MYANMAR: Online Tax Payments Mandatory for Yangon Businesses as of 1 October
24 August 2020
Businesses in Yangon, the country’s commercial capital, are to be obliged to switch to a new online tax payment system, which will supersede the existing manual tax filing operation, as of 1 October. According to the Internal Revenue Department (IRD), companies will be able to use their Taxpayer Identification Number to pay corporate income tax, commercial tax and special commodity tax via a number of digital channels. These are said to include the IRD’s proprietary online tax payment platform, a dedicated mobile app and the internet banking platforms of those banks accepting Myanmar Payment Union corporate debit cards. Currently, the latter option is available via the KBZ Bank (Kanbawza Bank), AYA Bank (Ayeyarwady Bank), UAB (United Amara Bank), MAB (Myanmar Apex Bank) and CB Bank (Co-operative Bank).
The IRD has indicated the move will not only streamline tax payment procedures but will also facilitate the social distancing measures mandated on a national basis in a bid to further contain the ongoing coronavirus outbreak.
- Southeast Asia