Request for Expressions of Interest – Modernization of Public Finance Management Project (MPFMp), Deadline: 30th October, 2019

Republic of the Union of Myanmar Ministry of Planning and Finance Modernization of Public Finance Management Project (MPFMp) Request for Expressions of Interest for Individual Consultant – Translator cum Interpreter for: (1) Ref no. A-C506 for Large Taxpayers Office (LTO), Internal Revenue Department (IRD), Yangon, and (2) Ref. no. A-505 for IT Directorate, Internal Revenue […]

Tax amnesty could spell big changes for Myanmar

How would you feel if a big part of your monthly salary was taxed while your boss paid almost nothing? Or if your small business paid its tax and your competitor didn’t? Not too happy, and probably worse upon hearing the Myanmar government’s plan to offer these tax cheats an amnesty. Instead of facing penalties, […]

IRD to introduce Income tax bill to parliament

The Internal Revenue Department (IRD) drafted a new income tax law with the help of International Monetary Fund (IMF) expert, U Min Htut, director general of Internal Revenue Department (IRD), told The Myanmar Times. He said the new legislation will modernise the rules and “effectively cover” different parts of the economy, catching up with international […]

Next finance minister expected to rescue confidence, speed up bank reforms

The government has to find someone who can pick up the baton swiftly and restore confidence to an increasingly frustrated business community since U Kyaw Win has resigned as planning and finance minister. With economic reforms slowing and plummeting of investor confidence, the next office-holder needs to communicate the reform blueprint to the private sector, […]

New rules, incentives will boost taxpayer numbers

Paying tax is the duty of every Myanmar citizen. Without sufficient tax revenues, the country must rely on resource exports and foreign debt to fund its growing fiscal budget. However, many say the benefits of paying taxes to the government, which typically involve public infrastructure and subsidised healthcare and education, have so far been lacking. […]

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 to be levied on stock exchange investments

This will be the case initially, even though other countries such as Vietnam are untying their investors from tax, said Dr Maung Maung Thein, chair of the Securities and Exchange Commission Myanmar (SECM) and deputy finance minister, on August 29. However, he provided no information about the value of tax that investors will be charged, […]