Cambodia Tax Update: VAT Update – Zero-rated Supplies

Reading Time: 3 minutesAs a general rule the Cambodia tax regulations contemplate Value Added Tax (VAT) being charged at zero percent (“zero-rated”) for services invoiced by a Cambodian taxpayer that are deemed to be performed outside of Cambodia (“exported services”). The uncertainty facing taxpayers in Cambodia centers upon what constitutes an exported service and what evidence do they […]

Myanmar Tax Update: Annual Tax Compliance Reminder for FY 2018-2019

Reading Time: 2 minutesOur 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 […]

Myanmar Tax Update: IRD Confirms Changes to the Financial Year for Cooperatives and Private Enterprises

Reading Time: 2 minutesThe Myanmar Internal Revenue Department (“IRD”) recently issued a Letter confirming changes to the tax year of reporting for cooperatives and private enterprises that will take effect from 1 October 2019. This announcement brings the financial year into line with the State’s new budget year as mentioned in the 2018-2019 Union Taxation Law. Previously, only […]

Myanmar Tax Update: The Ministry of Planning and Finance Removes 2% Advance Income Tax Exemption on Exports for Taxpayers Under the LTO and MTO1

Reading Time: 2 minutesThe Myanmar Ministry of Planning and Finance (“MOPF”) recently issued Notification 38/2019 dated 8 April 2019 removing the 2% advance income tax exemption on exports previously granted to taxpayers under the Large Taxpayers Office (“LTO”) and Medium Taxpayers Office No. 1 (“MTO 1”) effective from 1 May 2019. The 2% advance income tax was introduced […]

Myanmar Tax Update: Myanmar IRD to Implement Integrated Tax Administration System Starting FY 2019-2020

Reading Time: 2 minutesThe Myanmar Internal Revenue Department (“IRD”) recently issued a notice with regard to the implementation of the Integrated Tax Administration System (“ITAS”). This is an electronic system that aims to modernize tax administration procedures in Myanmar starting FY 2019-2020. The aim of the ITAS is to implement an electronic-based system that will administer the tax […]

Cambodia Tax Alert: Use of Khmer Riel in Tax Invoices

Reading Time: 2 minutesNotification 4908 issued by the General Department of Taxation (GDT) on the 18th of March 2019 requires all registered taxpayers in the self-assessment taxation regime in Cambodia to now provide the total amounts, in tax invoices that they issue to customers, in Khmer Riel (KHR). For completeness the itemized amounts in a tax invoice do […]

Cambodia Tax Alert: Interest Rate Update/Transfer Pricing

Reading Time: 3 minutesMarket rates On 13 March 2019, the General Department of Taxation (“GDT”) released Notification 4630, which provides the “market rates” for determining the caps on interest rate deductions for loans that had been entered into using Khmer Riel (“KHR”) and United States Dollars (“USD”) in the 2018 financial year. The “market rates” for 2018 are as […]

Cambodia Tax Alert: Tax Incentives for Listing Entities

Reading Time: 2 minutesSub-Decree 01 ANKr.BK dated 4 January 2019 (“Sub-Decree”) has introduced a new package of tax incentives for those entities in Cambodia looking to list on the Cambodian Stock Exchange (CSX). The 2019 tax incentives provided to listing entities on the CSX are much more comprehensive and concessional then those that were initially offered in 2011, […]