Events

Myanmar: Year-end Tax Workshop

May 16, 2019 - 8:30am-12:00pm
Location: Kloud (14th Floor), Junction City Office Tower, Yangon
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Myanmar: Year-end Tax Workshop
16 Mar 2019
Kloud (14th Floor), Junction City Office Tower, Yangon

All taxpayers should now be in the process of planning their year-end annual tax filings for the 2018–2019 financial year (“FY“).

Corporate Income Tax ("CIT“), Commercial Tax (“CT“), and Specific Goods Tax (“SGT“) must be paid to the Internal Revenue Department (“IRD“) by 10 April 2019 for FY2018–19. In addition, Personal Income Tax (“PIT“) and Withholding Tax (“WHT“) must be paid to the IRD by 31 March 2019, and Capital Gains Tax (“CGT“) must be paid to the IRD within 30 days from the date of sale, exchange, or transfer of any capital assets.

The annual CIT, CT, PIT, and CGT returns are required to be submitted to the IRD within three months after the end of FY2018–19 (i.e., by 30 June 2019). It should be noted that there is a 10% late-payment penalty to be applied on the total underpaid tax amount of the income year should payments be made after the above-mentioned deadlines; there is also a late-filing penalty of 10% on the annual payable tax amount, if annual tax returns are not submitted by the aforementioned annual tax return filing deadline.

In this practical and hands-on workshop, VDB Loi will be discussing and guiding you on how to prepare for the upcoming year-end tax returns and filings. Importantly, the key issues usually looked at by the IRD during the tax assessment process, as well as various case studies, will also be discussed. Upon attending this workshop, you will be able to accurately calculate your tax position and successfully prepare your tax returns.

HIGHLIGHTS

  • What is your CIT position and how to prepare tax returns under the Self-Assessment System (“SAS“) vs the Official Assessment System (“OAS“)?
  • What are the deductible expenses for CIT calculation?
  • CT offset mechanism – whether it is accrual or cash basis
  • Is it necessary to prepare a separate annual return for CGT?
  • Have you filed all of your quarterly SGT returns? Any penalty on late SGT payment and/or the return filing?
  • Abolishment of WHT during FY2018–19: are there any impacts on our annual tax returns and tax audits?
  • What are the main items the IRD looks at during the assessment process?

PROGRAM

  Time

Myanmar: Year-end Tax Workshop

  8.30am – 9.00am Registration and coffee
1 9.00am – 10.00am

CIT calculation

  • How to calculate your annual CIT position
  • Have you considered tax adjustments in your calculation, including deductibility of expenses?
  • How to prepare your annual CIT return forms under SAS vs OAS
  • Case study

CT offset

  • What is your annual CT position?
  • Have you offset your input and output CT correctly throughout the year?
  • Can we carry forward unutilized input CT in manufacturing and trading activities?
  • How to prepare your annual CT return forms under SAS vs OAS
  • Case study

Are we required to prepare a separate annual CGT return?

2 10.00am – 10.10am

Networking break

3 10.10am – 11:30am

SGT return filing

  • Is it required to prepare a quarterly SGT return? Any failure in submitting quarterly SGT return; what is the penalty?
  • How to offset input SGT against output SGT
  • What are the forms required for offset of SGT?
  • Case study

Tax audit

  • Have you received your assessment note?
  • Different procedures under SAS vs OAS
  • Abolishment of WHT: any impacts for this significant change during the year?
  • What are the main items that IRD officers look at during the tax assessment?
4 11.30am – 12.00pm

Q&A

Attendance of this workshop is free for VDB Loi clients. It should be noted that MMK50,000 will be charged at the event to non-clients/non-members. Please note that due to a limited number of seats, confirmation will be given on a first-come, first-served basis.

To reserve a seat, please click on the “Register” button under Event Details or contact Thiha Zaw at thiha.zaw@vdb-loi.com or +951 925 3752~756, +95 9 773 788 813.

Note: This workshop will be conducted in Burmese.

 

EVENT DETAILS

Date:
16 March 2019

Time:
08.30am to 12.00pm

Location:
Kloud (14th Floor), Junction City Office Tower, Yangon

RSVP

Tax notes: Myanmar Union Tax Law 2018 updates

Corporate M&A Myanmar Update 2017

Click here to download

We have reached our limit for the 9th March event. We will be hosting the same event on the following week, 16th March 2019.

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Registration is now closed!
If you have any questions, please contact Thiha Zaw (thiha.zaw@vdb-loi.com.)
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