On 12 September 2019, Bloomberg Tax published an article written by Diberjohn Balinas, DFDL Myanmar Senior Manager, on the mandatory change of financial year reporting due to take effect soon on 1 October 2019.
In this article, Diberjohn shared his insights on one of the most significant tax changes in Myanmar and how this will impact taxpayers and multinational companies. The Ministry of Planning and Finance has confirmed that all taxpayers other than State-Owned Enterprises must close their financial year by 30 September 2019, and adopt the new financial year from 1 October to 30 September, which will take effect on 1 October 2019. He explained the tax exemption thresholds in effect during the six-month transition period, as well as how to calculate corporate and personal income taxes, and how to plan for all of these changes.
We invite you to read the full article by clicking this link: https://news.bloombergtax.com/daily-tax-report-international/insight-change-of-financial-year-for-Myanmar.
Senior Tax Manager