The new investment law enacted on 18 th october 2016 combines the foreign investment law 2012 and the. A table showing the semiweekly deposit due dates for payroll taxes for 2015. The years 2012 and especially 2014 witnessed several constructive changes through amendments to the income tax law itl, the commercial tax law ctl, the stamp duty act and the court fee stamp act. Notable changes include amendments to the personal income tax rates and their application. The taxable capital gain is calculated based on the difference between the sales proceeds and the cost of the asset, less the accumulated tax depreciation allowed under the myanmar income tax law. But that is tempered by a need to collect more tax revenues less for the government to spend on developing public infrastructure. No exemption for payment to non resident or payment in foreign currency. The union tax law 2015 has been passed into effect with from 1st april 2015. Double taxation agreement if the nonresident taxpayer is a resident taxpayer of a country with which myanmar has a tax treaty, a relief may be available under the dta. For large tax payers under the self assessment system, the threshold is not more than 1. Corporations, privatisation and public private partnerships in myanmar. The oecd open government report of myanmar was prepared by the oecd in collaboration with the government of the republic of the union of myanmar. On 28 march 2014, the union of myanmar revenue law of 2014. Myanmar s budget in international comparison tax revenuetogdp ratios in 2012 but tax revenue collection, which ld see 30 tax revenue excludes see receipts, is very low 20 25 large revenue potential from tax 10 15 potential from tax reform.
E 2d april 2015 the pyidaungsu hluttaw hereby enacts this law. Myanmar levies a commercial tax, instead of a valueadded tax. This can be credited against the corporate income tax the importer needs to pay at the end of the year. Myanmar corporate tax rate data, historical chart, and calendar of releases was last updated on february of 2020 from its official source. Whilst the calendar starts on 1 april 2015, the notification has stated that selected tax payers will need to start filing their returns with lto from 1 january 2015. United kingdom 2015 calendar with british holidays. These were aimed at meeting the tax reform agenda that was set by the parliamentary government installed in 2011, in order to eradicate the provisions of laws detrimental to the progress of the. Individual income tax rates table kpmg global kpmg international. On 10th january 2017, the internal revenue department ird of the ministry of planning and finance mpf announced the notification no. Myanmar tax law the myanmar income tax law, 1974 the commercial tax law,1990 the union of myanmar foreign investment law 2012 and latest notifications issued by ministry of finance and revenue dated june 2012 applicable laws to individuals, companies and jointventures.
For instance, certain business sectors, such as agriculture and. Click to download a pdf version of a training calendar. By this amendment of the income tax rules, the relief on the same child can be claimed by only one side either tax payer or hisher spouse. Myanmar calendar 100 years 2020 version orange pictures. The application of certain tax treaty ratesexemptions may be at the discretion of the ird in current practice. Tax, revenue, expenditure and deficit to gdp ratio in myanmar 5 2011 to 2015 4. Amnesty internationals 20142015 report pdf on myanmar discusses the countrys ongoing political, legal, and economic reforms. Use english date to get english myanmar calendar or use myanmar date to get myanmar english calendar. Submit the scanned registration form attached via email to academy. The tax year is from 01 july of the current year to 31 march of the succeeding year. A fiscal year is used in government accounting, which varies between countries, and for budget.
Yangon amid calls for reconsideration from military representatives and opposition lawmakers, myanmars national fiscal year will be changed to the period from october to september starting from the 201819 financial year as the union parliament endorsed and documented the presidential proposal to amend the current period on tuesday in. The average annual growth in the number of international arrivals and receipts both in absolute terms and as a share of total exports over 201115 in myanmar is very high, where both have declined in recent years, on average. Guide to taxes in myanmar bracketsincentives asean up. The three original subindicators have continued to fall in 2015. The myanmar government has recently introduced significant amendments to the law on special goods tax sgt, including the tax base for computing sgt, and reporting requirements for sgtregistered exporters and manufacturers of locallyproduced regulated and nonessential goods. Effective date these rules shall come into force from the fiscal year 2014 2015 the year ending march 31, 2015.
Montenegro, montserrat, morocco, mozambique, myanmar, namibia, nauru, nepal, new caledonia. Myanmars budget in international comparison tax revenuetogdp ratios in 2012 but tax revenue collection, which ld see 30 tax revenue excludes see receipts, is very low 20 25 large revenue potential from tax 10 15 potential from tax reform. Contact naing naing san partner, myanmar tax leader. Effective date these rules shall come into force from the fiscal year 20142015 the year ending march 31, 2015. In 1900 keeping the tax year synchronised to the julian calendar was. Foreigners are considered tax residents if they reside in myanmar at least 183 days in a calendar year. Myanmars legal and tax framework 15 th december, 2016. Jan 24, 2018 foreigners are considered tax residents if they reside in myanmar at least 183 days in a calendar year. Tax withheld from payments to residents and branches registered in myanmar will be set off against the tax due on their final assessments. Jul 05, 2018 for those importing goods into myanmar, there is a 2 per cent advance corporate income tax levied on imports.
