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22
Oct
2012
European Union Moves towards Reinstating Trade Preferences for Myanmar
The European Commission (“EC”) has adopted a proposal to reinstate Myanmar as a beneficiary nation of the Generalised System of Preferences (“GSP”). The GSP is used by the European Union (“EU”) to assist developing countries in the area of trade.
11
Sep
2012
How Will Myanmar’s 2012 Foreign Investment Law Affect New Oil and Gas Production Sharing Contracts?
This Analysis includes the following points: Myanmar’s new Foreign Investment Law (FIL) has passed the National Assembly, Typically, PSCs will refer to the FIL, The new FIL has a tax holiday of 5 years, compared to 3 years in the old FIL, Depending on language in PSC and side-letter, the new FIL may apply to existing PSCs, Loss carry forward remains a point of attention
28
Aug
2012
Myanmar Introduces Tax Credit for Importation and Distribution of Gasoline and Diesel
A new notification by the Ministry of Finance and Revenue has made it possible for importers and distributors of gasoline and diesel to credit the Commercial Tax that is due on import and resale. Importation of most petroleum products is subject to, among other taxes, a 10% Commercial Tax. Domestic trading of petroleum products is taxed at 5%.
19
Aug
2012
Questions on the Myanmar Taxation of Oilfield Services under Its Double Taxation Agreements with Malaysia, Singapore and Thailand
This Analysis includes the following points: Myanmar’s domestic taxation of oilfield service providers Do oilfield services trigger a PE under DTAs in general? PE issues under Myanmar’s DTAs with Malaysia, Singapore and Thailand Withholding tax for oilfield services under Myanmar’s DTAs with Malaysia, Singapore and Thailand
19
Aug
2012
Salient Tax Features of Production Sharing Contracts in Myanmar
This Analysis includes the following points: What are the key tax points of PSCs in Myanmar? Which taxes are due when acquiring or divesting an oil & gas interest? What are the tax implications of cost recovery, royalty, training fee, bonuses? How do Myanmar’s DTAs apply to gains on oil & gas interests?
15
Aug
2012
Myanmar’s taxation of non-residents on the eve of its big leap in FDI
The lifting of US sanctions on general investment in Myanmar is one of the key indications that this Southeast Asian frontier market is poised for a big leap in terms of FDI. Myanmar, the second-largest Southeast Asian country after Indonesia, is rich in natural resources and has a population of around 60 million people, which is comparable to that of Thailand.
9
Jul
2012
Myanmar’s newly ratified tax treaty with Thailand
The Myanmar double taxation agreement (DTA) with Thailand, one of the region’s most anticipated tax treaties, can soon be applied in practice by taxpayers in Myanmar. Myanmar and Thailand signed a DTA in 2002, which was ratified by Myanmar in August 2011. The DTA officially entered into force on 1 January 2012. Myanmar tax authorities have prepared measures to implement the treaty provisions.
19
Jun
2012
Myanmar tax update part one: Myanmar's 2012 tax reform
Updates to the Myanmar tax system in regards to Personal Income Tax (PIT), Corporate Income Tax (CIT) and Commercial Tax were published in a series of 16 Notifications which all came into effect on 1 April 2012. Notifications No. 106 to No. 112 relate to Income Tax, while the remaining new Notifications No. 113 through No. 121 relate to Commercial Tax (a tax on goods and services similar to VAT).
14
Feb
2000
Insights This Month – Jan 17
INSIGHTS THIS MONTH January, 2017 TAX ALERT! From our Tax Team No more withholding tax on interest paid to Myanmar branches of foreign banks 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% […]
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