Reminder on obligations. "Have you been compliant?"
Over the last three years, many foreign investors have started building their plants / operations in Myanmar and some of them have started commercial operations in 2016 and even more are expected to be operational in the next six months.
With the flurry of activities for planning and construction largely over, it is important to take stock of where your Myanmar operations are in terms of local filing obligations. You will also note that the authorities have also been issuing more notices to corporates that they are more likely to impose penalties for non-compliance. To help clients keep track of their activities, we have tabulated some key areas with regular filing obligations:-
|Form E and annual financial statements||Annual|
|Change of representatives and directors||When changes happen|
|Change of office address||When changes happen|
|Corporate estimated taxable income||Quarterly|
|Corporate income tax return||30 June of each year (3 months after the end of fiscal year)|
|Employee withholding and filings (by employer)||Monthly and 30 June of each year (3 months after the end of fiscal year)|
|Monthly and quarterly returns||Monthly and Quarterly|
|Annual return||30 June of each year (3 months after the end of fiscal year)|
|Stamping of documents||When documents are executed|
KPMG will be happy to assist in clarifying the various obligations and timing of the necessary returns that need to be filed. KPMG is well placed and experienced to assist with the planning and execution of the filing obligations as quite often there are other documents that need to be prepared with the return themselves. In cases where obligations have lapsed, KPMG will be able to assist with the resolution of those outstanding issues.
KPMG Tax Alerts highlight the latest tax developments, impending change to law or regulations, current practices and potential problem areas that may impact your company. As certain issues discussed herein are time sensitive, it is advisable to make your plans accordingly.
“Myanmar Tax Alert” is issued exclusively for the information of clients and staff of KPMG Advisory (Myanmar) Ltd and should not be used or relied upon as a substitute for detailed advice on the basis for formulating business decisions.
© 2020 KPMG Advisory (Myanmar) Ltd. a Myanmar limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.