Myanmar keyword: Withholding Tax (“WHT”)

February 21, 2019

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 […]

August 31, 2018

The slogan of the Dutch tax authorities is “We can’t make it more fun, but we can certainly make it easier”. A fair, easy, predictable and efficient tax system is an important factor in attracting foreign investment. Highlights Speed up the signing of double taxation agreements Prioritize implementing advance tax rulings for investors so that […]

June 20, 2018

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 lease payments within Myanmar. Government organization, ministry […]

March 30, 2018

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 […]

February 27, 2018

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 Taxpayers’ Office (1) (“MTO”) are under self-assessment; […]

July 31, 2017

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 be implemented in Myanmar. The WHT regime is […]

March 29, 2017

1. The legal system As the legal system of Myanmar has its roots in the English common law system, laws in Myanmar are similar to English law. 2. Are there restrictions on foreign investment ownership? The Myanmar Investment Commission (MIC) from time to time issues notifications and regulation covering investment by foreign investors in various […]

January 24, 2017

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 new rates.   The MOPF released Notification 2/2017 (“new Notification”) […]

January 17, 2017

Slowly but surely, experience is building up with respect to project finance and international corporate finance for companies and projects in Myanmar. With the many different deals that we have completed, we prepared a quick overview of the key things to know. We also touch upon some of the remaining hot issues. Highlights of this […]