IRD launches special taxation office

The Internal Revenue Department (IRD) has launched a taxation office on April 1 to improve tax services for large businesses and corporations.

Experienced tax officers have been hired to provide high quality services at the newly opened Large Taxation Office, which will work together with the taxpayers to provide accurate information on filing taxes.

The office will focus on large income businesses working in energy, construction, airlines and communication sectors. They classify large businesses under the rules and regulations of the IRD such as company’s capital, total income, and taxes from previous years.

The IRD has set a May 30 deadline to contact companies that need to pay taxes. Necessary services will be provided in accordance with taxation law.

Kanbawza Bank, Myanmar Brewey, International Beverages Trading, Myanmar CP Livestock and Shwe Taung Development, paid the highest amount of tax over the 2012-13 fiscal year.

The tax evasion will be charged under Section 46 and 47 of the current income tax law and Section 21 and 22 of the commercial tax law. Section 48 of the income tax law and Section 23 under the commercial law describe how to deal with tax corruption.

The government formed the Tax Scrutiny Board last May to check on tax collection and fiscal responsibly meets international norms.

Source: ELEVEN Myanmar

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here