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Tax notes: Myanmar Union Tax Law 2018 updates

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

AUTHORS

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 has a master’s degree in finance from Umea University in Sweden and a bachelor degree in Commerce from the University of Newcastle Australia. She has extensive experience in energy, communications and foreign investment She is a Manager in our Tax team, advising mostly multinational clients in a wide range of industries.


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