Myanmar 2016 Tax Upate: Major changes to Union Tax Law 2016 & introduction of Special Goods Tax

Myanmar has reintroduced excise tax system called the Special Goods Tax Law (“SGT”). This will be effective from 1st April 2016. The SGT, designed to modify the Commercial Tax (“CT”) Law, announces a range of changes, but the most marked change taxes affect alcohol, wine and cigarettes. The new tax rates are reflected in the Union Tax Law 2016 which will be effective from 1st April 2016 too. Companies producing or importing special goods are now allowed to offset output Special Goods Tax against input Special Goods Tax. How will this new calculation work? What are the conditions? What paperwork is needed? VDB Loi’s tax team is working closely with the tax authorities to understand how to protect clients’ investments.

VDB Loi’s breakfast briefing will provide the latest insights into the government’s practices and interpretations of current and upcoming tax and investment laws. We will provide practical insights on how to navigate the new tax rules, and thrive when doing business in Myanmar.

Highlights

• Special Goods Tax – How does it work?
• Can we offset SGT with Commercial Tax?
• Hefty penalties of SGT law
• Enforcement of Withholding Tax and CT for non-residents
• Changes in the 2016 Union Tax Law
• Personal income tax: new minimum income thresholds
• Changes in tax rates for undisclosed sources of income
• Clearer values on Commercial Tax offset
• New tax depreciation rates
• Advance income tax for export and import goods
• Stamp duty amnesty

This seminar will be offered in English. The seminar will be held in the moring from 9.00am – 11.00am.

To reserve a seat or request an invitation for a colleague, contact Mar Lar Thin at [email protected] or on +95 9250364580