withholding tax
20
Jun
2018
Tax Notes: The 2% Withholding Tax abolished!
Authors: Jean Loi, Ngwe Lin Myat Chit The Ministry of Planning and Finance has enacted a new Withholding Tax (“WHT”) Notification 47/2018 (“Notification 47”) on 18 June 2018 which is effective from 1 July 2018. The Notification 47 abolishes 2% WHT for payments to resident citizens and resident foreigners for services rendered, goods purchases and […]
27
Feb
2018
Tax Note: Abolishment of 2% Advance Income Tax for border trade
Authors: Jean Loi , Ngwe Lin Myat Chit In December 2017, the Internal Revenue Department (“IRD”) abolished the 2% Advance Income Tax (“AIT”) on goods exported via the Border Trade System for companies under self-assessment due to an increase in the tax compliance level of self-assessed taxpayers. Currently, only the Large Taxpayers’ Office (“LTO”) and Medium […]
3
Aug
2017
New Law and Access Petro Products (VDB Loi Insights This Month)
A combination of recent law and policy developments has put in motion a tectonic shift for the fuel sector in Myanmar. Since a few months, foreign investors have a much larger access to invest in petroleum products businesses, and are no longer required to conclude a joint venture with the Ministry of Electricity and Energy (MOEE).
31
Jul
2017
Myanmar withholding tax: Pitfalls to avoid for non-residents
Authors: Jean Loi , Ngwe Lin Myat Chit Although many taxpayers think that the withholding tax (“WHT”) regime in Myanmar has only been in place since 2010, it has actually been on the books since the enactment of Income Tax Law in 1974. With the issuance of Notification 41/2010, a formal WHT regime began to […]
23
Mar
2017
Myanmar Tax Booklet 2017
Download here.
24
Jan
2017
Tax Notes: No More Withholding Tax on Interest Paid to Myanmar Branches of Foreign Banks
Authors: Jean Loi , Ngwe Lin Myat Chit From 1 April 2017, the withholding tax on interest payment to the Myanmar branches of foreign banks will no longer apply. However, foreign lessors of equipment will face a new 2.5% withholding tax. Also, companies paying royalties on trademarks and other intellectual property will need to apply […]
10
Feb
2016
Client Alert: Withholding Tax payment in foreign currency
The Internal Revenue Department (“IRD”) has issued an update on its previous internal directive, which changed the tax payment procedures, allowing only payment orders (“POs”) from state-owned banks for the payment of taxes. The IRD has stepped back from this somewhat, as it will now allow POs issued by private banks for withholding tax (“WHT”) […]
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