Chapter 1 title, coming into force and definitions 1. Foreigners working for union of myanmar foreign investment law mfil or myanmar investment law mil companies may be taxed at the same tax rates as a tax resident, regardless of their period of stay in myanmar, under the tax incentives that may be granted to. On 28 march 2014, the union of myanmar revenue law of 2014 and four other tax bills were signed into law and effective from 1. The corporate tax rate in myanmar stands at 25 percent. Foreigners are not allowed to own immovable property in myanmar. Foreign exchange control citizens, foreigners and companies in myanmar generally must obtain permission from the foreign exchange management department for. Worldwide personal tax guide income tax, social security and immigration 201516. Tax withheld from payments to nonresident companies except the branches registered in myanmar is a final tax. Yangon amid calls for reconsideration from military representatives and opposition lawmakers, myanmars national fiscal year will be changed to the period from october to september starting from the 201819 financial year as the union parliament endorsed and documented the presidential proposal to amend the current period on tuesday in naypyitaw. May 03, 2015 the union tax law 2015 has been passed into effect with from 1st april 2015. Tax on property income in myanmar global property guide.
Find out what these key changes are in this latest newsletter. Union taxation law 2017 has been enacted introducing changes. The tax year 20192020 is from 01 april 2019 up to 31 march 2020. Attracting investments into its recently openedup economy is a clear priority of myanmars tax regime, with a slew of tax incentives for foreign investors. The average annual growth in the number of international arrivals and receipts both in absolute terms and as a share of total exports over 201115 in myanmar is very high, where both have. Corporate tax rate in myanmar is expected to reach 25. Myanmar companies online myco under the directorate of investment and company administration dica agency the myanmar companies law 2017 mcl was approved by the president on 6 december 2017 and came into force on 1 august 2018, together with the companies regulations and various supporting notifications.
In myanmar, the fiscal year is 1 october to 30 september. Kpmgs individual income tax rates table provides a view of individual income. Luxembourg, malta, montenegro, myanmar, qatar, san marino and south sudan were added. This page provides myanmar sales tax rate vat actual values, historical data, forecast, chart, statistics, economic calendar and news.
Doing business in myanmar doing business in myanmar yes, a foreign national or juristic entity can establish and register a local myanmar llc as 100% foreign. Taxation of international assignees working in myanmar. Myanmar continues to push tax reforms with the passage of five new tax laws. Pull in uptodate information from onesource estimated payments to get ahead of quarterlies and other upcoming payments. Myanmars budget system reform considering japanese. Tax calendar designed to help keep track of and meet the filing requirements of tax returns and tax payments. However, myanmar citizens working outside of the country benefit from a tax exemption on salaries received abroad. Click on the workshop title to download the course flyer. Nonresident individuals are taxed on their income from sources in myanmar.
Printable calendar pdf calendars especially made for printing. Azerbaijan in a calendar year are also treated as tax residents, and income. Revenue, expenditure and deficit in myanmar 5 fy 20112012 to 2015 2016 3. The software updates automatically whenever regional tax laws and filing deadlines change. It was drafted from july to november 20, based on extensive desk research and interviews with representatives of all relevant public institutions, members of academia and of nongovernmental. Myanmar sales tax rate commercial tax 20142020 data. However, there are limitations and restrictions to this general rule. Revenue, expenditure and deficit in myanmar 5 fy 20112012 to 20152016 3. So if you find inaccuracy or wrong date translation, please do let me know. Myanmars budget in international comparison tax revenuetogdp ratios in 2012 but tax revenue collection, which ld see 30 tax revenue excludes see receipts, is very low 15 20 25 5 large revenue 10 potential from tax 0 myanmar thailand lao pdr vietnam potential from tax reform. Us dollars are converted into mmk using the exchange rate issued by the central bank of myanmar. It services, consultancy services, container transport services are no longer exempt 3% ct has been introduced on the construction and sale of new buildings the rate of ct levied on certain items, chiefly tobacco products and alcohol excl.
Myanmar citizens and resident foreigners, including foreigners working for mfil companies, are taxed on their worldwide income. Myanmars budget system situation tax, revenue, expenditure, and deficit to gdp ratio in myanmar fy 20112012 to fy 20152016 25. Tax calendar software helps you meet corporation tax due dates. International tax myanmar highlights 2017 investment basics. The content is current on 1 january 2015, with exceptions noted. The ministry of planning and finance has issued a new tax notification no. Myanmar business guide 5 pwc myanmar is located at. Nonresident foreigners are taxed only on income derived from sources within myanmar. Percent of tax to gdp for clmv countries in 2014 projection 6 5.
Tax reforms in myanmar myanmar 2016 oxford business group. As a result of this process of economic liberalisation, myanmars gdp growth surged to 7. Please select next or previous to scan through the months or use the drop down select to jump to the date you want. Understanding myanmar council on foreign relations. Myanmars budget system reform considering japanese experiences. As for the personal income tax for each employee, firstly, the investor shall submit a list of employees with the form of recruitment status, which is provided in notice no. The rights for myanmar to impose capital gains tax on nonresident investors are limited in several of myanmars income tax treaties. Calendars online and print friendly for any year and month. The tax withheld must be paid to the internal revenue department ird within seven days from the date of withholding.
55 1466 1591 89 180 289 13 701 177 1142 531 602 1228 59 686 353 748 941 1371 433 1552 731 327 119 366 429 1136 1369 8 1469 180 1254 466 726 523 807 98 1472 675 332