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.
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.
Should you need any assistance on your annual tax return filings, DFDL stands ready and willing to assist you.
Partner & Head of the Regional Tax Practice Group
Senior Tax Manager
The information provided in this email is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.