1 New tax legislation for the financial year 2015/16 Sebastian Pawlita 8 April 2015
2 Recently enacted legislation Ministry of Finance Notification 180/2015 Law Amending the Sea Customs Act (Law 13/2015) Law Amending the Road Customs Act (Law 14/2015) Law Amending the Land and Revenue Act (Law 15/2015) 2015 Tax of the Union Law (Law 17/2015) Law Amending the Commercial Tax Law (Law 18/2015)
3 Overview MoF Notification 180/2015 (commercial tax) Service companies may set off commercial tax Reverse-charge mechanism (sort of) for non-resident service providers Obligation for all businesses to issue receipts that are (i) either from a pre-approved receipts booklet or (ii) to which a pre- purchased revenue stamp is affixed 2015 Tax of the Union Law (commercial tax) Change of the tax rate with regard to the sale and the import of certain goods (e.g. cigarettes, liquor) Decrease of the tax rate with regard to the export of gem stones and gem stone products
4 Overview 2015 Tax of the Union Law (commercial tax) - continued Sale of buildings by developers subject to 3% commercial tax Export of electricity subject to 8% commercial tax Four lines of services no longer exempt from commercial tax Abolition of the preferential tax rate of 2% on the production and sale of goods by local entrepreneurs Law Amending the Commercial Tax Law New penalties
5 Overview 2015 Tax of the Union Law (income tax) Harmonization of tax rates for residents and non-residents In particular: Capital gains of non-residents now only taxed at 10% Increase of caps/thresholds/allowances Salary income of non-resident Myanmar nationals not subject to income tax any more Rental income of individuals taxed at 10%
6 Changes to commercial tax: Service companies may set off commercial tax MoF Notification 180/2015: "A service provider may set off, with the tax imposed on the service provided by him, the tax which he paid for the matters used to provide the service"
7 Changes to commercial tax: Service companies may set off commercial tax Example: A construction company invoices to a tower company who invoices to Ooredoo. The tower company only has to pay 15-5=10 to the tax office. Construction company Services Money: Tower company Money: 15 5= Services Money: Ooredoo Tax office
8 Changes to commercial tax: Service companies may set off commercial tax Requirements: Construction company: Must prepare 3 "evidence certificates" on a prescribed form, and send the original to the tower company, send a copy to the township revenue officer in charge of the tower company, keep the remaining copy Tower company: Must send copy of the evidence certificate and a form detailing the set-off to the township revenue officer
9 Changes to commercial tax: Service companies may set off commercial tax Questions: What happens if the construction company invoices the tower company in March and the tower company invoices Ooredoo in April? The tower company purchases a diesel generator. Can the tower company set off the commercial tax charged by the seller? The tower company uses the services of a lawyer. Can the tower company set off the commercial tax charged by the lawyer? Can manufacturers and traders set off commercial tax invoiced by service companies?
10 Changes to commercial tax: Reverse-charge mechanism (sort of) Service provider Sends employees to Myanmar to provide services Sends invoice Pays invoice 100 Abroad Myanmar Service recipient Pays comm. tax 5 Tax office
11 Changes to commercial tax: Reverse-charge mechanism (sort of) New section 3(c) Commercial Tax Regulations: The "representative" (i.e. the recipient of the services in Myanmar) must register the foreign service provider Mechanism: Foreign service provider sends invoice with 5% commercial tax Myanmar service recipient uses this invoice to register the foreign service provider Myanmar service recipient pays foreign service provider without 5% commercial tax Foreign service provider sends invoice with 5% commercial tax
12 Changes to commercial tax: Reversed-charge mechanism (sort of) Mechanism (continued): Myanmar service recipient pays 5% commercial tax in bank account of tax authorities using payment challan in the name of the foreign service provider Foreign service provider sends letter (no specified form) to Myanmar service provider allowing set-off With the payment challan and the letter, Myanmar service recipient can set off commercial tax (if he has output tax)
13 Changes to commercial tax: "Restaurant rules" expanded d to all businesses Restaurants have to pay commercial tax as follows: Method 1: Sending, in advance, the receipts booklet (one original and two duplicate receipt forms on paper of the same size in different colours bound as a booklet) to the township revenue office so that the township revenue office can stamp it with its seal Obtaining, in advance, payment notice forms ("payment challans") and declaration forms from the township revenue office Collecting the money (inclusive of commercial tax) from the customer
14 Changes to commercial tax: "Restaurant rules" expanded d to all businesses Method 1 (continued): Handing over the original of a receipt from the receipts booklet to the customer Depositing the commercial tax collected during the month with a bank together with a payment challan within 10 days after the end of the month Filing quarterly declarations which contain the challan numbers within 1 month after the end of the quarter
