My friend Jean Loi worte : internal directive (“Directive”) from the Internal Revenue Department (“IRD”)

[Sonny AMO]

Dear Sonny,

 

Just a quick note to alert you regarding an internal directive (“Directive”) from the Internal Revenue Department (“IRD”). The Directive gives instructions to the Large Taxpayers’ Office, Medium Taxpayer Offices, and regional IRD offices to only accept payment orders (“POs”) for the payment of taxes from state-owned banks. 

 

Under the current practice, where non-resident foreigners are required to pay income tax in foreign currency, such taxes in foreign currency can be converted to Myanmar Kyat by a private bank and a tax payment can be made using a PO issued by the private bank.

 

The Directive states that all tax offices are  now allowed to accept POs only from either the Myanmar Foreign Trade Bank (“MFTB”) or the Myanmar Investment & Commercial Bank (“MICB”). Practically, in order to purchase a PO from MFTB or MICB, companies will likely need to have a bank account with them. The taxes affected by this Directive include commercial tax, corporate income tax, withholding tax and personal income tax. 

 

Should you require any clarification or assistance in relation to the payment of taxes, please do not hesitate to contact us. 

 

Best regards,

Jean Loi I Managing Partner
W: www.vdb-loi.com
Yangon: T:+95 1371902 Level 8, Centrepoint Towers, 65 Sule Pagoda Rd & Merchant Street
Nay Pyi Taw: T: +95 678108091 No. S-204 Tha Pyay Kone Ward, Zabu Thiri Township