Commercial Tax
21
Feb
2019
CLIENT ALERT: Myanmar: Are you prepared for this financial year end?
The 2018–19 financial year end is around the corner and all taxpayers have less than two months left for tax payments, tax returns, and possibly some tax planning. All taxpayers should now be in the process of planning their annual tax filings. Please be reminded that annual Corporate Income Tax (“CIT”), Commercial Tax (“CT”), and […]
27
Nov
2018
Commercial Tax Payment and Offset Timings
COMMERCIAL TAX PAYMENT AND OFFSET TIMINGS The Internal Revenue Department (“IRD”) has issued clarifications regarding Commercial Tax (“CT”) payment and offset timings. Clarification 2/2018 provides an explanation regarding CT payment timelines. CT charged to customers (“output CT”) is due the earlier of issuing invoice to customers or receiving payments. For example, if an invoice is […]
25
Jan
2016
Client Alert: Temporary exemption on Stamp Duty Penalties
On 15 January 2016, the Internal Revenue Department (“IRD”) announced an exemption from stamp duty penalties for private parties who have entered into “dutiable” contracts with other private parties and the government (including ministries, departments, region and state governments and economic organizations), and failed to pay stamp duty, provided that the applicable stamp duty is […]
10
Apr
2015
The 2015 Myanmar Tax Reform: New Rules for Commercial Tax Offset, Branches, Expats and Capital Gains
Yet another shift in the ever-dynamic landscape of Myanmar taxation promises to improve the situation of many foreign investors. The Union Tax Law 2015 (UTL 2015), just approved by the National Assembly and likely to be signed into law by the President, is the centerpiece of a wider reform spanning income tax Commercial Tax (CT) […]
29
Mar
2014
Client Alert: Sweeping Myanmar tax reform rocks wide range of industries and transactions
A few hours ago, the President signed a major tax reform into law. As we count down the days to the end of the budget year on 31 March 2014, Myanmar will implement changes to each of its major taxes from 1 April 2014 onwards. Changes were made to the Income Tax (IT), Commercial Tax […]
26
Jan
2014
Myanmar Tax Update: Myanmar Braces for Tax Changes
The Myanmar Government is poised to launch a number of reforms of its tax laws and practices. Drafts have been made public today of proposed amendments to the Income Tax law, Commercial Tax Law, Stamp Duty Act and the Court Tax Act. These are some of the key proposed changes:
28
Aug
2012
Myanmar Introduces Tax Credit for Importation and Distribution of Gasoline and Diesel
A new notification by the Ministry of Finance and Revenue has made it possible for importers and distributors of gasoline and diesel to credit the Commercial Tax that is due on import and resale. Importation of most petroleum products is subject to, among other taxes, a 10% Commercial Tax. Domestic trading of petroleum products is taxed at 5%.
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