The Union Parliament (the Pyidaungsu Hluttaw) enacted the Union Tax Law 2018 (“UTL 2018”) on 30 March 2018, which went into effect on 1 April 2018. Below we provide a synopsis of the points most pertinent for taxpayers this year.
The biggest change from the draft UTL 2018 is that the tax amnesty on undisclosed sources of income that had been proposed was removed.
Highlights of this note
- No change in financial year
- Capital Gains Tax for the oil and gas sector
- Specific Goods Tax
- Changes to the Commercial Tax exemption list
- Listed companies