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
Speakers
Jean Loi
Managing Partner
VDB Loi
Jean is one of the region’s most experienced tax and regulatory specialists with more than 12 years of experience in Indochina, Myanmar and Singapore. She has advised on a large number of project transactions and tax disputes in the specialties of structuring, power plant projects and oil & gas. As the managing partner of VDB Loi, Jean has extensive experience with projects related to the market entries of companies in the infrastructure, telecommunications and financial services industries in the region, as well as with supply chains. She lives in Yangon.
Nay Nwai Linn
Senior Tax Manager
VDB Loi
Nay is an accomplished Manager in our tax team. She advises clients on planning, compliance and controversy of the full range of Myanmar taxes. Nay is also experienced in corporate and investment licensing.
Ngwe Lin Myat Chit
Director
VDB Loi
Ngwe Lin has a master's degree in finance from Umea University in Sweden and a bachelor's degree in commerce from the University of Newcastle in Australia. She has extensive experience advising multinational clients in a wide range of industries in terms of tax structuring, cross-border tax issues, tax disputes, and tax compliance matters. She has also advised an impressive list of oil and gas supermajors and IPPs on the tax structuring of their energy projects in Myanmar and has assisted on various tax dispute cases in the oil and gas sectors.
EVENT DETAILS
March 16, 2016
9.00am to 11.00am
TBA