Recently on 14 May, 2019, the Ministry of Planning and Finance as an awareness initiative, made an announcement in connection with the timeline for payment of proper stamp duty.
The Ministry stated that every instrument must be stamped on or prior to the date of execution, whereas for instruments executed out of the republic of the Union of Myanmar, but not being a bill of exchange or promissory, must be stamped with the relevant township tax office within three months from the date of entry of such document in Myanmar. Any unstamped instrument is not admissible and shall not be considered as evidence under Section 35 of the Act.
Failing to pay the stipulated stamp duty entails a fine of 10 times the amount required to be stamped. This announcement as to creating awareness had also been posted on the official website of Internal Revenue Department (“IRD”) – www.irdmyanmar.gov.mm.
Through our office in Yangon, Duane Morris & Selvam advises corporations on investment, business and regulatory processes in Myanmar. For further information, please contact Mr Krishna Ramachandra (kramachandra@duanemorrisselvam.com), Mr Priyank Srivastava (psrivastava@duanemorrisselvam.com), or Mr CN Beilo (CBLo@selvamandpartners.com) or visit www.duanemorrisselvam.com. Duane Morris & Selvam is recognized as a leading law firm for Myanmar related Corporate, M&A and Projects (including Energy) work – The Legal 500 (2017 & 2018).
