Yangon directory 2015 pdf tax

New yangon port to be constructed as trade volumes rise kang wan chern and thiha ko ko myanmar. The political economy of urban transport in yangon, myanmar igc. The special economic zone law was enacted in 2014, and its implementing rules were published in 2015. Launching of an lto in yangon is the best example of irds administrative reform.

The yangon directory group ydg is the most trusted directory, with. Easily share your publications and get them in front of issuus. Effective date these rules shall come into force from the fiscal year 2014 2015 the year ending march 31, 2015. It looks as though the myanmar international departure tax is now included in the ticket but i cant see a definitive answer to this. While withholding tax on payments to resident citizens and resident foreigners may be set off against the annual tax obligations, the withholding tax is final for nonresident foreign. Burma campaign uk decided to resume publication of this dirty list after consultation with partners from. Jul 05, 2018 for those importing goods into myanmar, there is a 2 per cent advance corporate income tax levied on imports. This report serves as a guide for european smalltomedium sized enterprises. Inside thilawa sez, where both the hard and soft infrastructure from roads and utilities to supporting services such as maintenance are. Chapter 1 title, coming into force and definitions. Sale or transfer of immovable property outside yangon 4% of the value.

Guide to taxes in myanmar bracketsincentives asean up. Calculate tax of myanmar properties depending on buying, selling and renting at. Sep 20, 20 myanmars internal revenue department released the list of the top 100 commercial and income tax payers for the 201220 fiscal year on september 14. Welcome to the 23d edition 2016 of yangon directory. Us dollars are converted into mmk using the exchange rate issued by the central bank of myanmar. Kpmgs 2017 asia pacific indirect tax country guide. This disclosure document is issued by myanmar thilawa sez holdings public limited mtsh or.

The withholding tax rates on interest and royalty payments made to nonresidents of myanmar may be reduced by an applicable income tax treaty. As a result of this process of economic liberalisation, myanmars gdp growth surged to 7. This can be credited against the corporate income tax the importer needs to pay at the end of the year. The thilawa special economic zone located on the outskirts of yangon is the first special economic zone sez built in myanmar, and had become fully commercially operational in september 2015. Salary, business and other sources are all considered in regards to income tax. Myanmar continues to push tax reforms with the passage of five new tax laws. Pwcs academy our specialised learning arm of pwc, where our pwc practitioners lead your learning experience.

I have seen western tourists arguing at the airport tax counter with the teller about this, but again, the teller will always win. In practice, the tax authorities do however allow payment on a monthly basis. Sfrs i 16 frs 116 does not make any distinction between operating or finance leases for lessees and virtually all leases except for exempted shortterm. Item qualifications tax rate resident foreigners staying. Notable changes include amendments to the personal income tax rates and their application. The establishment of yangon stock exchange, scheduled to be opened by the end of 2015, will facilitate and improve access to capital markets. Jan 24, 2018 guide to taxes in myanmar brackets incentives with a strong appetite for development, myanmar has adopted a very accommodating fiscal regime. A low corporate income tax, a progressive but low personal income tax, no vat but a light commercial tax and strong incentives, aim at attracting and helping companies to spur the development of. List of business activities not allowed to be carried out by foreign investors.

How to calculate personal income tax in myanmar jobs in yangon. It services, consultancy services, container transport services are no longer exempt 3% ct has been introduced on the construction and sale of new buildings the rate of ct levied on certain items, chiefly tobacco products and alcohol excl. Yangon region is the centre of myanmars industrial production, with by far the largest. Again, please have a clean usd10 ready at the airport. May 03, 2015 the union tax law 2015 has been passed into effect with from 1st april 2015. Govt to remove withholding taxes from april 1 to support. Foreign exchange control citizens, foreigners and companies in myanmar generally must obtain permission from the foreign exchange management department for.

