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Tax notes: Myanmar Union Tax Law 2018 updates

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 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
Summary

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Myanmar-Union-Tax-Law-2018-updates.pdf

AUTHORS

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.
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Ngwe Lin Myat Chit
Director

Ngwe Lin has a master's degree in finance from Umea University in Sweden and a bachelor's degree in commerce from the University of Newcastle in Australia. She has extensive experience advising multinational clients in a wide range of industries in terms of tax structuring, cross-border tax issues, tax disputes, and tax compliance matters. She has also advised an impressive list of oil and gas supermajors and IPPs on the tax structuring of their energy projects in Myanmar and has assisted on various tax dispute cases in the oil and gas sectors.

KEYWORDS

Advance Income Tax (“AIT”), Capital Gains Tax ("CGT"), Income Tax, Income Tax Law, Large Taxpayers’ Office (“LTO”), Medium Taxpayers’ Office (“MTO”), Personal Income Tax (PIT), Specific Goods Tax (SGT), Tax, Tax Assessment, Union Tax Law ("UTL"), Withholding Tax (“WHT”)

RELATED EXPERIENCES

Taxation