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
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.