Tax
From The Report: Myanmar 2014
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This chapter contains an overview of the Myanmar tax system, geared toward those interested in doing business in Myanmar. It also contains a viewpoint with OBG tax partner, Chris Woo, Managing Director, Tax Services, PwC Myanmar.

Articles from this Chapter

Overview

In detail: The country’s tax system is evolving
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Myanmar’s tax system is mainly based on the Income Tax Law and the Commercial Tax Law. As the reform agenda put in place by the Myanmar government continues to change the country’s political and economic landscape, we also expect that these tax laws will be updated through notifications issued by the Internal Revenue Department (IRD) to accommodate the rapidly changing business environment and to support the government’s aim of improving the investment climate in Myanmar. In November 2012 the…

Analysis

Ticking the boxes: Accounting and audit regulations to take into consideration
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The Myanmar Companies Act requires companies to appoint an auditor, and the first auditor may be appointed by a company’s directors. Subsequent auditors may be proposed by the company’s directors and approved by the shareholders at the annual general meeting. Company directors are required to submit a set of audited financial statements at each annual general meeting. A company is required to hold its first annual general meeting no later than 18 months from the date of its incorporation, and…

Viewpoint

Chris Woo, Managing Director, Tax Services, PwC Myanmar, on improving and reinforcing the tax system
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4The IMF concluded its Article IV Consultation with Myanmar, as well as its first review of the Staff-Monitored Programme, in May 2013. Shortly thereafter it made an announcement to the press, which said, “Sustained increases in tax revenues are crucial to boost expenditure and reduce dependence on natural resources. This requires broadening the tax base and improving compliance, including through the planned establishment of a large taxpayer office.” Since the opening up of Myanmar, the importance…