doing business in myanmar – what you need to know as a singaporean
All companies in Yangon will have to file their taxes online starting October 1, according to the Internal Revenue Department (IRD).
“All Yangon-based companies will have to pay their income tax, commercial tax or special commodity tax through the mobile payment system starting from October
1. Some firms are already using the payment system. Now, it is compulsory for all the firms in Yangon to do so,” said U Min Htut, Director General at the IRD.
Taxpayers will be able to pay their taxes via their internet banking, mobile banking apps and corporate debit cards issued by the Myanmar Payment Union.” We’ve so far connected with five banks including CB Bank and KBZ Bank to arrange the system. At present, tax revenue of K50 billion has been remitted through
the online system,” U Min Htut said.
Those who are currently paying income tax at the tax office using their passbooks are required to make a switch to the electronic payment system via bank account transfers. Businesses will adopt a mobile tax payment system in place of the old tax passbooks.”The tax payers no longer need to carry cash or cheques or come in person to pay tax. It will save a lot of time and money. As they don’t need to touch the money,they will be able to avoid other cash-related risks,” he said. – Translated
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Source: Myanmar Times
