Webinar Recap: Key Takeaways & Year-End Compliance Check for Your Company

On 21 May 2024, VDB Loi hosted a tax webinar to provide guidance on the most recent changes under the 2024 Union Tax Law (“UTL 2024”).

Highlights from the webinar:

Currency for Tax Payments: The Partners of VDB Loi discussed the significant tax updates under UTL 2024, including the important change that resident or non-resident taxpayers must pay Corporate Income Tax (“CIT”), Capital Gains Tax (“CGT”) and Personal Income Tax (“PIT”) in the currency in which income was received.

UTL 2024 and its impact on other taxes: Detailed explanations on how UTL 2024 affects the imposition of Withholding Tax (“WHT”), Specific Goods Tax (“SGT”), and Commercial Tax (“CT”).

Compliance Updates: Emphasized the importance of annual compliance for companies and the benefits of having a corporate secretary to enhance corporate governance and efficiency.

Practical Q&A: Attendees had the opportunity to ask questions, such as questions relating to the effective date and the conditions for paying salaries in MMK versus USD.

Further instructions regarding the tax calculation and payment procedures were expected to be issued by the tax authority based on the new change of tax payment currency.

Get in Touch: If you missed the webinar, don’t worry! Get in touch for a one-on-one consultation!