To pay or not to pay? INGOs wrangle over income tax

With a new government in office and the start of a new financial year, international non-government organisations (INGOs) are holding intense discussions over whether their well-paid expat staff should pay income tax in Myanmar. Some have been paying tax for years; others claim to have deals that exempt their foreign staff; and others would not […]

Booze and Cigarette Taxes to Change from April

Cigarettes will be taxed individually and alcohol will be taxed per litre, according to the draft Commercial Tax Law 2016. For cigarettes, a roll of cigarette will be taxed from K3 to K48 depending on the price of the cigarette. For alcohol, a litre of alcohol will be taxed from K66 to K2,231 depending on […]

Informal contracts risk bite buyers

Most property buyers are using informal contracts that fall short of transferring full legal ownership and fail to stand up in court, a senior official from the Internal Revenue Department (IRD) told The Myanmar Times. A variety of property purchases – including those of apartments and condominiums – are usually made using informal contracts. But […]

Tax income exceeds estimates

In first six months of the 2014-15 financial year, the union collected tax volumes of US$2,5 billion, exceeding the estimate of $2.3 billion, according to the Union Tax Report. The estimated tax volume of the Ministry of Finance for the same period was more than $1.3 billion but in excess of $1.5 billion was collected. […]

Kanbawza Bank pays Ks 22 billion in advance tax

Kanbawza Bank Ltd, the largest private bank in Myanmar, has paid Ks 22 billion (US $ 22 million) in advance tax for the fiscal year 2014-15, according to its chairperson Aung Ko Win. The bank topped the list of income-tax paying companies in 2012-13 after paying Ks 10 billion (US$ 10 million) for income tax […]

Myanmar Tax Department Says 2,500 Tax-Evading Firms Named in Error

YANGON — The Myanmar government’s tax department has admitted that it mistakenly named nearly 2,500 companies as tax evaders. The Internal Revenue Department (IRD) on March 6 published a list of 10,670 companies that it said had failed to pay taxes for the 2012-13 fiscal year, which ended in March 2013. The list included well […]