The Myanmar Internal Revenue Department (“IRD”) has issued a notice to importers, manufacturers, and exporters of special goods (such as tobacco, alcohol, wood, gemstones, cars, and fuel) to renew or extend their existing registration with the Tax Office to cover the six month period of the 2018 financial year (from 1 April 2018 to 30 September 2018).
Under the Special Goods Tax Law, importers, manufacturers, or exporters of special goods must apply for a yearly renewal of their business registration per the relevant financial year.
The application deadline is 31 December 2017. Failure to register for the relevant financial year may result in a MMK 5 million (approx. USD 3,700) penalty being imposed.
This is the first announcement from the IRD which addresses transitional issues regarding the changing of the Myanmar financial year, the first of which will start from 1 October 2018 to 30 September 2019.
The DFDL team, as always, stands ready to answer any questions that you may have on this and other tax issues of concern. For more information, please contact info@dfdl.com
| DFDL Contact
Clint O’Connell Senior Tax Director, Cambodia and Myanmar clint.oconnell@dfdl.com |
