Financial Crime World

Doing Business in Myanmar: A Comprehensive Guide to Tax and Compliance Matters

Program Overview

The conference on doing business in Myanmar is a comprehensive guide to tax and compliance matters. It aims to provide attendees with a deeper understanding of the regulatory requirements and best practices for businesses operating in the country.

Key Topics and Speakers

1. Employment Law - Htoo Wah Moo

  • Employment of foreigners:
    • Immigration requirements
    • MIC registration
  • Employment contracts
  • Indefinite vs. fixed term contracts
  • Probation period
  • Salary and minimum wage
  • Standard working hours and overtime
  • Rest days, public holidays, and leave
  • Resignation, dismissal, termination of employment, and severance payment
  • Registration of employees with the Labour Department

2. Payroll, Personal Income Tax, Social Security Fund – Fabian Lorenz

  • Initial registration:
    • Company with the Inland Revenue Department
    • Employees with the Social Security Board
  • Processing employee salaries and expense claims
  • Computation of net salaries
  • Filing and payment of social security contributions
  • Payroll reports & pay slips

3. Accredited by Saturday, 9th September

Accounting and Audit – Pyae Maung Maung

  • Financial year:
    • Bookkeeping
    • Statutory accounting
  • Management reports and annual accounts
  • Every company is required to appoint a Myanmar Certified Public Accountant as auditor who annually reviews the companies’ accounts and records.
  • The directors are required to submit a set of the audited financial statements at each Annual General Meeting, which must (in practice) be also filed with the Companies Registration Office.

4. Corporate Tax Obligations – Alexander Bohusch

  • Every enterprise in Myanmar:
    • Subject to Corporate Income Tax
    • Commercial Tax
    • Withholding Tax obligations
  • Relevant laws, regulations, and notifications
  • Tax year
  • Registration, filing, and payment of Commercial Tax
  • Filing and payment of Corporate Income Tax
  • Filing and payment of Withholding Taxes
  • Anti-Avoidance Rules:
    • Transfer Pricing
    • Thin Capitalization
    • Controlled Foreign Companies Regime
  • Reporting requirements and penalties
  • Stamp Duties
  • Customs and import duties
  • Permanent Establishment Rules and Double Taxation Agreements

This conference aims to provide a comprehensive understanding of the regulatory requirements and best practices for businesses operating in Myanmar. By attending this event, attendees will gain valuable insights into the country’s tax and compliance matters, enabling them to navigate the complexities of doing business in Myanmar with confidence.