IRD to introduce Income tax bill to parliament

The Internal Revenue Department (IRD) drafted a new income tax law with the help of International Monetary Fund (IMF) expert, U Min Htut, director general of Internal Revenue Department (IRD), told The Myanmar Times.

He said the new legislation will modernise the rules and “effectively cover” different parts of the economy, catching up with international standards.

The old income tax law was enacted since 1974, hence the law is no longer up to date and not in line with international standards.

U Min Htut added the department is ready to submit the new law to the parliament once the tax management bill, which is currently sitting in Pyidaungsu Hluttaw since 2018, is approved.

The tax management bill seeks to reorganise the various tax laws, from commercial tax law, income tax law, specific goods tax law, and union taxation law. The purpose is to allow taxpayers to follow the regulations more easily.

Meanwhile, the IRD last November introduced a new initiative to provide taxpayers with greater certainty regarding tax laws and to advise taxpayers how IRD will administer the tax laws for which it is responsible.

The IRD has created a Technical Review Committee (TRC) to ensure that tax technical issues are properly considered, and that consistent guidance is provided to taxpayers. This committee meets every two months to consider issues that have been raised by IRD offices when those issues require clarification or guidance. Typically, the referring office prepares a memorandum explaining the issue and its significance, describes the relevant law and policy, and proposes a variety of options for dealing with it.

Source: Myanmar Times

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