15 Changes to commercial tax: "Restaurant rules" expanded d to all businesses Method 2: Purchasing revenue stamps from the township revenue office in advance Collecting the money (inclusive of commercial tax) from the customer Handing over a receipt to the customer to which revenue stamps with a value equivalent to the commercial tax due are affixed
16 Changes to commercial tax: "Restaurant rules" expanded d to all businesses MoF Notification 180/2015: "A manufacturer, trader or service provider who earns assessable revenue from sales or from services" shall collect commercial tax according to the "restaurant rules" MoF Notification was issued on 21 January 2015 and MoF Notification was issued on 21 January 2015 and came "into force with effect from the 2014/15 financial year"
17 Changes to commercial tax: "Restaurant rules" expanded d to all businesses We do not issue receipts. We issue invoices; our customers transfer the money to our bank account. What do we do? Theoretically, there is an obligation to issue receipts (section 32 Commercial Tax Law as amended by the 2014 Tax of the Union Law) MoF Notification 180/2015 states that that taxpayers "who do not issue receipts" may, with the approval from certain senior tax officers, instead "systematically keep accounts of the money collected daily using a specified form"
18 Changes to commercial tax: "Restaurant rules" expanded d to all businesses Penalties for non-compliance Law Amending the Commercial Tax Law: Penalties for not giving receipts and for giving receipts without revenue stamps stuck on Informers rewarded with part of the penalties
19 Changes to commercial tax: Sale of "special goods" MoF Notification 180/2015: The producer or importer of cigarettes, tobacco, cured Virginia tobacco, cheroots, cigars, pipe tobacco, betel chewing preparations, liquor, beer or wine must affix a revenue stamp to them before selling these goods
20 Changes to commercial tax: Changes to the tax rate according to the 2015 Tax of the Union Law Goods Domestic Import Resale Export production and subsequent sale Cigarettes Old: 100%, new: 120% Tobacco, betel, liquor, beer Old: 50%, new: 60% Old: 100%, new: 120% Old: 50%, new: 60% Old/new: 5% Old/new: 0% Old/new: 5% Old/new: 0% Precious Old: 30%, Old: 30%, Old/new: 5% Old: 30%, stones new: 15% new: 15% new: 15% Jewelry Old: 15%, new: 5% Old: 15%, new: 5% Old/new: 5% Old: 15%, new: 5%
21 Changes to commercial tax: Changes to the tax rate according to the 2015 Tax of the Union Law Goods Domestic Import Resale Export production and subsequent sale Electricity Old/new: 5% Old/new: 5% Old/new: 5% Old: 0% New: 8% Buildings Old: 5% New: 3% N.A. Old/new: 5% N.A.
22 Changes to commercial tax: Changes to the tax rate according to the 2015 Tax of the Union Law Service Old tax rate New tax rate Information technology services Exempt 5% Technology and management consultancy Exempt 5% services Container transport services Exempt 5% Licensed slaughtering of animals Exempt 5%
23 Changes to commercial tax: Other changes according to the 2015 Tax of the Union Law Abolition of the preferential tax rate of 2% on the production and sale of goods by local entrepreneurs Few amendments to the list of goods (mainly agricultural products) whose production and subsequent sale is tax-exempt Increase of the revenue cap for being considered a commercial tax-exempt small business from kyats 15,000,000 to now kyats 20,000,000 per financial year
24 Changes to income tax law: Changes of the tax rate according to the 2015 Tax of the Union Law Typeof income Tax rate resident Tax rate non Tax rate resident branch of a foreign company Employment income Old/new: 0 25% Old: 35% N.A. new: 0 25% Capital gains Old/new: 10% Old: 40% new: 10% Old: 40% new: 10% Capital gains in the oil and gas sector Old: 40 50% payable in kyats new: 40 50% payable in F.E. if received in F.E. Income having escaped Old: 30% with relief ffor first time purchases assessment new: 30%, with relief for establishing/expanding businesses Other income of companies Old/new: 25% Old: 35% Old: 35% new: 25% new: 25%
25 Changes to income tax law: Changes of the tax rate according to the 2015 Tax of the Union Law Typeof income Tax rate resident Tax rate non Tax rate resident branch of a foreign company Rental income of individuals Old: 0 25% new: 10% (only possible for Myanmar nationals) N.A.
26 Changes to income tax law: Other changes according to the 2015 Tax of the Union Law Increased allowances: Allowance Old allowance p.a. New allowance p.a. Basic allowance Allowance per parent living together with the taxpayer 20% of taxable income, max. Ks. 10,000,000 Not available Ks. 1,000,000 Spouse allowance Ks. 500,000 Ks. 1,000,000 Allowance per child Ks. 300,000 Ks. 500,000
27 Changes to income tax law: Other changes according to the 2015 Tax of the Union Law Salary income of Myanmar nationals residing and y y g working abroad no longer subject to Myanmar income tax
28 Changes to income tax law: Other changes according to the 2015 Tax of the Union Law Increased thresholds/caps No capital gains tax to be assessed if the capital gain in all relevant transactions in a financial year does not exceed kyats 10,000,000 (previously, the amount was kyats 5,000,000) Income of small or mid-sized businesses of up to kyats 10,000,000 during the first three years, including the year of commencement of the business, is exempt from income tax. Previously, the amount was kyats 5,000,000. The mechanism behind this provision is not entirely clear.
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