Preparing for tax year-end: What companies need to do before filing their 2016 tax returns

With the financial year-end looming, companies should now be planning to prepare their annual tax filings. Annual Corporate Income Tax (“CIT”), Commercial Tax (“CT”) and Personal Income Tax (“PIT’’) must be paid to the Internal Revenue Department by 31 March 2016 and annual tax filings must be filed by 30 June 2016. Thus, companies should start preparing these tax filings at least one month before the financial year end to ensure the tax payments and filings are paid and submitted on time if they want to avoid penalties. Companies need to be aware of there is 10% late payment penalty if the tax payments are made after 31 March 2016 and there is also a late filing penalty of 10% of the tax amount if the tax returns are not submitted by 30 June 2016.

VDB Loi’s special breakfast briefing will give you an invaluable checklist to consider in planning for your tax obligations. We will provide practical insights on how to prepare the annual tax filings correctly and share our experiences regarding the pitfalls and common mistakes in preparing the annual CIT, CT and PIT returns.

Highlights

• Common mistakes and pitfalls
• Year-end CIT calculations- what is deductible?
• Offset of input and output CT
• PIT reconciliation- how to deal with foreign exchange differences
• How to pay Withholding Taxes!

This seminar will be offered in Burmese. The seminar will be held in the morning from 9.00 – 11.00am. Attendance is free and by invitation only. Seats are limited. We regret that invitations are not transferable.

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