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Tax Administration Law: Are You Prepared for the New Tax Administration System in Myanmar?

August 13, 2019 - 8.30am -12.15pm
Location: Pan Pacific Hotel, Yangon
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Tax Administration Law : Are You Prepared for the New Tax Administration System in Myanmar?
13 August 2019
Pan Pacific Hotel, Yangon
The date of the event has been changed from 5th August to 13th August.

The recent reforms of the Internal Revenue Department (“IRD“) in Myanmar and the enactment of the Tax Administration Law (“TAL“) are major steps towards modernizing the tax system in Myanmar. There are three major taxes in Myanmar; namely, Income Tax, Commercial Tax (“CT“), and Specific Goods Tax; the introduction of a new tax administration system will facilitate the implementation and administration of the different types of taxation. TAL was enacted by the Union Parliament on 7 June 2019 and will be effective from 1 October 2019, the commencement of the new income year in Myanmar.

During our seminar, we will discuss the key features of TAL. These include the use of one specific tax identification number for all types of taxes, various types of rulings, the requirement to appoint a resident taxpayer as a representative for non-resident citizens and foreigners for tax purposes, tax payment and filing procedures, time limits for tax return filing and assessment, hefty penalties for non-compliance, and the introduction of interest on underpaid/unpaid taxes.

In addition, we will also discuss the issues resulting from the change of income year, with a particular focus on how taxes should be calculated for the six-month period from 1 April 2019 to 30 September 2019 as well as how the change of income year will impact on the reinvestment of profits for companies with an investment license from Myanmar Investment Commission (“MIC“).

As there has been confusions among taxpayers in relation to interpretations of the tax law, the IRD has been providing clarifications since 2018 to alleviate concerns. Our seminar will touch on these clarifications from IRD through relevant case studies and related explanations.

This seminar is a call to action for all companies to be ready to take a step forward towards a new, advanced tax system in Myanmar.

HIGHLIGHTS

  • Change of income year in Myanmar
  • How to calculate taxes for the six-month period (1 April 2019 to 30 September 2019)?
  • What are the key features under TAL?
    • Tax payment and filing procedures
    • Retention of accounting records
    • Time limits for tax return filing and assessment
    • Hefty penalties for non-compliance
    • Interest on unpaid/underpaid taxes and taxes to be refunded
  • How will TAL affect the current tax system and procedures?
  • Clarifications from the IRD and relevant case studies
  • How will the change of income year impact on companies with an MIC investment license?

PROGRAM

  Time Tax Administration Law – Are You Prepared for New Tax Administration System in Myanmar?
  8.30am – 9.00am Registration and coffee
1 9.00am – 10.00am

Change of income year and TAL

  • How to calculate taxes for the six-month period
  • Key features of TAL
  • TAL implications on current tax system and procedure
2 10.15am – 11.15am

Clarifications from the IRD and case studies

  • Offsetting input CT against output CT – accrual or cash?
  • Any CT on lease premium?
  • Deductible and non-deductible expenses for Corporate Income Tax purposes
  • Case studies
3 11.15am – 11.30am

Change of income year and reinvestment reliefs for MIC companies

  • How to apply for reinvestment reliefs under Myanmar Investment Law 2016
  • How does the change of income year impact on MIC companies?
4 11.30am – 12.00pm

Panel Discussion

Moderator:

Edwin Vanderbruggen
Senior Partner, VDB Loi

Panelists:

Jean Loi
Managing Partner, VDB Loi

Gregory Topping
International Monetary Fund Revenue Administration Advisor

Colin Hutchins
International Adviser, Large Taxpayer Office, Internal Revenue

More to be announced…

5 12.00pm – 12.15pm

Q&A

SPEAKERS

Ms. Jean Loi
Managing Partner

Jean is one of the region’s most experienced tax and regulatory specialists with more than 12 years of experience in Indochina, Myanmar and Singapore. She has advised on a large number of project transactions and tax disputes in the specialties of structuring, power plant projects and oil & gas. As the managing partner of VDB Loi, Jean has extensive experience with projects related to the market entries of companies in the infrastructure, telecommunications and financial services industries in the region, as well as with supply chains. She lives in Yangon.

My Le
Director

My Le is a Director in our Regulatory team. She has taken the lead on dozens of MIC permitting projects in telecoms, energy, transport, manufacturing, real estate, and other sectors. She is also an accomplished tax adviser.

Nay Nwai Lin
Senior Tax Manager

Nay is an accomplished Manager in our tax team. She advises clients on planning, compliance and controversy of the full range of Myanmar taxes. Nay is also experienced in corporate and investment licensing.

Honey Htun Wai
Senior Tax Manager

Honey is a Senior Tax Manager and is advising clients in a wide range of industries on tax compliance, accounting and payroll, financial and tax due diligence and tax structuring. She has recently conducted financial due diligence on state-owned banks in Myanmar for its restructuring. Honey holds a master’s degrees in accounting, finance and business development from Umea University in Sweden and a bachelor degree in Business Management from National Management College in Myanmar.

Ngwe Lin Myat Chit
Senior Tax Manager

Ngwe Lin has a master’s degree in finance from Umea University in Sweden and a bachelor degree in Commerce from the University of Newcastle Australia. She has extensive experience in energy, communications and foreign investment. She is a Senior Tax Manager in our Tax team, advising mostly multinational clients in a wide range of industries.

 

MODERATOR

Edwin Vanderbruggen
Senior Partner

Edwin is the senior partner of VDB Loi and a leading foreign legal advisor living in Myanmar since 2012. A frequent advisor to the Government on transactions and privatizations in energy, transportation and telecom, he is widely recognized for his “vast knowledge” (Legal 500) and his ability “to get difficult things through the bureaucracy ” (Chambers, 2016).

 

PANELISTS

Greg Topping
International Monetary Fund Revenue
Administration Advisor

Greg is the resident advisor at the Internal Revenue Department of Myanmar since April 2018. In this role, he assists IRD to implement the program of reforms outlined in their strategic plan, the Reform Journey. He has significant experience with long term advisory positions in developing countries and earlier worked with IRD through US Treasury’s Office of Technical Assistance in 2013. Prior to these roles Greg had an extensive career in the Australian Taxation Office where he was an Assistant Commissioner for 15 years.

Colin Hutchins
International Adviser, Large Taxpayer Office
Internal Revenue

Colin is a Chartered Accountant and Certified Fraud Examiner and has been with the Large Taxpayer Office of Internal Revenue since January 2016. Prior to joining the LTO he was the Manager of Legal and Technical Services with the New Zealand Inland Revenue, a unit responsible for tax litigation, drafting public and private rulings and providing legal support for tax audits and investigations. Colin also has 20 years experience in conducting tax audits and investigations. In 2010 and 2012 Colin worked on Asian Development Bank and IBFD sponsored tax reform programs in the Maldives and Vietnam.

 

Attendance at this workshop is free for VDB Loi clients. 50,000 kyats will be charged at the event to non-clients/members. Seats are limited and confirmation will be given on a first-come, first-served basis. To reserve your place, please contact Thiha Zaw at thiha.zaw@vdb-loi.com or +95 9 773 788 813, +951 925 3752~756.

VDB Loi is a network of leading law and tax advisory firms with offices in Cambodia, Indonesia, Laos, Myanmar and Vietnam.
Our general areas of practice are corporate, finance, licensing and disputes.
Our principal specialized areas of practice are energy, infrastructure, real estate and construction , telecom and taxation.

EVENT DETAILS

Date:
13 August 2019

Time:
08.30am to 12.15pm

Location:
Pan Pacific Hotel, Yangon

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