Tax Administration Law: Are You Prepared for the New Tax Administration System in Myanmar?
The recent reforms of the Internal Revenue Department (“IRD“) in Myanmar and the enactment of the Tax Administration Law (“TAL“) are major steps towards modernizing the tax system in Myanmar. There are three major taxes in Myanmar; namely, Income Tax, Commercial Tax (“CT“), and Specific Goods Tax; the introduction of a new tax administration system will facilitate the implementation and administration of the different types of taxation. TAL was enacted by the Union Parliament on 7 June 2019 and will be effective from 1 October 2019, the commencement of the new income year in Myanmar.
During our seminar, we will discuss the key features of TAL. These include the use of one specific tax identification number for all types of taxes, various types of rulings, the requirement to appoint a resident taxpayer as a representative for non-resident citizens and foreigners for tax purposes, tax payment and filing procedures, time limits for tax return filing and assessment, hefty penalties for non-compliance, and the introduction of interest on underpaid/unpaid taxes.
In addition, we will also discuss the issues resulting from the change of income year, with a particular focus on how taxes should be calculated for the six-month period from 1 April 2019 to 30 September 2019 as well as how the change of income year will impact on the reinvestment of profits for companies with an investment license from Myanmar Investment Commission (“MIC“).
As there has been confusions among taxpayers in relation to interpretations of the tax law, the IRD has been providing clarifications since 2018 to alleviate concerns. Our seminar will touch on these clarifications from IRD through relevant case studies and related explanations.
This seminar is a call to action for all companies to be ready to take a step forward towards a new, advanced tax system in Myanmar.
- Change of income year in Myanmar
- How to calculate taxes for the six-month period (1 April 2019 to 30 September 2019)?
- What are the key features under TAL?
- Tax payment and filing procedures
- Retention of accounting records
- Time limits for tax return filing and assessment
- Hefty penalties for non-compliance
- Interest on unpaid/underpaid taxes and taxes to be refunded
- How will TAL affect the current tax system and procedures?
- Clarifications from the IRD and relevant case studies
- How will the change of income year impact on companies with an MIC investment license?
|Time||Tax Administration Law – Are You Prepared for New Tax Administration System in Myanmar?|
|8.30am – 9.00am||Registration and coffee|
|1||9.00am – 10.00am||Change of income year and TAL|
– How to calculate taxes for the six-month period
– Key features of TAL
– TAL implications on current tax system and procedure
|2||10.15am – 11.15am||Clarifications from the IRD and case studies|
– Offsetting input CT against output CT – accrual or cash?
– Any CT on lease premium?
– Deductible and non-deductible expenses for Corporate Income Tax purposes
– Case studies
|3||11.15am – 11.30am||Change of income year and reinvestment reliefs for MIC companies|
– How to apply for reinvestment reliefs under Myanmar Investment Law 2016
– How does the change of income year impact on MIC companies?
|4||11.30am – 12.00pm||Panel Discussion|
Senior Partner, VDB Loi
Managing Partner, VDB Loi
International Monetary Fund Revenue Administration Advisor
International Adviser, Large Taxpayer Office, Internal Revenue
More to be announced…
|5||12.00pm – 12.15pm||Q&A|
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.
My is an experienced Partner with a degree in Foreign Economics from the Foreign Trade University, Ho Chi Minh City. She has over seven years of experience, and worked with PricewaterhouseCoopers and DFDL in Vietnam before joining VDB Loi. She specializes in investment and tax advisory. My Le has assisted Mitsui&Co, Ooredoo and Pan Asia Towers with their investment licensing applications and with obtaining telecom licenses. Additionally, she has led in breaking through newly emerged and highly challenging permits and licenses for foreign investment in beverage, pharmaceutical and trading industries.
Nay Nwai Linn
Senior Tax Manager
Nay is an accomplished Manager in our tax team. She advises clients on planning, compliance and controversy of the full range of Myanmar taxes. Nay is also experienced in corporate and investment licensing.
Honey Htun Wai
Honey is a Partner and is advising clients in a wide range of industries on tax compliance, accounting and payroll, financial and tax due diligence and tax structuring. She has recently conducted financial due diligence on state-owned banks in Myanmar for its restructuring. Honey qualified as a CPA with PwC in Sweden and holds a master’s degrees in accounting, finance and business development from Umea University in Sweden and a bachelor degree in Business Management from National Management College in Myanmar.
Ngwe Lin Myat Chit
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.