Our Tax Team wishes to remind you of the fast-approaching deadline for submission of your annual Corporate Income Tax (“CIT”) return, annual Commercial Tax (“CT”) return, and annual Personal Income Tax (“PIT”) Salary Statement. For Myanmar taxpayers who follow the financial year ending 31 March 2019 (“FY 18-19”), all annual tax returns must be submitted to the respective tax office on or before 1 July 2019. Otherwise, penalties may be imposed.
Corporate Income Tax
If you are registered with the Medium Taxpayers Office (“MTO”) 1 and Large Taxpayers Office (“LTO”) that follow a self-assessment approach, you are required to file your own tax assessment based on the CIT return provided by your respective tax office. There is no need to submit the audited financial statements at the time of filing. Meanwhile, if you are registered with the MTO 2, MTO 3, or with a local township tax office that follow an office-assessment approach, you must submit your CIT return and audited financial statements (or other financial reports, as applicable) to your respective tax office at the time of filing.
Personal Income Tax
An individual earning income from salary does not need to submit an annual tax return. However, the employer must submit an Annual Salary Statement to the relevant township tax office.
Commercial Tax
If you are engaged in any of the following activities, you are likely covered by the CT Law:
- Manufacturing and selling goods in the country;
- Importing goods;
- Carrying out trading activities; and
- Providing services.
You must submit an annual CT return (including additional details as stated therein) to the relevant tax office. In addition, copies or summaries of CT certificates such as the Form 31 (Local purchase CT form), Form 32 (Importation CT form), and Form 33 (Tax offset confirmation form) may also be submitted depending on the advice from your respective tax office.
Need legal advice?
If you are in need of legal advice or have questions regarding taxation, you can request a quote with DFDL lawyers or get a Quick consult with experienced lawyers. With Quick Consult, from a transparent, flat fee of $49, the lawyers will call you back on the phone within 1-2 days to answer your questions and give you legal advice.
This article is written by DFDL Lawyers.
This article was first published on the DFDL website.
This article does not constitute legal advice or a legal opinion on any matter discussed and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and practice in this area. If you require any advice or information, please speak to practicing lawyer in your jurisdiction. No individual who is a member, partner, shareholder or consultant of, in or to any constituent part of Interstellar Group Pte. Ltd. accepts or assumes responsibility, or has any liability, to any person in respect of this article.