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Country report (Myanmar) Presented by Kyaw Ye' Tun Assistant Director Internal Revenue Department Ministry of Finance and Revenue. Introduction. Situated in South East Asia North & northeast - China East & southeast - Laos & Thailand

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slide1

Country report (Myanmar)

Presented byKyaw Ye' Tun

Assistant DirectorInternal Revenue DepartmentMinistry of Finance and Revenue

slide2

Introduction

  • Situated in South East Asia
  • North & northeast - China
  • East & southeast - Laos & Thailand
  • South - the Andaman Sea & the Bay of Bengal
  • West - Bangladesh & India
slide3

Introduction (Continued)

  • Total land area - 676,000(s) kilometers
  • From east to west - 936 kilometers
  • From north to south - 2051 kilometers
  • In the tropical monsoon zone
  • Three seasons

- the hot season (March to May)

- the raining season (June to October)

- the cold season (November to February)

slide4

Introduction (Continued)

  • Total population - 59.13 million
  • Ethnic groups - 135
  • Predominant language - Myanmar
  • Main religion - Buddhism
  • Full freedom of worship for other religions
  • Rich in natural & human resources
  • Need capital & high technology in every field
slide5

Myanmar tax policy

  • Based on the following objectives:

- To raise resources to finance government

expenditure

- To attain a balance budget

- To check economic inflation

- To coordinate domestic consumption,

investments and savings

slide6

Myanmar tax policy (continued)

  • To reduce the wealth gaps between the rich

and the poor

  • To discourage the consumption of some

commodities

  • To achieve other desirable goals
  • To invite participation in terms of technical

know-how and investment from sources

inside the country and abroad

slide8

Taxes & duties administered by IRD (continued)

Composition of tax revenue from(2004-05)to(2009-10)

(kyat in billion)

slide9

Profit Tax

  • Tax on income
  • Kind of tax for self-employed individuals
  • Resident citizens not being salary or wage

earners

  • Association of person not being companies
  • Not cover by income tax law, subject to profit

tax law

  • Minimum income liable to tax is K 10,000
  • Income from production of goods or transport

services the tax payable is 10% less

slide10

Profit Tax

  • Income from production of cheroots 10% more
  • If income exceed K 300,000,

tax payable = 146703+50% of amount

exceeds K 300,000

  • Tax payable based on 50 income level
  • Capital gains – 10% flat
  • Prepare to repeal this profit tax law after
  • Constitution comes into operation
slide11

Income Tax Law (1974)

  • Supplement by Income tax rules, regulations,

the state budget law and notification issue

from time to time

  • State economic enterprises, salary earners,

firms, companies, association of person

  • Total income from in and outside Myanmar
  • Nonresident foreigner for the income
  • received in Myanmar
  • Comprises corporate income tax, individual

income tax, capital gain tax and withholding tax

slide12

Depreciation Allowance

  • Building - 1.5% to 10%
  • Furniture and fitting - 5% to 10%
  • Machinery and plant - 5% to 10%
  • Machinery equipment - 2.5% to 20%
  • Waterway transport - 5% to 10%
  • Road transport vehicles - 12.5% to 20%
  • Miscellaneous - 10% to 20%
slide13

Deduction

The persons who are responsible for

salaries income:

  • The Head of Government organization
  • The owner of enterprise
  • Association of persons, a member of

management

  • The president or the secretary, for co-operative

society

  • General manager or manager of a company
slide14

Withholding tax

Resident Non-Resident

Foreigner Foreigner

interest - 15%

royalist for use of

license, trade marks

patent rights 15% 20%

(c) Gross income (Receipt)

from contracting works

done for state organizations

development committees,

and Co-operatives societies 3% 3.5%

(d) Receipt from contracting

work 2.5% 3%

slide15

Rate of the income tax

Resident Foreigner;

A foreigner who resides in Myanmar for not

less than 183 days

(ii) A company formed wholly or partly with

foreign share holders

(iii) As association management and decision

making of its activities wholly in Myanmar

Non-Resident Foreigner; is not a resident

foreigner in Myanmar.

slide16

Rate of the income tax

The income from salary: salary, wages,

annuity, pension, gratuity and fees, etc:

Profession: a doctor, a nurse, a lawyer, an

Engineer, an architect, a film artiste, etc:

The Capital Gain: profit realized from the

sale, exchange, or transfer of capital asset.

Capital asset: land, building vehicle and

any capital asset connected with the business.

slide17

Rate of the income tax

Resident Non-Resident

Foreigner Foreigner

(a) Salary 15% 35%

(b) Capital gains other than

oil and natural gas sector 10% 40%

(c) Income from other than

salary 30% 35%

slide18

Avoidance of Double Taxation agreements

United Kingdom

Malaysia

Singapore

Vietnam

Thailand

Korea

Bangladesh

Indonesia

India

slide19

Commercial Tax

A turnover tax, like VAT or sale tax.

(a) Goods produced within the state and sold

domestic and abroad,

(b) Goods imported from abroad,

(c) Services rendered within the state.

There is chargeable to pay tax only on 10

kinds of services rendered within Myanmar.

slide20

Commercial Tax

Schedule 1 list item of goods exempt from the

tax, 5% for Schedule 2 list items of goods, 10%

for Schedule 3, 20% for Schedule 4, 25% for

Schedule 5 and Schedule 6 represents specific

types of goods ranging from 30% to 200%.

Pay tax in foreign currency:

(i) any commodity (Schedules 1 to 6 of

Commercial Tax Law) rate of 8% (not

including export sale of CMP);

slide21

Commercial Tax

(ii) 9 kinds of services, the foreign currency

includes in the receipts, prescribed rates

according to the type of services.

(iii) In border trade, the goods are imported

from abroad, the commercial tax, will be

levied with the currency used in import

transaction.

slide22

Myanmar tax structure

  • 15 types of taxes and duties under the 4 major

head namely -

(a) Taxes levied on production &

consumption

(b) Taxes levied on income and ownership

(c) Customs duties

(d) Taxes levied on the utility of state own

properties

slide23

Myanmar tax structure

  • Taxes levied on domestic production and public consumption
  • Excise duty - General Administration Department
  • Commercial Tax - Internal Revenue Department
  • License fees on - Customs Department
  • imported goods
  • State Lottery - Internal Revenue Department
  • Taxes on transport - Road Transport Department
  • Sale proceeds of stamps - Internal Revenue
  • Department
slide24

Myanmar tax structure

  • Taxes levied on income and ownership
  • Income Tax - Internal Revenue Department
  • Profit Tax - Internal Revenue Department
  • Customs Duties
  • Customs duties - Customs Department
slide25

Myanmar tax structure

  • Taxes levied on utilization of State owned properties
  • Taxes on land - General Administration Department
  • Water tax and - General Administration
  • embankment tax Department
  • Tax on extraction of - Forest Department
  • forest products
  • Tax on extraction of - General Administration
  • mineral Department
  • Tax on fisheries - Fishery Department
  • Tax levied on rubber - Forest Department
slide26

Conclusion

  • Trying to introduce self-assessment system
  • Preparing establishment of integrated network
  • systems
  • To raise the rate of taxpayer’s compliance
  • Promote solidarity, mutual amity and mutual
  • assistance among the ASEAN Nations