• Tax

    In collaboration with a leading local accountancy firm, OBG provides an overview of the tax system, including information on corporate, sales and income taxes. Other topics include repatriation of profits, capital movements, investment incentives, Customs duties and free zones.
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Chapter | Tax from The Report: Myanmar 2018

This chapter gives an overview of Myanmar’s tax regime, focusing on key developments including the New Company Law and the extension of the self-assessment system implementation. Draft Revenue Appellate Tribunal law changes are also examined in this chapter. It also contains a tax viewpoint from U Win Thin, Chairman, Win Consulting.

Occupying a strategic position at the crossroads of India, China and Thailand, and now in its seventh year of sweeping economic liberalisation and political transition, Myanmar remains one of the fastest-growing economies in South-east Asia.

Although Bahrain has faced economic headwinds in recent years, the modest recovery of oil prices in 2017 bodes well for the future in addition to the non-oil sector driving growth, with activities unrelated to hydrocarbons extraction forecast to expand by 3.9% in 2018.

 

The beginning of 2018 has witnessed a lot of new developments related to the introduction of VAT within the UAE and Saudi Arabia, the implementation of which began on January 1, 2018. Sheikh Ahmed Al Khalifa, the minister of finance for Bahrain, has officially announced that the country will also introduce the new tax, and has stated that the...

 

The negotiations that have been ongoing between the British government and the EU since the triggering of Article 50 in March 2017 have attracted the close attention of global decision-makers and will continue to do so until the deadline for a trade agreement expires in March 2019.

 

In line with global practices, Bahrain is committed to adopting the new International Financial Reporting Standards (IFRS) as of January 1, 2018. Accordingly, IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are coming into practice in the kingdom.

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