Assembly (NLA) has approved the establishment of a committee to vet the two Election Commission candidates.

Read More

INDUSTRY UPDATES

369,148 Ordinance Violators apprehended in Metro Manila: NCRPO

MANILA, Oct 12 (PNA) - Close to 370,000 persons in Metro Manila were apprehended for violation of local ordinances since June this year.

Read More

INDUSTRY UPDATES

Indonesia, Japan sign MoC on Law and Human Right

Jakarta, Oct 14 (ANTARA News) - The governments of Indonesia and Japan have signed a Memorandum of Cooperation in Law and Human Right, the Indonesian embassy in Tokyo said in a statement received here on Saturday.

Read More

INDUSTRY UPDATES

Indonesia, Thailand Ombudsmen sign Memorandum of Understanding

Jakarta, Oct 13 (ANTARA News) - The Chairman of Ombudsman Commission of the Republic of Indonesia, Prof. Amzulian Rifai, and the Chairman of the Royal Thai Ombudsman signed a Memorandum of Understanding (MoU) on cooperation between the Indonesian Ombudsman and the Royal Thai Ombudsman in Bangkok, Thailand, on Oct 10.

Read More

INDUSTRY UPDATES

ASEAN Secretariat seeks to improve Engagement with Private Sector

Jakarta, Oct 12 (ANTARA News) - The ASEAN Secretariat held the First ASEAN Economic Community Dialogue recently to seek a more proactive two-way communication with the private sector on matters related to the ASEAN Economic Community.

Read More