Married individuals filing joint returns and surviving spouses. As mentioned above, only public company limited by shares are allowed to list on ysx. Feb, 2018 the discussions, which took place with the yangon regional government, union of myanmar federation of chambers of commerce and industry and other business associations, were held in conjunction with preparations for new regulations under the 2018 union tax law. Publ 15, circular e, employers tax guide, 2020, 12232019. December 2015 shwe taung group of companies launched a mixeduse project. Using the tin, any kind of tax that includes but not limited to corporate tax after the tax exemption period is over, commercial tax, and withholding tax, can be paid online. Interest paid to a nonresident of myanmar is subject to withholding tax of 15 percent. On 28 march 2014, the union of myanmar revenue law of 2014. Voyage to pegu, and observations there, circa 1583 pdf. Departure tax at yangon airport myanmar forum tripadvisor. Taxpayers directory federal board of revenue government of. But yangons capacity to serve as an engine of economic growth is being undermined by debilitating congestion. The tax also applies to goods that are imported into myanmar. Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online.

Commercial tax is a tax that is to be paid over goods that are produced and services that are rendered in myanmar. By this amendment of the income tax rules, the relief on the same child can be claimed by only one side either tax payer or hisher spouse. Once the company registration is completed, the taxpayer identification number tin is provided. It was drafted from july to november 20, based on extensive desk research and interviews with representatives of all relevant public.

Myanmar business guide 5 pwc myanmar is located at. Myanmar levies a commercial tax, instead of a valueadded tax. Mar 27, 2017 the yangon cityregion is home to over 7 million people and produces roughly a quarter of myanmars gdp. If you look at other countries the airport departure tax is much higher than ours. Yangon directory would like to wish all our patrons happy, healthy and prosperous 2015. Myanmar sales tax rate commercial tax 20142020 data. Notice of submission of updated disclosure document for. After seven years, 50% relief of current legal income tax rates for five years. The system refers to the listing in different schedules of the commercial tax law.

Special economic zones directorate of investment and company. Taxes and duties in free zones and promotion zones. Myanmar company act directorate of investment and company. Access yangon directory, myanmars leading yellow pages directory on your android now. The plan is to standardise with international rates. Myanmar now stands poised to achieve the highest gdp growth rate throughout southeast asia. Cesd, is pleased to present this report on state and region public finances in myanmar in cooperation with the international growth centre and the asia foundation. From 1st april 2017 if the threshold amount to be liable for commercial tax is. Any jobseeker in myanmar can find jobs in yangon and other cities of all categories of jobs. Forms and publications pdf internal revenue service. International tax myanmar highlights 2017 investment basics. Since our first edition in 1992 we have been the official directory commissioned by the yangon city development committee. Kyauk phyu in rakhine state, dawei in the thanintharyi region and the thilawa in yangon region.

Very simply put, commercial tax is levied on a companys revenue, whereas income tax is levied on what is left from the revenue. The total comprehensive income or net income after tax of the applicant. Yangon airport departure tax to rise from july the myanmar. On 10th january 2017, the internal revenue department ird of the ministry of planning and finance mpf announced the notification no. Royalties paid to a nonresident of myanmar are subject to withholding tax of 20 percent. Companies resident in myanmar are subject to income tax on their worldwide income.

Pae 2 corporate income tax rates of tax the current corporate income tax cit rate is 25% for myanmar companies, branches registered under the myanmar companies act 1914 mcpa, and. Company that is resident in myanmar is taxed at 25%. This research focuses on understanding the role of state and region governments in relation to myanmars public finances. According to kpmg, myanmar has a progressive tax system with the top personal tax rate of 25 percent for resident citizens and resident and nonresident foreigners. Yangon airport departure tax to rise from july the. Nonresident company such as a rep offices are also taxed at 25%. Effective date these rules shall come into force from the fiscal year 20142015 the year ending march 31, 2015.

The following is a timeline of the history of the city of yangon, myanmar. E 2d april 2015 the pyidaungsu hluttaw hereby enacts this law. Title publication 15b 2020, employers tax guide to fringe benefits, publication in. The tax year follows the fiscal year, starting 1 april and ending 31 march. The oecd open government report of myanmar was prepared by the oecd in collaboration with the government of the republic of the union of myanmar. The ird issues new tax regulations every fiscal year, effective april 1. Publication in html publication 583 012015, download pdf p583. Contact naing naing san partner, myanmar tax leader.