Guidance issued in April 2019 revises the rules concerning the “advance income tax” regime and removes a previously available exemption for certain companies.
The advance income tax regime imposes a 2% levy on all imports and exports (with certain exemptions being made available for a variety of listed imports). The advance tax amounts may be set off against the corporate income tax liability of those companies paying the levy.
Notification 38/2019 (8 April 2019) replaces earlier guidance from 2018 and removes the exemption from the advance income tax regime that had been available for companies subject to the jurisdiction of the “Large Taxpayers Office” and the “Medium Tax Office.” Previously, the exports of these companies were exempted from the advance income tax regime.
Read a May 2019 report prepared by the KPMG member firm in Myanmar
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