Myanmar Taxation Sector Research Highlights

Viewpoint

U Tin Win, Country Managing Partner, EY Myanmar: Viewpoint
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Viewpoint:U Tin Win Before the military administration came to power in 1962, Myanmar was one of the most significant economies in ASEAN, boasting a well-educated workforce and a favourable trade balance. The country was a key exporter of textile products and other manufactured goods to Thailand, and its rice exports were shipped across the globe. However, this was reversed after the military…

Overview

Reforms to increase foreign investment and broaden the tax base in Myanmar
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Myanmar remains an attractive investment destination in South-east Asia largely due to its strategic location, favourable demographics and natural resources. The country has implemented significant reforms to foster foreign investment since 2011. For example, the Foreign Investment Law of 2012 was subsequently replaced by the Myanmar Investment Law (MIL) of 2016 to further promote foreign investment…

Analysis

Sector regulators raise the standard of accounting and auditing in Myanmar
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Having been under UK rule in the 19th century and the first half of the 20th century, Myanmar has traditionally practised the same accounting and audit principles as the UK and India. While the accounting profession in Myanmar has a long history, its development has been impacted by many years of isolation. The country gained independence in 1948 following the Second World War, and employed…

Chapter

The Report: Myanmar 2020: Accountancy & Tax
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This chapter offers an overview of Myanmar’s tax regime, including the provisions of Myanmar Income Tax Law and the conditions for Commercial Tax and Specific Goods Tax, alongside individuals’ tax obligations – and the penalties for failure to comply. It also outlines the differences in tax requirements for foreign bodies and Myanmar nationals, and summarises Myanmar’s tax assessment systems.…

Country Report

The Report: Myanmar 2020
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One of the fastest-growing economies in South-east Asia, Myanmar has been steadily opening up to international trade and investment over the past decade. A new long-term economic development agenda, alongside ongoing liberalisation and the easing of restrictions on foreign investors – notably, within the insurance sector – and considerable growth in some manufacturing segments, is set to encou

Interview

U Win Thin, Chairman, Win Consulting: Interview
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Interview:U Win Thin, Chairman How do you think that tax efficiency and competitiveness could be improved? U WIN THIN: There are 21 taxes and duties, with the Internal Revenue Department (IRD) collecting five of these: income tax; commercial tax; specific goods and services tax; stamp duties; and lottery tax. The total amount collected by the IRD through these channels constitutes over 80%…

Overview

A guide to Myanmar's tax framework
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After having completed the first phase (2011/12 to 2016/17) of Reform Action Plan 2012, the Myanmar tax authorities recently embarked on the second phase (2017/18 to 2021/22). This is set to push forward its reform process, aimed at establishing an effective and fair tax system in order to increase the country’s tax income by enacting new tax laws. The first phase was focused on broadening…

Country Report

The Report: Myanmar 2019
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Myanmar has been one of the fastest-growing South-east Asian economies for over 25 years, and the country’s macroeconomic performance has continued to experience gains in 2018. Efforts to encourage private sector activity have been detailed in a new long-term development agenda, and recent legislative reforms should further bolster business activities. While external economic headwinds and inter

Chapter

The Report: Myanmar 2019: Tax
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This chapter offers an overview of Myanmar’s tax system, focusing on the implementation of the second phase of its of Reform Action Plan 2012, which aims to establish an effective and fair tax system with increased tax revenue, as well as the introduction of self-assessment bookkeeping and of capital gains payable on any capital asset exchanged. It also contains an interview with U Win Thin, Chairman,…

Overview

Coordinated legal changes maintain tax reform momentum in Myanmar
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Myanmar’s tax regime has undergone significant changes since the 2012 Reform Action Plan of the previous government. The plan includes broadening the tax base while lowering rates, placing reliance on indirect taxes, introducing self-assessment in direct taxation and rationalising the tax incentive system for investment. New Features To this end, on March 15, 2012, the government issued 22…

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Myanmar Taxation Sector Research Highlights

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