Myanmar’s tax regulator, the Internal Revenue Department (“IRD”), has proposed launching a new integrated tax administration system (“ITAS”) by 2019. The rationale of ITAS is to make it easier for residents to pay taxes and simplify IRD tax collection.
It is envisaged that ITAS will operate as a stage for all tax administration matters, including tax registration, and tax payer payment processing. ITAS will simplify outdated paper procedures in place and make tax payment and registration more accessible for the IRD and tax payer alike. ITAS will also provide more convenience for tax payers by removing the requirement for tax payers to physically go to IRD offices to pay tax. ITAS is expected to contain new e-payment services for tax payers.
The World Bank will provide support with ITAS implementation. In recent years, the World Bank has been an ardent supporter of investor friendly and social impact reforms. To assist in the reform of Myanmar’s public finance management system, the country has received a USD thirty (30) million loan from the World Bank and a further USD twenty-five (25) million in grants from the Australian and British Governments.
We are optimistic that ITAS will provide residents, foreign investors and the IRD with a modern and sophisticated tax administration platform.
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), Ms Babita Ambekar (bambekar@duanemorrisselvam.com), Mr Priyank Srivastava (psrivastava@duanemorrisselvam.com), or Mr Rory Lang (rjlang@duanemorrisselvam.com) or visit www.duanemorrisselvam.com. Duane Morris & Selvam is recognised as a leading law firm for Myanmar related Corporate, M&A and Projects (including Energy) work – The Legal 500 (2017 & 2018).
