Tax

The Myanmar Companies Act requires companies to appoint an auditor, and the first auditor may be appointed by a company’s directors. Subsequent auditors may be proposed by the company’s directors and approved by the shareholders at the annual general meeting.

Myanmar’s tax system is mainly based on the Income Tax Law and the Commercial Tax Law. As the reform agenda put in place by the Myanmar government continues to change the country’s political and economic landscape, we also expect that these tax laws will be updated through notifications issued by the Internal Revenue Department (IRD) to...

4The IMF concluded its Article IV Consultation with Myanmar, as well as its first review of the Staff-Monitored Programme, in May 2013. Shortly thereafter it made an announcement to the press, which said, “Sustained increases in tax revenues are crucial to boost expenditure and reduce dependence on natural resources. This requires broadening the...

The global economic crisis has placed greater importance on the need for strong corporate governance, internal auditing and risk management procedures. Corporate governance is a key factor in sustaining economic growth, and as conditions change, so too must risk management priorities. Thus, internal auditors should consider, firstly, whether...