13 August 2019
10591
2019-08-13 15:48
Representatives from around 300 local and international companies discussed about “Tax Administration law” and “The new Union Tax Law” at a seminar hosted by VDB Loi in Yangon, Tuesday.
The seminar also focused on preparing for the upcoming new one to understand taxpaying procedures and penalties for non-compliance, interest on underpaid/unpaid taxes to people.
Senior partner, VDB Loi, Edwin Vanderbruggen said “We have a new tax administration law which it is the law that organizes not exactly how much to pay but it is organized as when you have to pay…. what are the rights of the tax payers and what’s the tax officials have to follow. It is very new, very important and it will change about how big and small companies pay tax in Myanmar..”
The change of income year and its impact on the profits for companies with an investment license from Myanmar Investment Commission were one of the issues discussed at the event.
Senior tax manager, VDB Loi, Honey Htun Wai said “We want our clients and partners to know about the involvement of administration Tax Law and Union tax law, the changes and effectiveness of the new law. There is no specific system for tax payers to uniform tax number in Myanmar. We believe that the system will active in next fiscal year.”
One of representatives talked about the effect of the new administration law in Myanmar.
Head, PC Myanmar accounting Limited, San San Win said “Most of business people are very interested in new tax administration system and the new Law will impact on business. So, all the entrepreneurs should know facts and figures of the business. The law will uniform to all companies for paying tax to the government.”
The recent reforms of the Internal Revenue Department in Myanmar and the enactment of the Tax Administration Law are major steps towards modernizing the tax system in Myanmar.
Tax Administration Law was enacted by the Union Parliament on 7th June of this year 2019 and it will enter into force on 1st October.
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